Monday, January 07, 2008

Chicago neighborhood - Forest Glen 2007

The community area of Forest Glen is located approximately 12 miles northwest of the Chicago "Loop". Forest Glen is at the city's northern edge and has borders with the villages of Lincolnwood, Skokie and Niles.

The community area includes the neighborhoods of Edgebrook, Middle Edgebrook, Wildwood and Sauganash.

This neighborhood is predominantly comprised of detached single family homes. According to data from the Northern Illinois MLS there were 168 sales in 2007, up from 146 in 2006. The average sales price was $524,687.00, this was a slight increase from $522,520.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 80 days.

As of January 7, 2008 there were 117 active listings of detached homes. Based on the 2007 level of absorption of 14 sales per month there is 8.35 months of available inventory. A 3-4 months supply of inventory is considered "in balance".

For the year end of 2007 sales volume was up +13.09%, average sales prices were up +0.41%, and the days on the market were up +78.75%. This market is oversupplied and the 117 active listings have already been on the market an average of 177 days.

All of this points to a cooling market, 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.

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.

1 comment: said...

Buying International Real Estate
Andrew Clayton

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