Saturday, January 05, 2008

Bartlett- conditions of the market - 2008

The village of Bartlett is located approximately 35 miles northwest of the Chicago "Loop" and is part of Cook, Dupage and Kane counties. Its bordered by Streamwood on the north, Hanover Park on the east, Wayne on the south and Elgin on the west. The village is predominantly residential and covers an area of approximately 15.95 square miles.

The volume of sales for detached single family homes was down in 2007 according to the Northern Illinois MLS. Bartlett had 360 sales in 2007 and 413 in 2006, volume down by 12.83%.

The average sales price in 2007 was $343,065.00, with 125 days on the market. This was a 0.39% increase over the 2006 average of $341,706.00, however, marketing times in 06 were only 85 days.

As of January 3, 2008 there were 219 active listings of detached homes with the MLS. At the current level of absorption this is 7.30 months of available inventory.

Sales volume and prices for attached homes and condominiums declined in 2007. In 2006 there were 274 sales, 2007 only 178, volume down by 35%. Average prices declined 6.58% from the 2006 level of $228,834.00 to the 2007 average of $213,528.00. Days on the market have also increased, in 2007 the average was 123 days, in 2006 the average marketing time was only 84 days.

There are currently 115 active listings of condominiums/attached homes with the MLS. Based on the 2007 t level of absorption this is 7.75 months of available inventory.

Things are slowing down in Bartlett, the inventory level is oversupplied, and points to further declines in 2008. 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.

How to be 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 in the current market.

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