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


video 

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.