Monday, November 24, 2008
Market Analysis - Bellwood, llinois 60104
The Village of Bellwood is located 13 miles west of downtown Chicago in suburban Cook County.
Bellwood's municipal neighbors include Melrose Park to the north, Maywood to the east , Westchester to the south, and Hillside-Berkeley to the west. Transportation links include the major east-west arterial streets of Butterfield Road and St. Charles Road. The major north-south arterial is Mannheim Road (Route 12-45).
The village is located at the juncture of the Eisenhower Expressway (I-290) and the Tri-State Tollway (I-294). Bellwood is easily accessible from all directions and commuting to Chicago is easy with service from the METRA commuter rail line and PACE bus service. O'Hare Airport is 13 miles from the village.
Most properties sell with FHA/VA or conventional financing. 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. This excess supply of home inventory places significant downward pressure on prices. Further, declining home prices have made re-financing more difficult.
According to the Northern Illinois MLS the median sales price in Bellwood in the twelve months ending November 21, 2008 for detached homes was $142,500.00 with 163 days on the market, with 79 sales.
Median prices have decreased -25.00% , sales volume has decreased -45.52% and marketing times have increased +45.54% over the previous twelve months.
In the twelve months ending November 21, 2007 the median for a detached home was $190,000.00 with 145 days on the market, with 112 sales.
As of November 24, 2008 there are 174 active listings of detached homes in Bellwood. At the current level of absorption of 6.58 sales per month this represents a 26.44 month supply of inventory. 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.