Friday, February 22, 2008

Brookfield, IL 60513 - Housing Market 2008

A local real estate appraiser looks at the current market

The village of Brookfield is located approximately 14 miles southwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 19,085. Brookfield is famous for the Chicago Zoological Park, commonly called the Brookfield Zoo, which opened in 1934.

The village is bordered by North Riverside & La Grange Park to the north, Riverside & Lyons to the east, Mc Cook to the south and La Grange & La Grange Park to the west. O'Hare International Airport is approximately 11 miles from the village.

According to data from the Northern Illinois MLS there were 182 sales of single family homes in 2007, down from 201 in 2006. The average sales price was $278,159.00, this was a decrease from $285,714.00 in 2006. Marketing times were an average of 86 days on the market, up over the 2006 average of 55 days.

As of February 21, 2008 there are 101 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 6.66 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 -9.45%, average sales prices are down -2.64% and the days on the market were up +56.36%. This market is oversupplied and the 101 active listings have already been on the market an average of 166 days.

The condo/townhouse market had 45 sales, up from the 41 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $247,412.00, compared to $249,418.00 in 2006. Marketing times were an average of 110 days on the market, an increase from the 2006 average of 84 days.

There are 36 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 3.75 sales per month, this is 30.95 months of unsold inventory.

The condo/townhouse market is oversupplied, sales volume was up +9.75%, average sales price decreased slightly -0.80%, and the days on the market increased +30.95%. The 36 active MLS listings have already been on the market an average of 170 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 Brookfield, Illinois 60513. 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 Cook County contact Citywide 1-800-405-9718

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