A real estate appraiser looks at the current market
Oakbrook Terrace is a city in DuPage County, located approximately 18 miles southwest of the Chicago "Loop". The population was 2,300 at the 2000 census. A 2003 recount gave the city a population of 2,293. The city has a total area of 1.4 square miles.
Oakbrook Terrace is bordered by Villa Park on the north, Oakbrook on the east & south, and Lombard on the west.
According to data from the Northern Illinois MLS there were only 11 sales of single family homes in 2007, the average sales price was $318,772.00. Marketing times were an average of 100 days on the market, up over the 2006 average of 49 days.
As of February 20, 2008 there are 6 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 6.59 months of unsold available inventory. These listings have already been on the market an average of 133 days.
The condo/townhouse market had 8 sales, the average sales price was $366,875.00. Marketing times were an average of 144 days on the market, up over the 2006 average of 102 days.
There are 15 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 22.71 months of unsold inventory. These listings have already been on the market an average of 232 days.
The small number of sales leads to limited statistical analysis, it appears prices are stable, however, inventory is over supplied. 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 Oakbrook Terrace, Il. 60181. 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