Sunday, January 06, 2008

Western Springs - 60558 Year End 2007

Market strong, but oversupplied!

Western Springs is an affluent suburb of Chicago located in Cook County, Illinois. Located approximately 18 miles southwest of the Chicago "Loop" the village is bordered by La Grange on the east and Hinsdale on the west.

As of the 2000 census, the village had a total population of 12,493. The total area of the village is 6.8 square miles. Detached single family homes are predominant, there are few condominiums.

The real estate market was still strong at the end of 2007. For the year average sales prices had increased 6.96% to $672,940.00 over the 2006 average of $626,050.00. There were 119 sales in 2007, down from the 138 sales in 2006.

The average marketing time increased in 2007 to 172 days, in 2006 the average marketing time was 138 days.

According to data from the Northern Illinois MLS there were 130 active listings as of January 3, 2007. At the current level of absorption this is a 13.11 months supply of inventory. A 3 to 4 month inventory supply is considered in balance. This level of inventory is considered an oversupply.

The market still appears to be strong, however, marketing times are increasing and there is an oversupply of inventory. Expect prices to decline in 2008.

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