Saturday, January 12, 2008

Northlake, IL 60164 - Year End 2007

The city of Northlake is located 14 miles northwest of the Chicago "Loop" at the border of Cook and DuPage County,

Northlake is bordered by unincorporated Leyden Township to the north, the village of Stone Park to the east, Melrose Park and Berkley to the south and the city of Elmhurst to the west.

There were 71 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 122 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $251,860.00, compared to $258,313.00 in 2006. Marketing times were an average of 119 days on the market, up over the 2006 average of 85 days.

As of January 11, 2008 there are 83 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 14.04 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007, sales volume was down -41.80%, average sales prices were down -2.497%, and the days on the market were up +40.00%. This market is oversupplied and the 83 active listings have already been on the market an average of 192 days.

This neighborhood is being negatavely affected by the loss of subprime lending. Sales volume, prices and marketing times are feeling the effect. 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.

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 to sell in the current market.

No comments: