A local appraiser looks at the current real estate market
The village of Schiller Park is located approximately 17 miles northwest of the Chicago "Loop" in suburban Cook County.
Schiller Park is bordered by the village of Rosemont to the north, the Cook County Forest Preserves to the east, Franklin Park to the south, and the O'Hare International Airport to the west.
Transportation links include U.S. Route 19 Irving Park Road and U.S. Route 12/45 Manheim Road. The I-90 expressway passes on the northern edge and the I-294 Tri-State tollroad is on the western border of the village. Commuter train service to Chicago is available.
According to data from the Northern Illinois MLS there were 34 sales of single family homes in 2007, down from 62 in 2006. The average sales price was $303,350.00, this was a decrease from $329,598.00 in 2006. Marketing times were an average of 116 days on the market, up from the 2006 average of 90 days.
As of February 9, 2008 there are 52 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 18.37 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 -45.16%, average sales prices were down -3.02%, and the days on the market were up +28.88%. This market is oversupplied and the 52 active listings have already been on the market an average of 176 days.
The condo/townhouse market had 44 sales, down from the 94 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $145,719.00, compared to $166,947.00 in 2006. Marketing times were an average of 141 days on the market, an increase from the 2006 average of 92 days.
There are 77 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 21.03 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -53.19%, average sales price decreased -12.71%, and the days on the market increased +53.19%. The 77 active MLS listings have already been on the market an average of 177 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 Schiller Park, IL. 60176. 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 that knows Cook County contact Citywide 1-800-405-9718