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A local appraiser looks at the current real estate market.
Hainesville is a village located in Lake County, Illinois. As of the 2000 census, the village had a total population of 2,129. The village has a total area of 1.8 square miles.
The village is located in the Chicago metropolitan area, approximately 55 miles northwest of Chicago’s Loop, 15 miles west of Lake Michigan, and 15 miles south of the Wisconsin border.
According to data from the Northern Illinois MLS, there were 27 sales of single family homes in 2007. The sales volume was down from 46 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $235,935.00, compared to $252,016.00 in 2006. Marketing times were an average of 97 days on the market, up over the 2006 average of 73 days.
As of February 9, 2008 there are 26 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 11.55 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a oversupply.
To recap 2007 for detached homes, sales volume was down -41.30%, average sales prices are down -6.38%, and the days on the market were up +32.87%. This market is oversupplied and the 26 active listings have already been on the market an average of 167 days.
The condo/townhouse market had 43 sales, down from the 61 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $159,543.00, compared to $169,718.00 in 2006. Marketing times were an average of 119 days on the market, a decrease from the 2006 average of 134 days.
There are 43 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 12 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -29.505%, average sales price decreased -5.99%, and the days on the market decreased -11.19%. The 43 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.
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 Hainesville, Il. 60073. 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 Lake County contact Citywide 1-800-405-9718
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