Thursday, February 21, 2008

St. Charles, IL 60174 - Housing Market 2008

A local real estate appraiser looks at the current market

St. Charles is a city in Kane and DuPage County, and is located approximately 38 miles northwest of the Chicago "Loop" on Illinois Route 64. According to a 2004 census estimate, the city has a total population of 32,134. The official city slogan is Pride of the Fox, after the Fox River that runs through the center of town.

The city is bordered by the village of Wayne to the north, West Chicago to the east, Geneva to the south and unincorporated Kane County to the west. O'Hare International Airport is approximately 25 miles from St. Charles.

According to data from the Northern Illinois MLS there were 577 sales of single family homes in 2007, down from 743 in 2006. The average sales price was $468,847.00, this was a decrease from $476,773.00 in 2006. Marketing times were an average of 166 days on the market, up from the 2006 average of 122 days.

As of February 20, 2008 there are 588 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 48 sales per month this is 12.25 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 -22.34%, average sales prices were down -1.72%, and the days on the market were up +36.06%. This market is oversupplied and the 588 active listings have already been on the market an average of 234 days.

The condo/townhouse market had 191 sales, up from the 181 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $252,224.00, compared to $258,523.00 in 2006. Marketing times were an average of 101 days on the market, an increase from the 2006 average of 85 days.

There are 134 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 8.42 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was up +5.52%, average sales price decreased -2.43%, and the days on the market increased +18.82%. The 134 active MLS listings have already been on the market an average of 185 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 St. Charles, Illinois 60174. 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 Kane & Dupage County contact Citywide 1-800-405-9718

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