Appraiser sees oversupply of homes for sale in Cicero and Melrose Park

It isn't difficult to find elaborate statistical reports on the state of the real estate market in various parts of Chicagoland.

For many home buyers and sellers, however, a few simple numbers are all they want to know and, some would argue, need to know.

Appraiser Michael Walsh, writing at the Chicago real estate blog, serves up

local market snapshots that are useful and easy to comprehend.

Take his write-ups on Melrose Park and Cicero as examples. Based on MLS statistics Walsh reports the following:

Melrose Park: 4 sales closed in the last 30 days; 86 single-family homes on the market for a 21.5 month supply at the current sales pace. The median price for a listed home is $199,900 while the median price of sold homes as only $122,500 - a very large discrepancy whose meaning may be masked by the small number of sales.

Cicero: There are currently 184 homes for sale at a median list price of $119,900. In the past 30 days 22 homes closed at a median price of $87,375.

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