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From The Mayor's Desk...


Property Values In Riverwoods

There is great concern in our community and throughout the country as to the condition of the real estate market. The National Association of Realtors recently announced that 2006 was the 5th best year in real estate. Despite this fact, 2007 was the first year in recent history that home values declined.

Property values in Riverwoods however, are still among the highest in the nation, I thought a few hard facts would be of interest to everyone in our community as to what home values have been and currently are. Below is a comparison of sales for existing homes for the past 9 years:

Year Average List Price Average Sales Price % of L.P. to S.P. Average Market Time Number of Homes Closed
1999 $530,704 $500,313 94% 86 days 69
2000 557,118 532,536 96% 61 days 58
2001 691,139 660,139 96% 140 days 58
2002 675,365 638,032 94% 67 days 58
2003 739,717 690,725 93% 163 days 58
2004 883,126 829,990 94% 107 days 51
2005 967,964 913,750 94% 130 days 65
2006 991,324 936,516 94% 126 days 49
2007 940,585 864,129 92% 130 days 34

The average sales price in Riverwoods has gone up 73% since 1999, but dropped 8% in 2007 as compared with 2006. The number of home sales closed per year has dropped from an average of about 56 homes to 34 homes. This drop has left a number of homes unsold or taken off the market.

All the reports predict a slow market for 2008 despite the low interest rates. A turnaround is not expected until 2009. In the meantime, homes are still selling if they are priced right.

As of February 12, 2008, for the year 2008, there were 41 homes on the market with an average market time of 207 days and an average list price of 1,213,464. Seven homes listed under contract and one home closed.

Historically, in my 50 years in the real estate business, when the market finally turns around, home values rise rapidly.

Sincerely,

William S. Kaplan, Mayor

 

Mayor

William S. Kaplan, Mayor
Phone 847-945-3990 x 25
williamskaplan@comcast.net

Serving the Village since 1995


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2/21/06 (PDF)