Wednesday, January 16, 2008

Oak Brook, Il 60523 Year End 2007

The village of Oak Brook is located approximately 16 miles southwest of the Chicago "Loop" in suburban DuPage County. The population was 8,702 at the 2000 census, the village has a total area of 8.3 square miles.

The Village's municipal neighbors include Elmhurst, Lombard and Oakbrook Terrace to the north, Westchester to the east, Hinsdale and Westmont to the south, and Downers Grove to the west. O'Hare International Airport is approximately 11 miles from the Village.

Home to Oak Brook Center shopping mall the village also serves as the headquarters for many national and international companies and organizations, including McDonald's Corporation, Ace Hardware, Federal Signal Corporation, Blistex and Lions Clubs International.

The Butler National Golf Club, former home of the Western Open Golf Tournament, is located off of York Road, south of Cermak Road. the course was designed by Tom Fazio.

Property owners pay no property tax to the Village, as Village services are funded primarily by sales tax receipts.

According to data from the Northern Illinois MLS there were 67 sales of single family detached homes in 2007, The sales volume was up from 59 sales in 2006. Sales prices saw a decrease with the average 2007 sales price at $1,128,583.00, compared to $1,260,947.00 in 2006. Marketing times were an average of 230 days on the market, up over the 2006 average of 148 days.

As of January 16, 2008 there are 76 active listings of detached homes in the MLS. At the 2007 level of absorption this is 13.62 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 up +11.94%, average sales prices were down -10.49%, and the days on the market were up +55.40%. This market is oversupplied and the 76 active listings have already been on the market an average of 283 days.

Attached homes and condominiums had 61 sales in 2007, similar to 60 in 2006. The average sales price was $292,019.00, this was a decrease from $355,886.00 in 2006. Marketing times were an average of 110 days on the market, double the 2006 average of 54 days.

There are 85active listings of townhouses & condo's. At the 2007 level of absorption of 5.08 sales per month there is 16.73 months of available inventory.

The available inventory in the condo/townhouse market is very oversupplied, sales volume is stable, sales prices declined -17.94%, days on market are up +103.70%, the 85 active condo listings have already been on the market an average of 223 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.

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.

Citywide Services provides residential appraisal service in Oak Brook, IL. 60523. 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 Dupage County contact Citywide 1-800-405-9718

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