Friday, February 22, 2008

Franklin Park, IL 60131 - Housing Market 2008

The village of Franklin Park is located approximately 15 miles northwest of the Chicago "Loop" in suburban Cook County. As of the 2000 census, the village had a total population of 19,800.

The village is bordered by Schiller Park to the north, River Grove to the east, and unincorporated Leyden Township on the south and west. O'Hare International Airport is approximately 3 miles from the village.

According to data from the Northern Illinois MLS there were 131 sales of single family homes in 2007, down from 181 in 2006. The average sales price was $252,206.00, this was a decrease from $274,396.00 in 2006. Marketing times were an average of 131 days on the market, up over the 2006 average of 76 days.

As of February 21, 2008 there are 149 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 13.65 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 -27.62%, average sales prices are down -8.08% and the days on the market were up +72.36%. This market is oversupplied and the 101 active listings have already been on the market an average of 166 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 Franklin Park, Illinois 60131. 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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