Friday, October 31, 2008
Itasca, IL 60143 - Housing Market Analysis
The Village of Itasca is located approximately 25 miles West of the Chicago "Loop" in suburban Dupage County. According to the 2000 census the population was 8,302. The total area of the village is 4.9 square miles.
Itasca is bordered by Elk Grove Village to the north, the village of Wood Dale to the east, the village of Addison to the south, and the village of Roselle to the west.
Recent curbs in sub-prime lending has lowered prices and lengthened marketing times. Defaults and foreclosure activity increased dramatically as ARM interest rates reset higher. Further, declining home prices have made re-financing more difficult. This excess supply of home inventory places significant downward pressure on prices.
According to the Northern Illinois MLS the average sales price in Itasca in the twelve months ending October 31, 2008 for detached homes was $409,358.00 with 184 days on the market, with 36 sales.
Average sales prices have decreased -9.18%, sales volume decreased -13.51% and marketing times have increased +16.46% over the previous twelve months.
In the twelve months ending October 31, 2007 the average for a detached home was $450,754.00 with 158 days on the market, with 37 sales.
There are currently 81 active listings of detached homes in Itasca. At the current level of absorption of 3.00 sales per month this represents a 27.00 month supply of existing housing inventory.A 3 to 4 months supply of inventory is considered "in balance", this is an oversupply.
Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.
All of this points to a cooling market, long marketing times and lower prices in 2009. If you have an active listing or need to sell now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
How to be 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 in the current market.
Citywide Services provides residential appraisal service in Itasca, Il. 60143. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. For all your Dupage County appraisal needs contact Citywide 1-800-405-9718