Bloomingdale is an established residential community, which traditionally served as a market center for surrounding rural areas.
The population has more than quadrupled since 1960, as the village has shared in the economic growth that has come from an expanding Chicago metropolitan area.
The village's municipal neighbors include Roselle to the north, Addison to the east , Glendale Heights to the south, and Hanover Park to the west. Transportation links include U.S. Route 20 and Army Trail Road. Commuter train service to Chicago is available in Roselle, two miles from Bloomingdale. O'Hare International Airport is approximately 12 miles from the village.
There were 104 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 137 sales in 2006. Sales prices saw a sight increase with the average 2007 sales price at $442,560.00, compared to $440,336.00 in 2006. Marketing times were an average of 155 days on the market, up over the 2006 average of 128 days.
As of January 13, 2008 there are 84 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 9.69 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
To recap 2007 for detached homes, sales volume was down -20.00%, average sales prices were stable up 0.50%, and the days on the market were up +21.09%. This market is oversupplied and the 84 active listings have already been on the market an average of 177 days.
The condo/townhouse market had 137 sales down from the 204 properties that sold in 2006. Sales prices saw a decline with the average 2007 sales price at $231,618.00, compared to $245,063.00 in 2006. Marketing times were an average of 112 days on the market, up over the 2006 average of 93 days.
There are 156 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 13.67 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -32.84%, average sales prices were down -5.48%, and the days on the market were up +16.96%. The 156 active MLS listings have been on the market an average of 176 days.
There is too much inventory for the demand, this points to long marketing times and lower prices 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.
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 Bloomingdale, Illinois 60108. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. For all your Dupage County appraisal needs contact Citywide 1-800-405-9718