Wednesday, January 23, 2008

Berkeley, Il 60163 - Year End 2007



The village of Berkeley is located approximately 14 miles west of the Chicago "Loop" in suburban Cook County. The land area of the village is one square mile. The population was 5,245 according to the 2000 census.

The village's municipal neighbors include Northlake to the north, Bellwood to the east, and Hillside to the south and Elmhurst to the west. The Illinois Prairie Path passes through the village. METRA Commuter rail service is available in downtown Berkeley.

According to the Northern Illinois MLS there were 48 sales of single family detached homes in 2007. Volume was down -32.39% from the 71 sales closed in 2006. The average sales price increased +4.842% for a 2007 average of $269,820 from the 2006 average of $257,349.00. Marketing times were an average of 84 days on the market, down slightly from the 2006 average of 85 days.

As of January 19, 2008 there are 45 active listings of single family detached homes in the MLS. At the 2007 level of absorption of 4 sales per month, this is 11.25 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

Due to the low volume of sales these listings have been on the market an average of 202 days. 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 by a certified appraiser.

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 real estate appraisal service in Berkeley, IL. 60163. 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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