Real Estate prices stable - Lots of inventory.
Elmwood Park is a village located in Cook County, Illinois. As of the 2000 census, the village had a total population of 25,405. The total land area is 1.9 square miles.
Located approximately 12 miles northwest of the Chicago "Loop" the village is bordered by the Chicago neighborhoods of Dunning/Belmont Heights on the north, Montclaire/Galewood on the east, the village of River Forest to the south and the village of River Grove to the west.
The were 122 sales of detached single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 180 sales in 2006. Sales prices saw a slight decrease with the average 2007 sales price at $340,296.00, compared to $342,678.00 in 2006. Marketing times were an average of 146 days on the market, up over the 2006 average of 88 days.
As of January 11, 2008 there are 154 active listings of detached homes in the MLS. At the 2007 level of absorption this is 15.15 months of available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
For the year end of 2007 sales volume was down -32.22%, average sales prices were up +0.69%, and the days on the market were up +65.90%. This market is oversupplied and the 154 active listings have already been on the market an average of 204 days.
There were 89 sales of attached homes & condominiums in 2007, down from 136 in 2006. The average sales price was $176,450.00, this was a slight increase from $175,941.00 in 2006. Marketing times were an average of 110 days on the market, a slight increase over the 2006 average of 106 days.
Currently there are 139 active listings of attached homes & condominiums. At the 2007 level of absorption of 7.41 sales per month there is 18.75 months of available inventory.
The available inventory in the condo/townhouse market is oversupplied, sales volume is down -34.55%, sales prices are stable up 0.28%, days on market are up +3.775% and the average days on market for the current listings is 215 days.
Prices have remained stable, however, with this level of inventory and long marketing times I expect to see a decline 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 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 Elmwood Park, Illinois 60707. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook county contact Citywide 1-800-405-9718
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