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A local appraiser looks at the current real estate market
The village of Lansing is located approximately 25 miles southeast of the Chicago "Loop" in suburban Cook County. The population was 28,322 at the 2000 census. The village has a total area of 6.8 square miles.
Lansing is bordered by Calumet City to the north; Hammond & Munster, Indiana to the east, Lynwood to the south and South Holland - Thornton & Glenwood to the west.
According to data from the Northern Illinois MLS, there were 352 sales of single family homes in 2007. The sales volume was down from 461 sales in 2006. Sales prices increased slightly with the average 2007 sales price at $166,780.00, compared to $165,441.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 83 days.
As of January 30, 2008 there are 273 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.30 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 -23.64%, average sales prices are considered stable with only a +0.80% increase, and the days on the market were up +54.21%. This market is oversupplied and the 273 active listings have already been on the market an average of 174 days.
The condo/townhouse market had 50 sales, down from the 79 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $94,522.00, compared to $92,358.00 in 2006. Marketing times were an average of 128 days on the market, down from the 2006 average of 136 days.
There are 57 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 13.70 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -36.70%, average sales price increased +2.34%, and the days on the market were down -5.88%. The 57 active MLS listings have already been on the market an average of 166 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 Lansing, IL. 60438. Our appraisers are state certified and have experience appraising single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718
http://www.appraisercitywide.com/
The village of Lansing is located approximately 25 miles southeast of the Chicago "Loop" in suburban Cook County. The population was 28,322 at the 2000 census. The village has a total area of 6.8 square miles.
Lansing is bordered by Calumet City to the north; Hammond & Munster, Indiana to the east, Lynwood to the south and South Holland - Thornton & Glenwood to the west.
According to data from the Northern Illinois MLS, there were 352 sales of single family homes in 2007. The sales volume was down from 461 sales in 2006. Sales prices increased slightly with the average 2007 sales price at $166,780.00, compared to $165,441.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 83 days.
As of January 30, 2008 there are 273 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.30 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 -23.64%, average sales prices are considered stable with only a +0.80% increase, and the days on the market were up +54.21%. This market is oversupplied and the 273 active listings have already been on the market an average of 174 days.
The condo/townhouse market had 50 sales, down from the 79 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $94,522.00, compared to $92,358.00 in 2006. Marketing times were an average of 128 days on the market, down from the 2006 average of 136 days.
There are 57 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 13.70 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -36.70%, average sales price increased +2.34%, and the days on the market were down -5.88%. The 57 active MLS listings have already been on the market an average of 166 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 Lansing, IL. 60438. Our appraisers are state certified and have experience appraising single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718
http://www.appraisercitywide.com/
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