The conditions of the real estate market as seen by a local appraiser
Belmont Cragin located on the Northwest Side of Chicago, and is one of 77 officially designated Chicago community areas. The Chicago "loop" is located approximately 8 miles southeast.
The general boundaries of Belmont Cragin include Belmont Avenue on the north, the Belt Line Railroad tracks on the east, the Chicago Northwestern Railroad tracks on the south and Nashville Avenue on the west.
The neighborhood is an mix of residential areas, commercial zones, industrial works and transportation/railroad facilities. The predominant residences are the bungalow and two flats.
According to data from the Northern Illinois MLS there were 180 sales of single family homes in 2007, down from 322 in 2006. The average sales price was $293,994.00, this was a decrease from $321,024.00 in 2006. Marketing times were an average of 133 days on the market, up over the 2006 average of 82 days.
As of February 1, 2008 there are 279 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 18.60 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 -44.09%, average sales prices were down -8.41%, and the days on the market were up +62.19%. This market is oversupplied and the 279 active listings have already been on the market an average of 177 days.
There were 54 sales of two-four unit buildings, down from the 174 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $380,925.00, compared to $410,990.00 in 2006. Marketing times were an average of 125 days on the market, up over the 2006 average of 89 days.
There are 204 active listings of two-four buildings in the MLS. Based on the 2007 level of absorption of 4.50 sales per month this is 45.33 months of unsold inventory.
The two-four unit building market is over supplied, sales volume was down -68.96%, average sales price declined -7.31%, and the days on the market were up +40.44%. The 204 active MLS listings have already been on the market an average of 192 days.
The condo/townhouse market had 52 sales, down from the 110 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $196,855,294.00, compared to $232,290.00 in 2006. Marketing times were an average of 95 days on the market, an increase from the 2006 average of 87 days.
There are 74 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 17.09 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -52.72%, average sales price decreased -15.25%, and the days on the market increased +11.76%. The 74 active MLS listings have already been on the market an average of 159 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 Chicago's Belmont Cragin neighborhood. Complete appraisals of single family homes and condominiums start at $275.00. 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 Chicago contact Citywide 312-479-5344
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