Saturday, January 26, 2008

Bellwood, IL 60104 - Real Estate 2008

The Village of Bellwood is located 13 miles west of downtown Chicago in suburban Cook County.

Bellwood's municipal neighbors include Melrose Park to the north, Maywood to the east , Westchester to the south, and Hillside & Berkeley to the west. Transportation links include the major east-west arterial streets of Butterfield Road and St. Charles Road. The major north-south arterial is Mannheim Road (Route 12-45).

The village is located at the juncture of the Eisenhower Expressway (I-290) and the Tri-State Tollway (I-294). Bellwood is easily accessible from all directions and commuting to Chicago is easy with service from the METRA commuter rail line and PACE bus service. O'Hare Airport is 13 miles from the village.

According to the Northern Illinois MLS there were 110 sales of single family detached homes in 2007. Volume was down -41.96% from the 224 sales closed in 2006. The average sales price decreased -2.62% for a 2007 average of $188,461.00 from the 2006 average of $193,540.00. Marketing times were an average of 110 days on the market, up +57.14% from the 2006 average of 70 days.

As of January 19, 2008 there are 142 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 10.83 sales per month, this is 13.11 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. The current listings have been on the market for an average of 172 days.

Overall sales prices have only seen a small decline so far, however, there is a large oversupply of inventory that has been on the market a long time. Asking prices will decline in the spring market.

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.

Make 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 to sell in the current market.

Citywide Services provides residential appraisal service in Bellwood, IL. 60104. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Cook County contact Citywide 1-800-405-9718

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