Conditions of the Real Estate Market Year End 2007
There were 115 sales of detached homes in the West Ridge neighborhood in 2007. The average sales price was $430,533.00 with an average marketing time of 128 days on the market.
Prices rose slightly over 2006 when the average sales price was $431,500.00, however, the marketing time average was only 76 days in 2006, with 130 sales. Things are slowing down.
As of January 1st there were 88 active listings of single family homes. At the current rate of absorption there is a 9+ month of available inventory.
For attached homes and condominiums there were 544 sales in 2007. The average sales price was $222,783.00 with an average marketing time of 147 days on the market.
Prices rose 3.54% over 2006 which had an average of $214,893.00. The volume of sales was similar in 2006 had 543 sales. Marketing times were longer than 2006 which had an average of 111 days on the market.
There are currently 482 active attached homes/condo's. The current absorption rate is 45.33 sales per month so there is 10+ months of available inventory.
West Ridge was still appreciating in 2007, the current level of listings is an oversupply, however, the market in this neighborhood is in much better condition than other parts of Chicago.