Chicago Real Estate Blog

Check out HOA finances before buying condo

2009-07-07T11:47:00.000-05:00

Thanks to the economic downturn, condominium prices are dropping across the country. But if the homeowners association is in the red, a condo that looks like a steal can quickly become a money pit, leaving buyers on the hook for a lot more than they had bargained.

Read the article at Bankrate.com

Mortgage rates drop again

2009-07-03T17:14:00.001-05:00

The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.7 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 6.53 percent; four weeks ago, it was 5.65 percent.

The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 5.07 percent. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 5.17 percent.

Lombard, IL 60148 - Housing Market Analysis

2009-04-21T08:27:00.004-05:00

Lombard is located approximately 24 miles west of the Chicago "Loop" in suburban Dupage county.

Known as "the Lilac Village" Lombard is an established residential community, which traditionally served as a market center for surrounding rural areas. Settlers came when the railroad route westward from Chicago followed the St. Charles Road Trail.

The population has more than quadrupled since 1960, as the village has shared in the economic growth that has come from an expanding Chicago metropolitan area. As of the 2000 census, Lombard had a total population of 42,322. A 2003 recount gave the village a population of 43,251. The total land area of Lombard is 9.9 square miles.

The village's municipal neighbors include Addison to the north, Villa Park to the east , Downers Grove to the south, and Glen Ellyn to the west.

Transportation links include U.S. Route's 64, 38 and 58. The I-88 East-West tollroad passes on the southern edge and the I-355 North-South tollroad is on the western border of the village. Commuter train service to Chicago is available in downtown Lombard. O'Hare International Airport is approximately 9 miles northeast.

According to the Northern Illinois MLS the median sales price in Lombard in the twelve months ending April 19, 2009 for detached homes was $260,000.00 with 162 days on the market, with 261 sales.

Median sales prices have decreased -5.62% , sales volume has decreased -22.32% and marketing times have increased +22.72% over the previous twelve months.

In the twelve months ending April 19, 2008 the median for a detached home was $275,500.00 with 132 days on the market, with 336 sales.

There are currently 242 active listings of detached homes in Lombard. At the current level of absorption of 21.75 sales per month this represents a 11.12 month supply of existing housing inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

If you have an active listing or need to sell in 2009 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 Lombard, Illinois 60148. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. FHA and conventional. For all your Dupage County appraisal needs contact Citywide 312-479-5344

Temporary Foreclosure Suspension

2008-12-02T08:37:00.000-06:00

In an effort to keep at-risk borrowers from losing their homes, Fannie Mae and Freddie Mac announced that they are suspending foreclosures and evictions during the holiday season from November 26 through January 9. The temporary suspension will extend Fannie and Freddie’s recently unveiled mortgage modification program to homeowners who haven't paid their mortgages for three months. Fannie and Freddie estimate that as many as 16,000 borrowers may benefit from the suspension. "With this suspension, seriously delinquent borrowers may have an opportunity to avoid foreclosure and work out terms to stay in their homes," said James Lockhart, Director of the Federal Housing Finance Agency.

Market Analysis - Downers Grove , lL 60515

2008-12-01T13:44:00.003-06:00

Downers Grove is located approximately 22 miles southwest of the Chicago "Loop" in suburban DuPage County. As of the 2000 census, the village had a total population of 48,724. A 2003 population estimate for Downers Grove saw the population rise to 48,869.

The village is bordered by Lombard to the north, Oakbrook, & Westmont to the east, Darien to the east and south, and Woodridge & Lisle to the west.

According to the Northern Illinois MLS the median sales price in Downers Grove in the twelve months ending November 28, 2008 for detached homes was $375,000.00 with 204 days on the market, with 351 sales.

Median prices have decreased -7.86% , sales volume has decreased -18.18% and marketing times have increased +43.66% over the previous twelve months.

In the twelve months ending November 28, 2007 the median for a detached home was $407,000.00 with 142 days on the market, with 429 sales.

There are currently 416 active listings of detached homes in Downers Grove. At the current level of absorption of 14.22 sales per month this represents a 29.25 month supply of inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

Chicago Climate Action Plan

2008-12-01T13:25:00.002-06:00

From the start, the charge and scope of the Chicago Climate Task Force was broad and ambitious. Dozens of experts and a nationally recognized research advisor committee took part in discussions. Leading scientists were consulted to describe various scenarios for Chicago’s climate future and how these would impact life in the city.

The results of the research are both serious and encouraging. They clearly demonstrate that our current trajectory poses risks to our economy and health. They demonstrate that we need to act now to reduce our emissions, while preparing for climate changes that cannot be avoided. We face a big challenge – but we have also been granted a big opportunity. Every Chicago resident and businesshas a role to play in implenting the Chicago Climate Action Plan, which will not only ensure a more liveable climate for the world, but also for the city. The economy and quality of life could improve. Jobs could be created. New technologies will emerge.

The Chicago Climate Action Plan outlines five strategies, which are broken into 26 actions for mitigating greenhouse gas emissions and nine actions to prepare for climate change. The Chicago Climate Action Plan details steps for organizations of all kinds and suggests actions for every individual. The Plan is a snapshot in time -- the actions detailed in the Strategies section draw on current technology and options now available in the market. As new technologies and options emerge, actions may change. The goal, however, remains the same: to reduce our emissions and prepare for change.

On September 18, Mayor Richard M. Daley, joined by businesses, foundations and residents, unveiled the Chicago Climate Action Plan, an outline of bold ideas that could help expand on the City's successes to slow the effects of climate change. Mayor Daley also discussed how City, businesses, residents will play a major role.

Check out the Action Plan

Market Analysis - Bellwood, llinois 60104

2008-11-24T11:46:00.004-06:00

The Village of Bellwood is located 13 miles west of downtown Chicago in suburban Cook County.

Bellwood's municipal neighbors include Melrose Park to the north, Maywood to the east , Westchester to the south, and Hillside-Berkeley to the west. Transportation links include the major east-west arterial streets of Butterfield Road and St. Charles Road. The major north-south arterial is Mannheim Road (Route 12-45).

The village is located at the juncture of the Eisenhower Expressway (I-290) and the Tri-State Tollway (I-294). Bellwood is easily accessible from all directions and commuting to Chicago is easy with service from the METRA commuter rail line and PACE bus service. O'Hare Airport is 13 miles from the village.

Most properties sell with FHA/VA or conventional financing. Recent curbs in sub-prime lending has lowered prices and lengthened marketing times. Defaults and foreclosure activity increased dramatically as ARM interest rates reset higher. This excess supply of home inventory places significant downward pressure on prices. Further, declining home prices have made re-financing more difficult.

According to the Northern Illinois MLS the median sales price in Bellwood in the twelve months ending November 21, 2008 for detached homes was $142,500.00 with 163 days on the market, with 79 sales.

Median prices have decreased -25.00% , sales volume has decreased -45.52% and marketing times have increased +45.54% over the previous twelve months.

In the twelve months ending November 21, 2007 the median for a detached home was $190,000.00 with 145 days on the market, with 112 sales.

As of November 24, 2008 there are 174 active listings of detached homes in Bellwood. At the current level of absorption of 6.58 sales per month this represents a 26.44 month supply of inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

40 E. 9th Street, Chicago, IL 60605

2008-11-20T10:00:00.001-06:00

A Condominium Market Analysis

Burnham Park Plaza is a 25 story condominium building in Chicago's Loop. Built in 1912 as the YMCA Hotel it was converted to condominium and contains 277 units.

According to the Northern Illinois MLS the average sales price in this complex in the twelve months ending November 19, 2008 was $263,294.00 with 66 days on the market, with 17 sales.

Average prices have decreased -21.07% , sales volume has decreased -41.38% and marketing times have decreased -20.48% over the previous twelve months.

In the twelve months ending November 19, 2007 the average sales price was $333,583.00 with 83 days on the market, with 29 sales.

There are currently 11 active listings in this complex with prices from $174,000.00 to $699,000.00. At the current level of absorption of 1.42 sales per month this represents 7.75 months of available inventory.

530 N. Lake Shore Drive, Chicago, Il 60611

2008-11-19T11:29:00.003-06:00

A Condominium Market Analysis

This 30 story Near North Side condominium building was built in 2003 and contains 187 units.

According to the Northern Illinois MLS the median sales price in this complex in the twelve months ending November 19, 2008 was $610,000.00 with 200 days on the market, with 14 sales.

Median prices have decreased -0.81% , sales volume has increased +27.27% and marketing times have increased +14.94% over the previous twelve months.

In the twelve months ending November 19, 2007 the median sales price was $615,000.00 with 174 days on the market, with 11 sales.

There are currently 14 active listings in this complex with prices from $410,000.00 to $3,400,000.00. At the current level of absorption this represents approximately one year of available inventory.

STANDARD & POORS Case-Shiller Report

2008-11-06T08:29:00.002-06:00

Home Prices Continue to Decrease

Prices of existing single-family homes show continued declines across the United States according to the August 2008 S&P Case-Shiller Home Price Index.

The report shows record annual declines in both the 10-City and 20-City Composite Home Price Indices of 17.7 percent and 16.6 percent. Nine regions are reporting annual declines.

Miami is reporting a loss of 28.1 percent and Tampa is reporting a 18.1 percent loss. The three California markets are down more than 25 percent from values reported a year ago. Las Vegas is reporting an annual return of -30.6 percent and Phoenix is reporting an annual return of -30.7 percent. San Francisco’s return of -3.5 percent was the largest monthly decline.

“The downturn in residential real estate prices continued, with very few bright spots in the data. David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s, noted. “The 10-City Composite and the 20-City Composite reported record 12-month declines. Furthermore, for the fifth straight month, every region reported negative annual returns. This started when Charlotte, North Carolina, was the last region to turn negative back in April 2008. Both the 10-City and 20-City Composites have been in year-over-year decline for 20 consecutive months. Of the 20 regions, 13 of them had their annual returns worsen from last month’s report.”

Standard & Poor’s October 2008 Residential Real Estate Indicators

Itasca, IL 60143 - Housing Market Analysis

2008-10-31T11:06:00.000-05:00

The Village of Itasca is located approximately 25 miles West of the Chicago "Loop" in suburban Dupage County. According to the 2000 census the population was 8,302. The total area of the village is 4.9 square miles.

Itasca is bordered by Elk Grove Village to the north, the village of Wood Dale to the east, the village of Addison to the south, and the village of Roselle to the west.

Recent curbs in sub-prime lending has lowered prices and lengthened marketing times. Defaults and foreclosure activity increased dramatically as ARM interest rates reset higher. Further, declining home prices have made re-financing more difficult. This excess supply of home inventory places significant downward pressure on prices.

According to the Northern Illinois MLS the average sales price in Itasca in the twelve months ending October 31, 2008 for detached homes was $409,358.00 with 184 days on the market, with 36 sales.

Average sales prices have decreased -9.18%, sales volume decreased -13.51% and marketing times have increased +16.46% over the previous twelve months.

In the twelve months ending October 31, 2007 the average for a detached home was $450,754.00 with 158 days on the market, with 37 sales.

There are currently 81 active listings of detached homes in Itasca. At the current level of absorption of 3.00 sales per month this represents a 27.00 month supply of existing housing inventory.A 3 to 4 months supply of inventory is considered "in balance", this is an oversupply.

Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

All of this points to a cooling market, long marketing times and lower prices in 2009. If you have an active listing or need to sell now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

How to be 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 in the current market.

Citywide Services provides residential appraisal service in Itasca, Il. 60143. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. For all your Dupage County appraisal needs contact Citywide 1-800-405-9718

http://www.appraisercitywide.com/

Home prices to decline further - stabilizing in 2010

2008-10-30T09:44:00.002-05:00

Fitch Ratings expects home prices to drop another 10 percent before stabilizing in 2010. So far, home prices have fallen 22 percent and will likely decrease by 30 percent from peak prices in 2006. Fitch indicated that the expected drop would reverse the home price increases achieved between 2004 and 2006. Prices are currently at early 2004 levels and will likely return to 2003 levels before the pace of decline will moderate, the agency said.

“Should economic conditions become much worse than expected, home prices would decline more than Fitch’s projection and price stabilization would be delayed,” noted Huxley Somerville, Group Managing Director and U.S. Residential Mortgage Backed Securities Group head at Fitch. “Higher mortgage rates and tighter underwriting also will continue to put downward pressure on prices.” Appraisal Institute Frank Lucco, SRA, of Houston, stated, “I’m glad people are realizing that home price stabilization is not going to be a 90-day fix. More and more experts are referencing 2010 and beyond, which makes much more sense.”

According to Suzanne Mistretta, Senior Director at Fitch, “Government programs such as the U.S. Treasury’s Trouble Asset Relief Program and expanded mandates for Fannie Mae, Freddie Mac and Federal Housing Administration to increase loan purchases and originations may facilitate liquidity in the housing markets, which could have a positive impact on prices.”

Fitch Ratings is a leading global rating agency providing the world's credit markets with independent, prospective credit opinions.

Historical Pullman House Tour

2008-10-10T12:13:00.002-05:00

This weekend is the 35th Annual Pullman House Tour

In the 1880's George Pullman built an industrial town for his railroad company employees on the western shore of Lake Calumet. The village is now part of Chicago and is located 13 miles south of the "loop". Architect Solon S. Beman designed approximately 1,000 residences and public buildings.

Pullman is full of historic and architecturally significant buildings, including the Hotel Florence, the Arcade Building destroyed in the 1920s, the Clock Tower and Factory, the Market Square and Greenstone Church. By 1972 the Pullman Historic District had obtained National, State, and City landmark status.

Seven homes will be included in this weekend's housewalk. Tickets are $20.00 and the walk starts at the Historic Pullman Visitors Center. October 11th & 12th -11 to 5 p.m.

Visit the Historical Pullman Foundation at http://www.pullmanil.org/

Norridge, IL 60706 - Housing Market 2008

2008-02-24T11:56:00.003-06:00

A market analysis by a local appraiser

The Village of Norridge is located approximately 14 miles northwest of the Chicago "Loop". The population was 14,582 at the 2000 census.

Norridge is bordered by Chicago's Norwood Park neighborhood to the north, Harwood Heights to the east, Chicago's Dunning neighborhood to the south and the Cook County Forest Preserves to the west. The O'Hare International Airport is approximately 3 miles from the village.

According to data from the Northern Illinois MLS there were 74 sales of single family homes in 2007, down from 99 in 2006. The average sales price was $386,691.00, this was a decline from $420,742.00 in 2006. Marketing times were an average of 156 days on the market, up from the 2006 average of 78 days.

As of February 23, 2008 there are 100 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 16.23 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 -25.257%, average sales prices were down -8.09%, and the days on the market were up +100%. This market is oversupplied and the 100 active listings have already been on the market an average of 213 days.

The condo/townhouse market had 26 sales, down from the 48 properties that sold in 2006. The average sales price in 2007 was $274,833.00, this was an increase from $257,004.00 in 2006. Marketing times were an average of 185 days on the market, up from the 2006 average of 128 days.

There are 33 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 2.16 sales per month, this is 15.27 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -45.33%, sales prices increased +6.93%, the days on the market increased +44.53%. The 33 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.

Citywide Services provides residential appraisal service in Norridge, Illinois. 60706. Our appraisers are State of Illinois 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

http://www.appraisercitywide.com/

Prospect Heights, IL 60070 - Housing Market 2008

2008-02-24T10:03:00.002-06:00

A look at the current real estate market by a local appraiser

The Village of Prospect Heights is located approximately 30 miles northwest of the Chicago "Loop" in suburban Cook County. The population was 17,081 at the 2000 census.

Prospect Heights municipal neighbors include Wheeling to the north, Mt. Prospect to the east & south and Arlington Heights to the west. The O'Hare International Airport is approximately 10 miles from the village.

According to data from the Northern Illinois MLS there were 26 sales of single family homes in 2007, down from 54 in 2006. The average sales price was $487,947.00, this was a decline from $549,842.00 in 2006. Marketing times were an average of 241 days on the market, up from the 2006 average of 106 days.

As of February 23, 2008 there are 51 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 23.61 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 -51.85%, average sales prices were down -11.25%, and the days on the market were up +127.35%. This market is oversupplied and the 51 active listings have already been on the market an average of 229 days.

The condo/townhouse market had 120 sales, down from the 155 properties that sold in 2006. The average sales price in 2007 was $169,750.00, this was a decline from $175,789.00 in 2006. Marketing times were an average of 114 days on the market, up from the 2006 average of 95 days.

There are 147 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 10 sales per month, this is 14.70 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -22.58%, sales prices declined -3.43%, the days on the market increased +20.00%. The 147 active MLS listings have already been on the market an average of 180 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 Prospect Heights, Il. 60070. Our appraisers are State of Illinois 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

http://www.appraisercitywide.com

Northbrook, IL 60062 - Housing Market 2008

2008-02-23T14:49:00.004-06:00

A market analysis by a local appraiser

The village of Northbrook is located approximately 25 miles northwest of downtown Chicago at the north border of Cook County. The population was 33,435 at the 2000 census, and estimated to be 34,190 as of 2005.

Northbrook's municipal neighbors include Deerfield and Highland Park to the north, Glencoe to the east , Northfield and Glenview to the south, and Wheeling to the west.

Transportation links include U.S. Route's 68, and 43. The I-94 expressway passes on the eastern edge of the village and the I-294 tollroad markes the western border. METRA commuter train service to Chicago is available in downtown Northbrook. The O'Hare International Airport is approximately 12 miles from the village.

According to data from the Northern Illinois MLS there were 269 sales of single family homes in 2007, down from 307 in 2006. The average sales price was $691,938.00, this was a decline from $746,529.00 in 2006. Marketing times were an average of 142 days on the market, up from the 2006 average of 97 days.

As of February 23, 2008 there are 293 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 13.07 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 -12.37%, average sales prices were down -7.31%, and the days on the market were up +46.39%. This market is oversupplied and the 293 active listings have already been on the market an average of 236 days.

The condo/townhouse market had 176 sales, down from the 203 properties that sold in 2006. The average sales price in 2007 was $340,338.00, this was a decline from $374,437.00 in 2006. Marketing times were an average of 139 days on the market, up from the 2006 average of 87 days.

There are 180 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 14.66 sales per month, this is 12.27 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -13.30%, sales prices declined -9.10%, the days on the market increased +59.77%. The 180 active MLS listings have already been on the market an average of 188 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.

Citywide Services provides residential appraisal service in Northbrook, Il. 60062. Our appraisers are State of Illinois 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

http://www.appraisercitywide.com/

Woodridge, IL 60517 - Housing Market 2008

2008-02-23T14:14:00.003-06:00

An analysis of the current real estate market by a local appraiser

The village of Woodridge is located approximately 29 miles southwest of the Chicago "Loop". Woodridge is predominantly in DuPage County, but also has portions in Will and Cook County.

As of the 2000 census, the village had a total population of 30,934. A special census commissioned in 2003 puts the population at 33,253. The Northeastern Illinois Planning Commission predicts that by the year 2020, Woodridge will accommodate 41,600 residents in 15,500 households and that the businesses located here will employ 24,500 people.

Woodridge is bordered by Lisle to the northwest, Downers Grove to the north and east, Bolingbrook to the south and Naperville to the west.

According to data from the Northern Illinois MLS there were 180 sales of single family homes in 2007, down from 237 in 2006. The average sales price was $334,818.00, this was an increase over $310,164.00 in 2006. Marketing times were an average of 100 days on the market, up from the 2006 average of 63 days.

As of February 23, 2008 there are 126 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.40 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 -24.05%, average sales prices up +7.94%, and the days on the market were up +58.73%. This market is oversupplied and the 126 active listings have already been on the market an average of 163 days.

The condo/townhouse market had 141 sales, down from the 197 properties that sold in 2006. The average sales price in 2007 was $162,784.00, this was an increase over $153,255.00 in 2006. Marketing times were an average of 81 days on the market, up from the 2006 average of 58 days.

There are 112 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 11.75 sales per month, this is 9.53 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -28.42%, sales prices increased +6.21%, the days on the market increased +39.651%. The 112 active MLS listings have already been on the market an average of 148 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 Woodridge, Il. 60517. Our appraisers are State of Illinois 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 Woodridge contact Citywide 1-800-405-9718

http://www.appraisercitywide.com

Beach Park, IL 60087 - Housing Market 2008

2008-02-23T06:57:00.000-06:00

A market analysis by a local real estate appraiser

The village of Beach Park is located approximately 48 miles northwest of the Chicago "Loop" in suburban Lake County. As of the 2000 census, the village had a total population of 10,072. Illinois Beach State Park is located on the eastern edge of the village.

Beach Park is bordered by Zion to the north, Lake Michigan to the east, Waukegan to the south and Wadsworth to the west. O'Hare International Airport is approximately 35 miles from the village.

According to data from the Northern Illinois MLS there were 101 sales of single family homes in 2007, down from 142 in 2006. The average sales price was $212,622.00, this was a decrease from $217,181.00 in 2006. Marketing times were an average of 142 days on the market, up over the 2006 average of 108 days.

As of February 22, 2008 there are 105 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.48 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 -28.87%, average sales prices are down -2.09% and the days on the market were up +31.48%. This market is oversupplied and the 105 active listings have already been on the market an average of 197 days.

The condo/townhouse market had 27 sales, down from the 28 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $169,484.00, compared to $175,720.00 in 2006. Marketing times were an average of 196 days on the market, an increase from the 2006 average of 140 days.

There are 26 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 2.25 sales per month, this is 11.55 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was down slightly, average sales price decreased -3.54%, and the days on the market increased +40.70%. The 26 active MLS listings have already been on the market an average of 144 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.

Citywide Services provides residential appraisal service in Beach Park, Illinois 60087. 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 Lake County contact Citywide 1-800-405-9718

http://www.appraisercitywide.com/

Geneva, IL 60134 - Housing Market 2008

2008-02-22T14:13:00.007-06:00

A current market analysis by a local appraiser

The city of Geneva is located approximately 35 miles west of the Chicago "Loop" in suburban Kane County. As of the 2000 census, the city had a total population of 19,515. The city has a total area of of 8.6 square miles. It is the county seat of Kane County.

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

According to data from the Northern Illinois MLS there were 332 sales of single family homes in 2007, down from 389 in 2006. The average sales price was $388,786.00, this was a decrease from $403,137.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 96 days.

As of February 22, 2008 there are 262 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.47 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 -14.65%, average sales prices are down -3.55% and the days on the market were up +48.95%. This market is oversupplied and the 262 active listings have already been on the market an average of 180 days.

The condo/townhouse market had 90 sales, down from the 98 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $260,762.00, compared to $250,698.00 in 2006. Marketing times were an average of 105 days on the market, an increase from the 2006 average of 94 days.

There are 137 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 7.50 sales per month, this is 18.26 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was down -8.16%, average sales price increased +4.01%, and the days on the market increased +11.70%. The 137 active MLS listings have already been on the market an average of 138 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.

Citywide Services provides residential appraisal service in Geneva, Illinois 60134. 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 County contact Citywide 1-800-405-9718

http://www.appraisercitywide.com/

Brookfield, IL 60513 - Housing Market 2008

2008-02-22T12:31:00.000-06:00

A local real estate appraiser looks at the current market

The village of Brookfield is located approximately 14 miles southwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 19,085. Brookfield is famous for the Chicago Zoological Park, commonly called the Brookfield Zoo, which opened in 1934.

The village is bordered by North Riverside & La Grange Park to the north, Riverside & Lyons to the east, Mc Cook to the south and La Grange & La Grange Park to the west. O'Hare International Airport is approximately 11 miles from the village.

According to data from the Northern Illinois MLS there were 182 sales of single family homes in 2007, down from 201 in 2006. The average sales price was $278,159.00, this was a decrease from $285,714.00 in 2006. Marketing times were an average of 86 days on the market, up over the 2006 average of 55 days.

As of February 21, 2008 there are 101 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 6.66 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 -9.45%, average sales prices are down -2.64% and the days on the market were up +56.36%. This market is oversupplied and the 101 active listings have already been on the market an average of 166 days.

The condo/townhouse market had 45 sales, up from the 41 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $247,412.00, compared to $249,418.00 in 2006. Marketing times were an average of 110 days on the market, an increase from the 2006 average of 84 days.

There are 36 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 3.75 sales per month, this is 30.95 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was up +9.75%, average sales price decreased slightly -0.80%, and the days on the market increased +30.95%. The 36 active MLS listings have already been on the market an average of 170 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.

Citywide Services provides residential appraisal service in Brookfield, Illinois 60513. 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

http://www.appraisercitywide.com/

Franklin Park, IL 60131 - Housing Market 2008

2008-02-22T12:09:00.003-06:00

The village of Franklin Park is located approximately 15 miles northwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 19,800.

The village is bordered by Schiller Park to the north, River Grove to the east, and unincorporated Leyden Township on the south and west. O'Hare International Airport is approximately 3 miles from the village.

According to data from the Northern Illinois MLS there were 131 sales of single family homes in 2007, down from 181 in 2006. The average sales price was $252,206.00, this was a decrease from $274,396.00 in 2006. Marketing times were an average of 131 days on the market, up over the 2006 average of 76 days.

As of February 21, 2008 there are 149 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 13.65 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 -27.62%, average sales prices are down -8.08% and the days on the market were up +72.36%. This market is oversupplied and the 101 active listings have already been on the market an average of 166 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.

Citywide Services provides residential appraisal service in Franklin Park, Illinois 60131. 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

http://www.appraisercitywide.com

Wheeling, IL 60090 - Housing Market

2008-02-21T11:15:00.003-06:00

A local real estate appraiser looks at the current market

The village of Wheeling is located approximately 30 miles northwest of the Chicago "Loop" in suburban Cook county. The population was 34,496 at the 2000 census, and estimated to be 36,641 as of 2005. The village has a total area of 8.4 square miles.

The village is bordered by Buffalo Grove to the north, Northbrook to the east, Prospect Heights to the south and Arlington Heights to the west. O'Hare International Airport is approximately 12 miles from the Village.

According to data from the Northern Illinois MLS there were 82 sales of single family homes in 2007, down from 149 in 2006. The average sales price was $299,136.00, this was a decrease from $323,038.00 in 2006. Marketing times were an average of 127 days on the market, up over the 2006 average of 62 days.

As of February 21, 2008 there are 89 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 11.61 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 -38.25%, average sales prices are down -7.39% and the days on the market were up +104.83%. This market is oversupplied and the 89 active listings have already been on the market an average of 183 days.

The condo/townhouse market had 279 sales, down from the 403 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $215,430.00, compared to $218,610.00 in 2006. Marketing times were an average of 134 days on the market, an increase from the 2006 average of 82 days.

There are 253 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 23.25 sales per month, this is 10.88 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was down -30.76%, average sales price decreased -1.45%, and the days on the market increased +63.41%. The 253 active MLS listings have already been on the market an average of 174 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.

Citywide Services provides residential appraisal service in Wheeling, Illinois 60090. 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

http://www.appraisercitywide.com/

St. Charles, IL 60174 - Housing Market 2008

2008-02-21T09:54:00.004-06:00

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.

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

http://www.appraisercitywide.com/

Downers Grove, IL 60515 - Housing Market 2008

2008-02-21T07:02:00.000-06:00

A local real estate appraiser looks at the current market

The village is bordered by Lombard to the north, Oakbrook, & Westmont to the east, Darien to the east and south, and Woodridge & Lisle to the west.

Downers Grove offers a unique collection of homes that range from over 100 years of age,to homes of each generation. The last large scale housing developments ended in the 1980s, As of recently Downers Grove had one of the highest teardown/new construction rates in DuPage County, with small older homes demolished and replaced with much larger new houses.

According to data from the Northern Illinois MLS there were 420 sales of single family homes in 2007, down from 527 in 2006. The average sales price was $489,356.00, this was a increase from $464,982.00 in 2006. Marketing times were an average of 151 days on the market, up from the 2006 average of 109 days.

As of February 20, 2008 there are 444 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 35 sales per month, this is 12.68 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 -20.30%, average sales prices were up +5.24%, and the days on the market were up +38.53%. This market is oversupplied and the 444 active listings have already been on the market an average of 225 days.

The condo/townhouse market had 209 sales, down from the 290 properties that sold in 2006. The average sales price was $198,235.00, this was a increase from $182,694.00 in 2006. Marketing times were an average of 99 days on the market, up from the 2006 average of 61 days.

There are 208 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 11.94 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -27.93%, sales prices were up +8.50%, the days on the market increased +62.29%. The 208 active MLS listings have already been on the market an average of 255 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.

Citywide Services provides residential appraisal service in Downers Grove, Il. 60515. 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 DuPage County contact Citywide 1-800-405-9718

http://www.appraisercitywide.com/

Oakbrook Terrace, IL 60181 - Housing Market

2008-02-20T15:21:00.004-06:00

A real estate appraiser looks at the current market

Oakbrook Terrace is a city in DuPage County, located approximately 18 miles southwest of the Chicago "Loop". The population was 2,300 at the 2000 census. A 2003 recount gave the city a population of 2,293. The city has a total area of 1.4 square miles.

Oakbrook Terrace is bordered by Villa Park on the north, Oakbrook on the east & south, and Lombard on the west.

According to data from the Northern Illinois MLS there were only 11 sales of single family homes in 2007, the average sales price was $318,772.00. Marketing times were an average of 100 days on the market, up over the 2006 average of 49 days.

As of February 20, 2008 there are 6 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 6.59 months of unsold available inventory. These listings have already been on the market an average of 133 days.

The condo/townhouse market had 8 sales, the average sales price was $366,875.00. Marketing times were an average of 144 days on the market, up over the 2006 average of 102 days.

There are 15 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 22.71 months of unsold inventory. These listings have already been on the market an average of 232 days.

The small number of sales leads to limited statistical analysis, it appears prices are stable, however, inventory is over supplied. 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.

Citywide Services provides residential appraisal service in Oakbrook Terrace, Il. 60181. 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 Dupage County contact Citywide 1-800-405-9718

http://www.appraisercitywide.com/