Monday, December 29, 2014

How accurate are free online home valuations?



You can find free online home valuations on many sites, but, how accurate are they? Chicago  appraiser Michael Walsh takes a look at the RealAVM provided by the MRED MLS and those provided free by eppraisal.com and Zillow.com. The results are interesting.

Tuesday, December 23, 2014

Chicago appraiser Michael Walsh talks about gentrification



Want to know about gentrification?  Chicago appraiser Michael Walsh of Citywide Services talks about a neighborhood phenomenon in which middle and upper income persons purchase neighborhood properties and renovate or rehabilitate them.

Sunday, December 21, 2014

An interesting board up on Chicago's West Side




Chicago appraiser Michael Walsh says that you can always find something interesting on the West Side of Chicago. Here is a colorful board up.

Saturday, December 20, 2014

Bank Owned and Short Sale Properties exceed 50% of total sales in Lyons, IL 60534



Chicago area real estate appraiser Michael Walsh recently completed a appraisal on a single family home in Lyons, Il 60534 and found a large number of Bank Owned and Short Sales still in the market.

 According to MRED MLS statistics for the last twelve months for MLS area 534, Lyons, the median sales price for Detached Housing increased +26.6%, average marketing time increased +7.3% to 118 days on the market, and there is currently a 5.1 month supply of inventory. This level is a small oversupply. REO & Short Sales account for approximately 51% of total sales.

This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Thursday, December 18, 2014

Maywood sees median price increases of 25.3% in the last year. What's Up?



Single family home prices in  Maywood, Il have increased over the last three years. According to MRED MLS statistics for the last twelve months for MLS area 153, the median sales price for Detached Housing increased +25.3%, average marketing time declined -28.4% to 106 days on the market, and there is currently a 5.5 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 54% of total sales.

According to Chicago area appraiser Michael Walsh, this increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Sunday, November 30, 2014

Chicago appraiser Michael Walsh takes a look at single family housing in the Humboldt Park neighborhood



Today Chicago area real estate appraiser Michael Walsh takes a look at current housing statistics in Humboldt Park,  and finds prices are increasing and the market oversupplied. Bank owned foreclosures and short sales are still a large factor in the neighborhood.


According to MRED MLS statistics for the last twelve months for MLS area 8023 Humboldt Park the median sales price for Detached Housing decreased +23.2%, average marketing time declined -10.6% to 84 days on the market, and there is currently a 4.9 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 46% of total sales.

Note: This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Monday, November 24, 2014

Single family home prices are up in Brookfield, IL 60513





Today Chicago area real estate appraiser Michael Walsh takes a look at current housing statistics in Brookfield, Il and fnds prices are increasing and marketing times are down.


According to MRED MLS statistics for the last twelve months for MLS area 513 Brookfield, the median sales price for Detached Housing increased +16.6%, average marketing time decreased -26.7% to 66 days on the market, and there is currently a 3.6 month supply of inventory. This level is considered a in balance. REO & Short Sales account for approximately 27% of total sales. (see attached MLS statistics.)

Thursday, November 20, 2014

The current real estate market in Unincorporate Leyden Township



Real estate appraiser Michael Walsh takes a look at statistics for single family homes in Unincorporated Leyden Township. The unincorporated area is on the edges of Franklin Park, Northlake and Melrose Park. Most have a Melrose Park 60164 mailing address.

 According to MRED MLS statistics for the last twelve months for MLS area 7164 Leyden Township, the median sales price for Detached Housing increased +8.2%, average marketing time declined -27.8% to 91 days on the market, and there is currently a 4.5 month supply of inventory. This level is considered a small oversupply. REO & Short Sales account for approximately 46% of total sales.

Sunday, November 16, 2014

Condominium prices in Evanston, IL 60201 are rising and days on the market are going down



This week real estate appraiser Michael Walsh takes a look at the condominium market in the City of Evanston using statistics from Midwest Real Estate Data the MRED MLS and finds condominium prices on the rise and marketing time down.

According to the MLS in the last 30 days there were 59 new listings for Attached Homes & Condominiums, there were 38 closed sales and 44 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +15.3%, average marketing time declined -41.1% to 83 days on the market, and there is currently a 4.0 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 12% of total sales.

Thursday, November 13, 2014

The current real estate market in Franklin Park 60131



Real estate appraiser Michael Walsh takes a look at statistics for single family homes in Franklin Park

According to MRED MLS statistics for the last twelve months for MLS area 131 Franklin Park, the median sales price for Detached Housing increased +9.3%, average marketing time declined -39.5% to 69 days on the market, and there is currently a 4.2 month supply of inventory. This level is considered a small oversupply. REO & Short Sales account for approximately 39% of total sales.

This Month in Real Estate November 2014


Sunday, October 26, 2014

The current real estate market in Skokie, IL



 Chicago area real estate appraiser Michael Walsh takes a look at the real estate market in the Village of Skokie using statistics from Midwest Real Estate Data the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.

According to the MLS in the last 30 days there were 91 new listings for One-Unit Housing, there were 71 closed sales and 79 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +14.7%, average marketing time declined -27.5% to 74 days on the market, and there is currently a 3.9 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 30% of total sales.

Consumer confidence is key to the real estate market

A "Triple Dip" is forecast in real estate prices by the national appraisal management company Clear Capital. Their recent study concludes that "As consumer sentiment drops, national home prices follow"



 "Heading into fall, home price gains continue to drop," said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. "September marks the 11th month of moderating gains with home price levels back in line with long run averages. With less fuel stoking investors' fire and the consumer yet to feel confident in the market, we expect at best either a return to pre-bubble norms or a departure into negative territory.

If improvements in the job market continue to support a rise in consumer confidence, it's likely that owner occupied buyers will be encouraged to pick up the slack in housing demand, once held steady by investors. While sentiment data is improving as of late, we've yet to see sentiment reach pre-recession levels. Even less encouraging, the index's rate of improvement is softening, alongside home price growth.

Without stronger rates of growth in consumer confidence, price gains could easily fall past the normalized annual rates of growth between 3%-5% and back into negative territory. This has the risk of invoking a negative feedback loop between falling prices and reduced confidence from potential homebuyers. While the housing market has enjoyed abnormally high rates of growth during the last two and a half years of recovery, prices are back to long run historic levels, signaling an effective end to the correction to the correction. True market growth will be dependent on consumer confidence and re-engagement which will be tested over the next few months."

This Month in Real Estate October 2014

Monday, September 15, 2014

Current real estate market in Western Springs, IL 60558

Today real estate appraiser Michael Walsh takes a look at the real estate market in the Village of Western Springs using data from the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.




In the last 30 days there were 31 new listings for One-Unit Housing, there were 21 closed sales and 19 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +7.7%, average marketing time declined -15.7% to 91 days on the market, and there is currently a 4.12 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 9% of total sales.

Friday, September 12, 2014

Sunday, August 31, 2014

Current real estate market in the Town of Cicero, IL



Today real estate appraiser Michael Walsh takes a look at the real estate market in the Town of Cicero using data from the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.



In the last 30 days there were 55 new listings for One-Unit homes, there were 31 closed sales and 47 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +26.2%, average marketing time declined -21.7% to 94 days on the market, and there is currently a 3.2 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 59% of total sales.

Note: This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Wednesday, August 27, 2014

Arlington Heights, IL Condominium Market




Here is what is going on in the condominium market in Arlington Heights, IL.  Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing, there is a shortage of inventory and marketing times are under 90 days. In the last 30 days there were 54 new listings of attached homes, there were 39 closed sales and 44 under contract. In the last twelve months, the median sales price increased +20.2%, average marketing time declined -36.4% to 84 days on the market, and there is currently a 2.4 month supply of inventory. This level is considered a shortage. Bank Owned and Short Sales accounted for approximately 39% of total sales.

Tuesday, August 26, 2014

Current real estate market for single family homes in the Uptown neighborhood of Chicago



Today we take a look at the current real estate market for single family homes in the Uptown neighborhood of Chicago. Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing, the market in balance and marketing times under 90 days. In the last 30 days there were 7 new listings of detached single family homes, there were 2 closed sales and 5 under contract. Uptown is mostly condominium and two-four unit buildings so there were only 31 detached home sales in the last twelve months. The median sales price increased +14.3%, average marketing time declined -39.2% to 87 days on the market, and there is currently a 3.1 month supply of inventory. This level is considered in balance. There were no Bank Owned sales and only 2 Short Sales.

Saturday, August 23, 2014

 

Today we take a look at the current real estate market in the Village of South Holland. Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing and the market oversupplied. In the last 30 days there were 62 new listings of detached single family homes, there were 26 closed sales and 21 under contract. The median sales price over the last twelve months increased +4.4%, average marketing time declined -0.8% to 119 days on the market, and there is currently a 5.2 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 50% of total sales.

Friday, August 22, 2014

Carol Stream, 60188 - Current market for attached homes



This week real estate appraiser Michael Walsh appraised a condominium in Carol Stream and reports these statistics. According to MRED MLS statistics for the last twelve months for MLS area 188 Carol Stream, the median sales price for Attached Housing increased +14.1%, average marketing time declined -31.1% to 82 days on the market, and there is currently a 3.9 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 45% of total sales.

Thursday, August 21, 2014

Dolton, 60419 - Current real estate market

 
Here is what is going on with the real estate market in the Village of Dolton, IL. Real estate appraiser Michael Walsh recently performed a single family appraisal and has compiled these statistics from the MRED MLS. The median sales price for Detached Housing decreased -2.6%, average marketing time increased +19.0% to 125 days on the market, and there is currently a 6.8 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 67% of total sales.

Wednesday, August 13, 2014

Homewood, 60430 - Current real estate market



Real estate appraiser Michael Walsh recently performed a single family appraisal in Homewood and has compiled these statistics. According to MRED MLS statistics for the last twelve months for MLS area 430 Homewood, the median sales price for Detached Housing increased +16.0%, average marketing time declined -11.0% to 113 days on the market, and there is currently a 5.0 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 34% of total sales.

Sunday, August 10, 2014

Market conditions in the Mt Greenwood neighborhood of Chicago



Real estate appraiser Michael Walsh appraised a single family home in the Mt Greenwood neighborhood last week and found prices increasing.  According to MRED MLS statistics for the last twelve months for MLS area 8074 Mt Greenwood, the median sales price for Detached Housing increased +2.3%, average marketing time increased +9.7% to 102 days on the market, and there is currently a 4.1 month supply of inventory. This level is considered in balance. REO and Short Sales account for approximately 9% of total sales.

Saturday, August 09, 2014

Harvey, IL a City in Decline


 

The City of Harvey is located in suburban Cook County, approximately 18 miles Southwest of the Chicago "Loop" the city is in decline. People are leaving, the population was 30,000, at the 2000 census, the population was 25,282 at the 2010 census. Real estate prices have been going down.

Real estate appraiser Michael Walsh recently performed a single family appraisal in Harvey and comments on the statistics. According to MRED MLS statistics for the last twelve months for MLS area 426 Harvey, the median sales price for Detached Housing decreased 6.79%, average marketing time increased +13.1% to 121 days on the market, and there is currently a 8.6 month supply of inventory. This level is considered a over supply. Bank Owned/REO & Short Sales account for approximately 75% of total sales.


Friday, August 08, 2014

This Month in Real Estate August 2014


The conditions of the real estate market in the Auburn Gresham neighborhood of Chicago



Median prices are up +5.1% over the prior year in the Auburn Gresham neighborhood of Chicago, according to data from the MRED MLS. Real estate appraiser Michael Walsh talks about the conditions of the market in this Chicago community area.

Monday, August 04, 2014

Condo prices are up in Elk Grove Village 60007



Real estate appraiser Michael Walsh performed a appraisal on a condominium last Saturday for the purpose of removing private mortgage insurance. Median prices are up 32.8% over the prior year on attached homes in Elk Grove Village, IL. Check out the video for more stats.

This Month in Real Estate July 2014


Friday, August 01, 2014

Lincolnwood, IL 60712 - Current Housing Market

Citywide Services performed a recent appraisal in Lincolnwood, IL 60712 and found some positive signs about the real estate market.

Median sales price for Detached Housing is up +17.1% over the prior year according to MRED MLS statistics.

Marketing time is down -19.6% and averages 115 days on the market.

There is currently 6.2 months of unsold inventory at current levels of absorption. This is a oversupply.

There were 126 total sales in the last twelve months, 95 were Fair Market sales, 16 were Bank Owned Foreclosures, and 15 were Short Sales. The distressed sales accounted for approximately 25% of total sales in the last year.

Detached Housing sold for 94.1% of its original listing price.

Tuesday, July 29, 2014

Asip, IL 60803 - Current Housing Market


Citywide Services performed a recent appraisal in Alsip, IL 60803 and found some positive signs about the real estate market.

Median sales price for Detached Housing is up +10.7% over the prior year according to MRED MLS statistics.

Marketing time is down -18.6% and averages 105 days on the market.


There is currently 5.1 months of unsold inventory at current levels of absorption. This is a oversupply.

Bank Owned Foreclosures & Short Sales accounted for approximately 43% of total sales in the last year.

Detached Housing sold for 94.1% of its original listing price.