A local real estate appraiser looks at the current real estate market
The village of Addison is located approximately 21 miles northwest of the Chicago "Loop" in suburban Dupage county.
The population has more than quadrupled since 1960, as the Village has shared in the economic growth that has come from an expanding Chicago metropolitan area. As of the 2000 census, Addison had a total population of 35,914. A 2003 recount gave the village a population of 36,378. The land area of the village is 9.5 square miles.
Addison is home to 20 percent of all manufacturing companies in Dupage County, Addison enjoys a strong, proficient economy. Hundreds of retail businesses enhance the community's employment opportunities and help to balance the economy.
Adison's municipal neighbors include Itasca and Wood Dale to the north, Elmhurst to the east , Villa Park and Lombard to the south, and Bloomingdale and Glendale Heights to the west.
Transportation links include U.S. Route's 20 and army trail road. The I-290 expressway passes on the northern edge and the I-355 North-South tollroad is on the western border of the village. Commuter train service to Chicago is available in downtown Lombard and Wood Dale. O'Hare International Airport is approximately 8 miles from the village.
According to data from the Northern Illinois MLS there were 152 sales of single family homes in 2007, down from 242 in 2006. The average sales price was $316,868.00, this was a decrease from $320,598.00 in 2006. Marketing times were an average of 133 days on the market, up over the 2006 average of 80 days.
As of February 8, 2008 there are 192 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 15.77 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 -37.19%, average sales prices were down -1.16%, and the days on the market were up +66.25%. This market is oversupplied and the 192 active listings have already been on the market an average of 188 days.
The condo/townhouse market had 81 sales, down from the 141 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $194,783.00, compared to $203,679.00 in 2006. Marketing times were an average of 137 days on the market, an increase from the 2006 average of 93 days.
There are 111 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 16.44 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -42.55%, average sales price decreased -2.07%, and the days on the market increased +47.31%. The 111 active MLS listings have already been on the market an average of 182 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 Addison, Illinois 60101. Complete appraisals of single family homes and condominiums start at $275.00. 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 that knows Dupage County contact Citywide 1-800-405-9718