Residential Conditions of the Chicago Market 2015

Transcription

1 Residential Conditions of the Chicago Market 2015 Overview of the Chicagoland Single Family Housing Market Alvin Chip Wagner III, SRA, SCRP (630)

2 Residential Conditions of the Chicago Market 2015 History of the report Started in 1993 after visiting Tom Cryer, SRA, an appraiser in Denver, CO who had published a similar report since the 1970 s.

3 The evolution of The Wagner Report through the years

4 The Wagner Report: Today

5 What is it telling me? Community/MLS area / Actives and their average list price / Under Contract / Sales Volume and their mean sales price / months supply of inventory. Then previous year MSI and mean SP data for year over year comparison)

6 Internally Maintained Master Spreadsheet Over 200 Communities Spreadsheet includes: Active Listings, Under Contract, Sales Volume, Months Supply of Inventory, Average Sales Price quarterly starting in 2005

7 Maintain a Master Spreadsheet Allows me to make graphs for my appraisal reports

8 Residential Conditions of the Chicago Market 2015 Let s take a look at Chicagoland These numbers are Macroeconomic We all know that real estate is local One must take a look at the big picture to help us understand the little picture

9 60,000 50,000 40,000 30,000 20,000 10,000 Chicagoland Active Listings of Detached Properties 56,203 54,089 49,584 49,098 37,493 40,618 32,910 40,212 40,483 45,221 44,895 43,010 41,969 40,366 36,546 43,846 43,723 42,543 41,088 40,806 40,969 38,945 34,265 34,319 34,152 32,046 34,564 34,195 23,187 28,730 26,848 27,319 25,074 25,875 24,119 22,304 27,257 24,610 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

10 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Chicagoland Under Contract of Detached properties 18,585 17,385 16,371 16,330 15,581 14,817 14,146 14,385 12,214 12,935 12,458 7,604 11,306 11,296 7,645 8,379 8,225 7,768 9,970 9,689 7,974 10,503 10,197 9,222 7,827 10,682 11,084 9,629 11,077 10,596 9,909 6,260 5,851 5,452 5,498 4,114 4,449 2,553 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

11 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Chicagoland Sales Volume of Detached Properties 76,043 76,021 73,757 68,871 75,666 74,528 72,998 72,097 70,690 71,994 69,497 63,769 60,785 56,136 52,147 48,611 45,673 43,748 41,580 53,879 51,179 52,120 50,759 48,570 45,464 46,423 44,580 44,574 43,454 42,385 41,152 60,148 57,543 64,319 36,823 37,402 36,16235,924 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

12 Chicagoland MSI of Detached homes Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc. Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2014

13 MSI: Months Supply of Inventory (Inventory Supply Analysis) It is reported in "months supply." This technique is valuable to real estate professionals in both macroeconomic and microeconomic situations. Macro markets include regions, MSA s, counties, parishes or individual communities. Micro markets would include neighborhoods, subdivisions, school districts, property types, and price ranges.

14 Calculating Months Supply The basic formula: (Active listings divided by your monthly absorption rate) Months Supply = A / ((P + S)/12) A=Total # of Active Listings P=Total # of Pendings (ctg + pend) S=Total # of Sales in past 12 months All of my market reports are calculated this way and have been since 1993 for the sake of consistency.

15 Alternate way to Calculate Months Supply Exclude the pendings The basic formula: Months Supply = A / (S/12) A=Total # of Active Listings S=Total # of Sales in past 12 months This is generally the way that the National Association of REALTORS publishes months supply.

16 Why do I do a 12 month period? Note the significant seasonal fluctuations we have in our Chicago market. Many homes sell in April through August, fewer homes in the Fall and Winter.

17 Months Supply of Inventory What it means? Less than 2 Months of supply will place strong pressure on prices upward, that could result in as high as double digit appreciation. 3 to 4 Months of supply will place pressure on prices upward, resulting in appreciating values. 5 to 6 Months of supply is generally considered a balanced market with little to no fluctuation in value. 7 to 8 Months supply is going to result in downward pressure on prices, leading to declining values. Over a 9 Month supply is an extreme oversupply, placing strong downward pressure on prices, potentially at a double digit annual rate. NOTE: If using my version of the Inventory Supply Analysis INCLUDING the pendings I think a balanced market is 4 months not 5 to 6 months. Alvin Chip L. Wagner III, SRA, SCRP ~ A.L. Wagner Appraisal Group, Inc.

18 A.L. Wagner Appraisal Group, Source: MRED, Inc.

19 $400,000 $350,000 $300,000 $250,000 $200,000 Chicagoland Mean Sales Price for Detached Homes $388,847 $391,272 $387,125 $389,141 $388,752 $384,162 $380,395 $371,777 $371,188 $365,161 $353,499 $338,962 $331,451 $314,197 $292,646 $272,839 $267,002 $264,705 $262,439 $265,046 $264,291 $259,403 $262,350 $257,647 $259,822 $260,321 $263,842 $259,450 $258,364 $258,677 $257,208 $251,183 $251,136 $246,482 $245,845 $244,554 $244,203 $244,051 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

20 The trend shows increasing market conditions through early 2007, and then declines began. The decline between 3Q2007 and 1Q2010 was 34.15% (10 Q s) The decline between 1Q2010 and 1Q2012 was 5.28% (12 Q s) The market bottomed out in the 1 st Quarter of 2013 and has increased +9.40% since then. Closer Look: Increase in 2013 was +8.6% Hangover 4Q2013 to 1Q2014 was 2.96% Since then, increased +3.81% in the past year A.L. Wagner Appraisal Group, Source: MRED, Inc.

21 Chicagoland Mean Sales Price for Detached Homes $400,000 $388,847$391,272 $387,125$389,141$388,752 $384,162 $380,395 $371,777 $371,188 $365,161 $350,000 $353,499 $338,962 $331,451 $314,197 What happened here? Remember the 2010 Tax Credit for first time homebuyers? $300,000 $292,646 $250,000 $272,839 $267,002 $264,705 $262,439 $265,046 $264,291 $259,403 $262,350 $257,647 $259,822 $260,321 $263,842 $259,450 $258,364 $258,677 $257,208 $251,183 $251,136 $246,482 $245,845 $244,554 $244,203$244,051 $200,000 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

22 Disclaimer! Real Estate is Local Average Sales Price noted from previous year to current year should not be assumed to be Appreciation/Depreciation. It is percent of change of average sales price. It could be exaggerated with low volume/new construction or other factors influencing the market.

23 Disclaimer! Real Estate is Local Average Sales Price noted from previous year to current year should not be assumed to be Appreciation/Depreciation. It is percent of change of average sales price. It could be exaggerated with low volume/new construction or other factors influencing the market. REAL ESTATE IS LOCAL

24 Examples of Individual Towns Samples illustrate markets peak bottom out at different times. The recovery periods are sometimes smooth (Bartlett), sometimes have a bump in the road (Elmhurst) and sometimes many bumps in the road (Lockport)

25 16.00 $400, $388,847 $391,272 $387,125 $389,141 $388,752 $384,162 $380, $371,777 $371, $365,161 Chicagoland Relationship MSI and Mean Sales Price Noting rising MSI leads to declining values and vice versa $350, $353, $338,962 $331, $300, $314,197 $292, $250, $272, $267,002 $264,705 $262,439 $265,046 $264,291 $259,403 $262,350 $263,842 $259,822 $260,321 $259,450 $257,647 $258,364 $258, $257, $251,183 $251, $246, $245,845 $244,554 $244,203 $244, $200, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2015 A.L. Wagner Appraisal Group, Source: MRED, Inc.

26 So that explains what?

27 Areas with terrific Undersupply Sorting from lowest MSI to highest MSI

28 Areas with Undersupply Sorting from lowest MSI to highest MSI

29 Areas with Undersupply Sorting from lowest MSI to highest MSI

30 Areas with Undersupply Sorting from lowest MSI to highest MSI

31 Areas with Balanced Supply Sorting from lowest MSI to highest MSI

32 Balanced to Oversupplied areas Sorting from lowest MSI to highest MSI

33 Reading and Predicting Market Change: Technique you can take with you From the Worldwide ERC Form Page 4

34 Use the Pendings to predict the future Or at least the next days On the previous page, the Pendings in the Market Segment have an average list price of $269,398. Based upon the area's SP:LP Ratio of 97.0%, it projects an average sales price of $261,316. This is +2.40% higher than the average sales price ($255,196) at this time. This is support that the market is currently increasing in the Spring market.

35 Chip s Predictions Inventory Levels will remain undersupplied ( < 4 mos.) 13,104 under contract with an average of $312,322 SP/LP Ratio of the 74,087 closed sales in the past year is 96.2% Average sales price is currently $267,017 $312,322 x 96.2 = $300,377 When the pendings close in the next 3 months, they will push out older sales, and we will see healthy increases. This is a direct result of the current undersupplied market!

36 Parting Thoughts Real Estate is Local Average Sales Price noted from previous year to current year should not be assumed to be Appreciation/Depreciation. It is percent of change of average sales price. It could be exaggerated with low sales volume It could be exaggerated with new construction influence (presence or lack thereof) It could be exaggerated by other factors influencing the market. (Was there an extremely high sale that occurred?) REAL ESTATE IS LOCAL

37 A.L. Wagner Appraisal Group, Inc. Serving Chicagoland since 1970 Single Family Detached, Attached, and 2 4 Unit Apartments Corporate Relocation (ERC) Luxury & Complex Properties Lending Market Valuations for Cash Buyers REO/Foreclosure Legal Purposes: Divorce/Partnership Dissolution, IRS Estate/Gift Tax Litigation Support, Expert Witness, Trust & Estate Planning Retrospective Valuation Pre Purchase / Destination Buying, Selling, Investing and Financial Planning Appraisal Review PMI Removal Market Inventory Analysis Chicagoland Market Reports The Wagner Report & custom reports Public Speaking & Training Chip Wagner, SRA, SCRP A.L. Wagner Appraisal Group 1807 S. Washington St., # 110 Naperville, IL (630)

38 A.L. Wagner Appraisal Group THE WAGNER REPORT CHICAGOLAND QUARTERLY HOUSING REPORT The Analysis of Inventory Supply and Percentage of Change in Mean Sales Prices Single Family Detached Residences April 1, 2014 to March 31, 2015 Alvin "Chip" Wagner III, SRA, SCRP, CDEI A. L. Wagner Appraisal Group, Inc. Specializing in Relocation, Litigation & Lending Appraisals 1807 Washington Street, Suite 110, Naperville, IL Serving the Chicagoland Area since 1970 (630) ~ [email protected] Offices in Naperville, Chicago, Flossmoor/Frankfort April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Addison $ 317, $ 227, % $ 212, % Algonquin $ 280, $ 246, % $ 237, % Alsip $ 163, $ 138, % $ 135, % Antioch $ 271, $ 195, % $ 176, % Arlington Heights $ 501, $ 378, % $ 358, % Aurora - DuPage County $ 355, $ 284, % $ 287, % Aurora - Kane County $ 208, ,081 $ 132, % $ 114, % Aurora - Will, Kendall Cty $ 260, $ 231, % $ 230, % Barrington Area $ 1,103, $ 576, % $ 548, % Bartlett $ 354, $ 273, % $ 260, % Batavia $ 410, $ 289, % $ 286, % Beecher $ 253, $ 174, % $ 156, % Bellwood $ 120, $ 103, % $ 74, % Bensenville $ 281, $ 190, % $ 177, % Berwyn $ 218, $ 168, % $ 141, % Bloomingdale $ 434, $ 336, % $ 350, % Blue Island $ 94, $ 73, % $ 69, % Bolingbrook $ 252, $ 200, % $ 197, % Bridgeview $ 198, $ 153, % $ 138, % Broadview $ 121, $ 109, % $ 91, % Brookfield $ 247, $ 226, % $ 204, % Buffalo Grove $ 425, $ 372, % $ 350, % Burbank $ 222, $ 160, % $ 146, % Burnham $ 59, $ 44, % $ 52, % Burr Ridge $ 1,391, $ 792, % $ 825, % Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 1

39 April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Calumet City $ 79, $ 58, % $ 54, % Calumet Park $ 81, $ 50, % $ 45, % Carol Stream $ 266, $ 238, % $ 219, % Carpentersville $ 228, $ 154, % $ 129, % Cary $ 342, $ 223, % $ 223, % Channahon $ 221, $ 207, % $ 202, % Chicago Heights $ 83, $ 60, % $ 55, % Chicago Ridge $ 176, $ 145, % $ 138, % Cicero $ 140, $ 106, % $ 84, % Clarendon Hills $ 781, $ 714, % $ 691, % Country Club Hills $ 131, $ 92, % $ 91, % Countryside $ 445, $ 306, % $ 287, % Crest Hill $ 194, $ 134, % $ 131, % Crestwood $ 186, $ 145, % $ 141, % Crete $ 212, $ 140, % $ 135, % Crystal Lake (& Lakewood) $ 392, $ 228, % $ 222, % Darien $ 441, $ 355, % $ 307, % Deerfield $ 951, $ 605, % $ 526, % DeKalb $ 162, $ 134, % $ 123, % Des Plaines $ 344, $ 243, % $ 231, % Dolton $ 70, $ 43, % $ 45, % Downers Grove $ 579, $ 400, % $ 389, % East Dundee $ 286, $ 154, % $ 141, % Elburn $ 438, $ 271, % $ 269, % Elgin $ 298, ,201 $ 182, % $ 167, % Elk Grove Village 7 57 $ 309, $ 265, % $ 258, % Elmhurst $ 629, $ 484, % $ 456, % Elmwood Park $ 260, $ 219, % $ 204, % Evanston $ 958, $ 525, % $ 528, % Evergreen Park $ 193, $ 148, % $ 132, % Flossmoor $ 293, $ 215, % $ 207, % Forest Park $ 296, $ 256, % $ 201, % Fox Lake $ 281, $ 146, % $ 142, % Fox River Grove $ 254, $ 237, % $ 218, % Frankfort $ 460, $ 324, % $ 326, % Franklin Park $ 210, $ 142, % $ 133, % Geneva $ 470, $ 347, % $ 335, % Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 2

40 April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Glen Ellyn $ 611, $ 458, % $ 454, % Glencoe $ 1,564, $ 1,239, % $ 1,193, % Glendale Heights $ 213, $ 179, % $ 160, % Glenview $ 888, $ 610, % $ 582, % Glenwood $ 107, $ 93, % $ 88, % Grayslake $ 247, $ 201, % $ 195, % Gurnee $ 351, $ 253, % $ 255, % Hanover Park $ 193, $ 166, % $ 153, % Harvard $ 413, $ 117, % $ 118, % Harvey $ 48, $ 20, % $ 19, % Harwood Heights $ 334, $ 257, % $ 229, % Hawthorne Woods $ 655, $ 513, % $ 466, % Hazel Crest $ 90, $ 83, % $ 73, % Hickory Hills $ 232, $ 212, % $ 203, % Highland Park $ 1,174, $ 633, % $ 599, % Hillside $ 142, $ 128, % $ 114, % Hinkley $ 255, $ 154, % $ 146, % Hinsdale $ 1,452, $ 1,048, % $ 1,069, % Hoffman Estates $ 338, $ 269, % $ 271, % Homer Glen $ 471, $ 309, % $ 299, % Homewood $ 165, $ 135, % $ 129, % Huntley $ 284, $ 243, % $ 228, % Indian Head Park $ 521, $ 506, % $ 484, % Inverness $ 949, $ 682, % $ 582, % Itasca $ 505, $ 324, % $ 310, % Joliet $ 154, ,329 $ 117, % $ 114, % Justice $ 246, $ 172, % $ 157, % Kildeer $ 2,341, $ 1,512, % $ 1,408, % Kenilworth $ 831, $ 694, % $ 636, % LaGrange Park $ 664, $ 367, % $ 326, % LaGrange $ 440, $ 530, % $ 482, % Lake Bluff $ 1,575, $ 608, % $ 688, % Lake Forest $ 1,811, $ 965, % $ 997, % Lake In The Hills $ 282, $ 201, % $ 200, % Lake Villa & Lindenhurst $ 275, $ 208, % $ 200, % Lake Zurich $ 400, $ 319, % $ 300, % Lansing $ 118, $ 92, % $ 91, % Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 3

41 April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Lemont $ 490, $ 382, % $ 361, % Libertyville & Green Oaks $ 706, $ 507, % $ 482, % Lincolnshire $ 718, $ 568, % $ 555, % Lincolnwood $ 548, $ 395, % $ 366, % Lisle $ 482, $ 374, % $ 340, % Lockport $ 240, $ 198, % $ 187, % Lombard $ 307, $ 241, % $ 240, % Long Grove $ 790, $ 650, % $ 642, % Lynwood $ 206, $ 145, % $ 143, % Lyons $ 146, $ 127, % $ 108, % Markham $ 67, $ 46, % $ 44, % Matteson $ 169, $ 130, % $ 124, % Maywood $ 120, $ 78, % $ 60, % Medinah $ 754, $ 333, % $ 299, % Melrose Park $ 176, $ 143, % $ 121, % McHenry $ 283, $ 168, % $ 161, % Minooka $ 287, $ 220, % $ 193, % Midlothian $ 146, $ 107, % $ 95, % Mokena $ 440, $ 308, % $ 292, % Monee $ 287, $ 191, % $ 207, % Montgomery $ 203, $ 167, % $ 157, % Morris $ 304, $ 181, % $ 182, % Morton Grove $ 400, $ 281, % $ 289, % Mt. Prospect $ 379, $ 302, % $ 289, % Mundelein $ 411, $ 235, % $ 225, % Naperville $ 664, ,574 $ 446, % $ 443, % New Lenox $ 368, $ 258, % $ 253, % Niles $ 335, $ 283, % $ 275, % Norridge $ 404, $ 273, % $ 243, % North Aurora $ 312, $ 243, % $ 228, % North Chicago $ 67, $ 41, % $ 40, % North Riverside $ 254, $ 196, % $ 173, % Northbrook $ 871, $ 596, % $ 563, % Northfield $ 1,092, $ 687, % $ 763, % Northlake $ 169, $ 127, % $ 119, % Oak Brook $ 1,477, $ 950, % $ 942, % Oak Forest $ 192, $ 164, % $ 155, % Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 4

42 April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Oak Lawn $ 213, $ 180, % $ 170, % Oak Park $ 580, $ 462, % $ 417, % Oakbrook Terrace $ 239, $ 233, % $ 227, % Olympia Fields $ 209, $ 171, % $ 176, % Orland Park $ 486, $ 312, % $ 307, % Oswego $ 337, $ 243, % $ 232, % Palatine $ 477, $ 362, % $ 344, % Palos Heights $ 370, $ 271, % $ 270, % Palos Hills $ 275, $ 223, % $ 234, % Palos Park $ 769, $ 408, % $ 433, % Park Forest $ 57, $ 39, % $ 40, % Park Ridge $ 697, $ 473, % $ 443, % Peotone $ 225, $ 162, % $ 171, % Plainfield $ 332, ,219 $ 245, % $ 234, % Plano $ 198, $ 142, % $ 116, % Posen $ 102, $ 76, % $ 74, % Prospect Heights $ 443, $ 377, % $ 336, % Richton Park $ 112, $ 92, % $ 99, % River Forest $ 1,112, $ 721, % $ 667, % River Grove $ 200, $ 171, % $ 155, % Riverdale $ 45, $ 22, % $ 25, % Riverside $ 549, $ 373, % $ 373, % Rolling Meadows 8 40 $ 315, $ 247, % $ 229, % Romeoville $ 174, $ 156, % $ 148, % Roselle & Keeneyville $ 401, $ 269, % $ 268, % Round Lake $ 177, $ 127, % $ 105, % Sandwich $ 221, $ 141, % $ 139, % Sauk Village $ 57, $ 31, % $ 27, % Schaumburg $ 431, $ 301, % $ 289, % Shorewood $ 319, $ 236, % $ 243, % Skokie $ 435, $ 304, % $ 273, % South Elgin $ 342, $ 254, % $ 239, % South Holland $ 135, $ 103, % $ 101, % St. Charles $ 652, $ 376, % $ 357, % Steger $ 109, $ 78, % $ 71, % Stickney $ 167, $ 140, % $ 126, % Streamwood $ 223, $ 172, % $ 162, % Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 5

43 April 1, 2015 Statistics April 1, 2014 Statistics Under Under # of Sales 12 mo SP MLS Average Contract Contract Last Average MONTHS MONTHS Percent Average Percent Town Area Actives List Price (Ctg.) (Pend) 12 mos. Sale Price SUPPLY SUPPLY Change Sale Price Change Sugar Grove $ 332, $ 282, % $ 269, % Summit $ 150, $ 100, % $ 81, % Sycamore $ 248, $ 191, % $ 182, % Thornton $ 101, $ 62, % $ 55, % Tinley Park $ 276, $ 238, % $ 220, % University Park $ 110, $ 73, % $ 75, % Vernon Hills $ 568, $ 413, % $ 412, % Villa Park $ 261, $ 212, % $ 189, % Warrenville $ 433, $ 238, % $ 205, % Waukegan & Park City $ 118, $ 81, % $ 69, % Wayne $ 816, $ 466, % $ 498, % West Chicago $ 323, $ 233, % $ 213, % West Dundee $ 304, $ 239, % $ 250, % Westchester $ 230, $ 191, % $ 181, % Western Springs $ 953, $ 669, % $ 585, % Westmont $ 416, $ 305, % $ 301, % Wheaton $ 532, $ 375, % $ 374, % Wheeling $ 307, $ 213, % $ 195, % Willow Springs $ 393, $ 351, % $ 267, % Willowbrook $ 625, $ 504, % $ 416, % Wilmette $ 1,248, $ 891, % $ 727, % Winfield $ 447, $ 367, % $ 307, % Winnetka $ 1,992, $ 1,465, % $ 1,361, % Wood Dale $ 314, $ 241, % $ 228, % Woodridge $ 386, $ 278, % $ 258, % Woodstock & Greenwood $ 415, $ 198, % $ 178, % Worth $ 197, $ 150, % $ 135, % Yorkville $ 318, $ 239, % $ 228, % Zion $ 119, $ 86, % $ 79, % City of CHICAGO ,695 $ 449,327 1, ,875 $ 307, % $ 278, % TOTALS (all areas above): ,765 $ 474,367 10,598 3,428 62,314 $ 287, % $ 279, % ALL AREAS (+ not above) ALL not including Michigan Wisconsin or Indiana $ 267, % $ 257, % A balanced market typically has a 4.00 to 6.00 months supply. Less than that is undersupplied, more is oversupplied. Average Sales Price noted from previous year to current year should not be assumed to be Appreciation/Depreciation. It is percent of change of average sales price & could be exaggerated with low volume/new construction. Data Source: MRED LLC Midwest Real Estate Data, LLC Copyright 2015, A. L. Wagner Appraisal Group, Inc. ~ (630) Page 6