2007 YEAR END BERWYN STATISTICS

[tony la]

2007 CLOSED SINGLE FAMILY HOMES IN BERWYN          310 TOTAL UNITS SOLD
     
    AVERAGE LIST PRICE   $ 260,000.00                   AVERAGE SALE PRICE   $  251,963.00

2006 CLOSED SINGLE FAMILY HOMES IN BERWYN          494 TOTAL UNITS SOLD   

    AVERAGE LIST PRICE    $  261,799.00                 AVERAGE SALE PRICE   $  256,395.00

2005 CLOSED SINGLE FAMILY HOMES IN BERWYN          609 TOTAL UNITS SOLD

    AVERAGE LIST PRICE    $  248,821.00                 AVERAGE SALE PRICE   $  243,913.00

[Count DMC]

Things are looking up!! Thanks for the info Tony you are right again Berwyn is moving up!!!

[Boris]

Tony, do you have those same statistics available for condos?

[tony la]

TOTAL CONDO UNITS IN BERWYN SOLD WERE       65

        AVERAGE LIST  PRICE        $155,605.00
        AVERAGE SALE PRICE        $153,914.00

I know many people are wondering about two and three flats.  Because of the availability of single family housing in the last 2 to 3 years, and the relative ease in which mortgages were granted, rents have not increased very much.  Vacancies were as high as 10% in many buildings. It was so easy to buy a home and renters were hard to find.  And the credit scores of the average renter went down also. This is a ripple effect of the  mortgage problem.

Because rents have a direct effect on the value of income buildings prices really came down. 


TOTAL TWO FLATS CLOSED IN BERWYN IN 2007     37

     AVERAGE LIST PRICE          $324,986.00
     AVERAGE SALE PRICE         $315,237.00

TOTAL TWO FLATS CLOSED IN BERWYN IN 2006     82

     AVERAGE LIST PRICE          $323,760.00
     AVERAGE SALE PRICE         $317,647.00

TOTAL THREE FLATS CLOSED IN BERWYN IN 2007   13

     AVERAGE LIST PRICE         $347,384.00   
     AVERAGE SALE PRICE        $329,961.00

TOTAL THREE FLATS CLOSED IN BERWYN IN 2006    28

     AVERAGE LIST PRICE         $390,491.00
     AVERAGE SALE PRICE        $382,658.00

[tony la]

TOTAL CONDO UNITS IN BERWYN SOLD WERE       65

       AVERAGE LIST  PRICE        $155,605.00
       AVERAGE SALE PRICE        $153,914.00

I know many people are wondering about two and three flats.  Because of the availability of single family housing in the last 2 to 3 years, and the relative ease in which mortgages were granted, rents have not increased very much.  Vacancies were as high as 10% in many buildings. It was so easy to buy a home and renters were hard to find.  And the credit scores of the average renter went down also. This is a ripple effect of the  mortgage problem.

Because rents have a direct effect on the value of income buildings prices really came down.  


TOTAL TWO FLATS CLOSED IN BERWYN IN 2007     37

    AVERAGE LIST PRICE          $324,986.00
    AVERAGE SALE PRICE         $315,237.00

TOTAL TWO FLATS CLOSED IN BERWYN IN 2006     82

    AVERAGE LIST PRICE          $323,760.00
    AVERAGE SALE PRICE         $317,647.00

TOTAL THREE FLATS CLOSED IN BERWYN IN 2007   13

    AVERAGE LIST PRICE         $347,384.00    
    AVERAGE SALE PRICE        $329,961.00

TOTAL THREE FLATS CLOSED IN BERWYN IN 2006    28

    AVERAGE LIST PRICE         $390,491.00
    AVERAGE SALE PRICE        $382,658.00

[tony la]

May I add that the 2006 stats on condos are

TOTAL CONDOS CLOSED IN BERWYN WERE      84

    AVERAGE LIST PRICE WAS      $162,220.00
    AVERAGE SALE PRICE WAS     $159,677.00

I must add that these figures are from the MLSNI which account for most of the data in Berwyn.  Sometimes the condo development companies do not report all their sales. 

[tony la]

Things are looking up!! Thanks for the info Tony you are right again Berwyn is moving up!!!

Count,  I am glad to see that you are back.  Hope you had a wonderful holiday.  I am also glad to see that during your absence you have finally seen the light on this fair city.  Don't stay away so long, we all missed you.

[Hogzilla]

All things considered, that really doesn't seem all that bad. Will be interesting to see how 2008 goes. We are going to be around for a while so it really doesn't make much of a difference either way. Thanks for the numbers Tony!

[Hogzilla]

Tony, how do these numbers compare to inventory available?

[tony la]

326 single family homes for sale with a average listing price of aroung 262,000.00.  Many homes for sale.  We have had this many before.

[Guy_on_Clinton]

326 single family homes for sale with a average listing price of aroung 262,000.00.  Many homes for sale.  We have had this many before.

but how does the average market time rank up with before?

[Jim Stillo]

3 flats down $50K.
Single family down $5k

Lagrange-Prices up big.
Western Springs - Prices up
Stickney-Prices up.
Westchester-Holding

Cicero-Down Big.

Why?

[OakParkSpartan]

Without checking, I'd suspect it is a combination of supply and demand.

My suspicion, is that Berwyn (and Cicero) homes were purchased with large numbers of ARM's and 80/20's in the last 5 years.  Suddenly, that source of funding has dried up, and demand has shrunk.

Concurrently, as ARM's readjust, those homebuyers on the margin suddenly cannot afford their higher housing payments, leading to a large number of foreclosures. 

Supply up, demand down, price declines.

Personally, I think this purge is good, as folks who are so close to losing their home in all likelihood are not able to afford necessary maintenance let alone improvements.  In the long run, probably good for the town.

[Jim Stillo]

supply up / demand down in the areas I referenced too. Values still UP!

[Shelley]

Jim,

What are the specific numbers for those towns?  When I look at the trulia website, it lists LaGrange as down 27% in average sale price compared to BErwyn down 4%.  I figured it was due to adding more condos and that number didn't truly reflect the value.  So, I'm curious what "up big" means exactly, especially when you seperate out single family homes.   Here is a link:

http://www.trulia.com/real_estate/La_Grange-Illinois/

Shelley

[Jim Stillo]

Hi Shelley.

Stats from MLSNI.

2006-avg. closed price - $584,000
2007-avg. closed price - $657,000

Western Springs - 2006 - $626,000  /  2007 - $672,000

Single Family Only.

[Shelley]

Thanks, Jim.  So LaGrange is up 11% and Western Springs is up 6.8%?  Is there a way to separate out new construction vs. existing homes?  Just curious.

I think there are many reasons why those towns are more desireable than Berwyn.  #1 is the reputation of the public schools systems, but also the housing stock and the potential housing stock(tear downs, additions, renovations, etc.) that might make economic sense there...be worth the risk...but not here in Berwyn.  I'm probably wrong...

Thanks for the info.

Shelley (clearly not in the real estate business)

P.S. I'd also be curious about Riverside, OP, and Brookfield.  Is there a way for me to do that research so I don't have to keep bugging you and Tony?

[Bonster]

Why?

Many factors, of course, but I'll include:

My suspicion, is that Berwyn (and Cicero) homes were purchased with large numbers of ARM's and 80/20's in the last 5 years.  Suddenly, that source of funding has dried up, and demand has shrunk.

...leading to homes being sold in just as crappy condition as purchased...along with many homes substandard even in good condition, and plenty of "hack and cheese" flip jobs you'll less likely find in the affluent suburbs you mentioned...

and:

Leadership-Your City has none, zero, zilch. This admin and the last. They can't make decisions. Why would any locical bus owner subject themselves to that.

Last, but not least, our wonderful, divided/combined/underfunded/fk'd up school systems.

I might add, a lack of parks, particularly up North.

[tony la]

Riverside is up about 6%
Oak Park is up about 2.5%
Brookfield is down about 2.75%

I don't think the two markets are a fair comparison (LaGrange and Berwyn) yet.  And as long as licensed realtors go around putting fear in peoples minds about how bad it is...it is going to be a little tougher.  We have been hurt by the tight money.  Just like many other areas. 

[tony la]

326 single family homes for sale with a average listing price of aroung 262,000.00.  Many homes for sale.  We have had this many before.

but how does the average market time rank up with before?

In the last 18 months the mlsni has changed the rules on market time.  You used to be able to take a listing off the market and put it right back on and the market time would go back down to 0.

That has changed.  Even if it would not have changed market time would be up.

Market time is a tricky thing.  You know that when homes are priced correctly the market time is going to be shorter.   The homes that are not priced correctly are naturally going to be on the market a lot longer.

Other things come into play also like how easy  is the property to show?  How easy is it to set up a showing with the listing office?  How much marketing does the realtor do?  And what kind?

With 2 flats and 3 flats,  are the tenants cooperative?