Des Plaines is located approximately 22 miles northwest of the Chicago "Loop" in suburban Cook, County. As of the 2000 census, the population was 58,720. The city has a total area of 14.4 square miles.
Interstate highways - I-90 the Northwest Tollway and I-294 the Tri-State Tollway pass through the city. O'Hare International Airport is adjacent on the southern border. Municipal neighbors include Mount Prospect to the north & west, Park Ridge to the east, and Rosemont to the south.
According to data from the Northern Illinois MLS, there were 312 sales of detached single family homes in 2007. The sales volume was down from 448 sales in 2006. Sales prices decreased with the average 2007 sales price at $348,181.00, compared to $354,993.00 in 2006. Marketing times were an average of 116 days on the market, up over the 2006 average of 72 days.
As of January 18, 2008 there are 313 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.03 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 -30.35%, average sales prices were down -1.91%, and the days on the market were up +61.11%. This market is oversupplied and the 313 active listings have already been on the market an average of 188 days.
The condo/townhouse market had 460 sales, down from the 695 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $190,232.00, compared to $197,675.00 in 2006. Marketing times were an average of 125 days on the market, up over the 2006 average of 83 days.
There are 540 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 14.08 months of unsold inventory.The condo/townhouse market is over supplied, sales volume was down -33.81%, average sales prices are down -3.76%, and the days on the market were up +50.60%. The 540 active MLS listings have been on the market an average of 179 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 Des Plaines, Illinois 60016, 60018. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, 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
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