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.