A look at the current real estate market by a local appraiser
Sauk Village is located approximately 30 miles southeast of the Chicago "Loop" in suburban Cook County. The population was 10,411 at the 2000 census. The village has a total area of 3.8 square miles.
The village is bordered by Lynwood to the north, Ford Heights & Steger to the West, Crete to the south, and Dyer, Indiana to the east.
According to data from the Northern Illinois MLS, there were 156 sales of single family homes in 2007. The sales volume was down from 220 sales in 2006. Sales prices decreased with the average 2007 sales price at $110,319.00, compared to $111,888.00 in 2006. Marketing times were an average of 118 days on the market, up over the 2006 average of 80 days.
As of February 1, 2008 there are 148 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 11.38 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 -29.09%, average sales prices are down -1.40%, and the days on the market were up +47.50%. This market is oversupplied and the 148 active listings have already been on the market an average of 175 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 Sauk Village, 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
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