A local appraiser looks at the current real estate market
The village of Lynwood is located approximately 26 miles southeast of the Chicago "Loop" in suburban Cook County. The population was 7,377 at the 2000 census. The village has a total area of 5.0 square miles.
Lynwood is bordered by Lansing to the north, Glenwood to the west, Sauk Village to the south, and Munster and Dyer, Indiana to the east. The Indiana state line borders the entire eastern edge of Lynwood.
According to data from the Northern Illinois MLS, there were 64 sales of single family homes in 2007. The sales volume was down from 74 sales in 2006. Sales prices increased with the average 2007 sales price at $262,006.00, compared to $231,156.00 in 2006. Marketing times were an average of 153 days on the market, up over the 2006 average of 85 days.
As of January 30, 2008 there are 88 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 16.51 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
To recap 2007 for detached homes, sales volume was down -13.51%, average sales prices increased +13.34%, and the days on the market were up +80.00%. This market is oversupplied and the 88 active listings have already been on the market an average of 178 days.
The condo/townhouse market had 28 sales, down from the 30 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $116,294.00, compared to $112,241.00 in 2006. Marketing times were an average of 120 days on the market, an increase from the 2006 average of 61 days.
There are 15 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 6.43 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -6.66%, average sales price increased +3.61%, and the days on the market increased +96.72%. The 15 active MLS listings have already been on the market an average of 135 days.
If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.
Citywide Services provides residential appraisal service in Lynwood, Il. 60411. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com