A local real estate appraiser looks at the current market
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.
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.
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.
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 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
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