Lyons, Illinois 60535 - Year End 2007

Lyons is a Village in Cook County, Illinois. As of the 2000 census the village had a population of 10,255. The total area of the village is 2.2 square miles.

Lyons is bordered by the village of Riverside on the north, Stickney to the east, the village of McCook to the south and the village of Brookfield to the west.

There were only 56 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 113 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $225,394.00, compared to $234,959.00 in 2006. Marketing times were an average of 111 days on the market, up over the 2006 average of 78 days.

As of January 12, 2008 there are 68 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 14.59 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 the detached homes, sales volume was down -50.44%, average sales prices were down -4.07%, and the days on the market were up +42.30%. This market is oversupplied and the 68 active listings have already been on the market an average of 150 days.

The condo/townhouse market had only 41 sales down from the 67 properties that sold in 2006. Sales prices saw a large decline with the average 2007 sales price at $152,097.00, compared to $192,677.00 in 2006. Marketing times were an average of 102 days on the market, up over the 2006 average of 58 days.

There are 30 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 8.79 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -38.80%, average sales prices were down -21.06%, and the days on the market were up +75.86%. The 30 active MLS listings have been on the market an average of 191 days.

This neighborhood is being negatavely affected by the loss of subprime lending. Sales volume, prices and marketing times are feeling the effect. There is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

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 Lyons, Il. 60535. 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 in Cook County contact Citywide 1-800-405-9718