A look at the current real estate market by a local appraiser
The Village of Prospect Heights is located approximately 30 miles northwest of the Chicago "Loop" in suburban Cook County. The population was 17,081 at the 2000 census.
Prospect Heights municipal neighbors include Wheeling to the north, Mt. Prospect to the east & south and Arlington Heights to the west. The O'Hare International Airport is approximately 10 miles from the village.
According to data from the Northern Illinois MLS there were 26 sales of single family homes in 2007, down from 54 in 2006. The average sales price was $487,947.00, this was a decline from $549,842.00 in 2006. Marketing times were an average of 241 days on the market, up from the 2006 average of 106 days.
As of February 23, 2008 there are 51 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 23.61 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 -51.85%, average sales prices were down -11.25%, and the days on the market were up +127.35%. This market is oversupplied and the 51 active listings have already been on the market an average of 229 days.
The condo/townhouse market had 120 sales, down from the 155 properties that sold in 2006. The average sales price in 2007 was $169,750.00, this was a decline from $175,789.00 in 2006. Marketing times were an average of 114 days on the market, up from the 2006 average of 95 days.
There are 147 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 10 sales per month, this is 14.70 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -22.58%, sales prices declined -3.43%, the days on the market increased +20.00%. The 147 active MLS listings have already been on the market an average of 180 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 Prospect Heights, Il. 60070. Our appraisers are State of Illinois 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 that knows Cook County contact Citywide 1-800-405-9718