A look at the real estate market by a local appraiser
The village of Forest Park is located approximately 9 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 15,688.
Forest Park is bordered by River Forest to the north, Oak Park to the east, North Riverside to the south, and Maywood to the west.
According to data from the Northern Illinois MLS, there were 59 sales of single family homes in 2007. The sales volume was down from 75 sales in 2006. Sales prices decreased slightly with the average 2007 sales price at $326,132.00, compared to $329,053.00 in 2006. Marketing times were an average of 140 days on the market, up over the 2006 average of 86 days.
As of January 19, 2008 there are 43 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.75 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 -21.33%, average sales prices were stable, down -0.88%, and the days on the market were up +62.79%. This market is oversupplied and the 43 active listings have already been on the market an average of 217 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. 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 Forest Park, IL. 60130. 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 in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/