Itasca, Illinois 60143 Year End 2007

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.

According to data from the Northern Illinois MLS there were 39 sales in 2007, down from 52 in 2006. The average sales price was $433,638.00, down from $475,113.00 in 2006. Marketing times were an average of 158 days on the market, up over the 2006 average of 129 days.

As of January 9, 2008 there were 71 active listings of detached homes. Based on the 2007 level of absorption of 3.25 sales per month there is 21.84 months of available inventory. A 3-4 months supply of inventory is considered "in Balance".

For the year end of 2007 sales volume was down -25.00%, average sales prices were down -8.721%, and the days on the market were up +22.48%. This market is oversupplied and the 71 active listings have already been on the market an average of 257 days.

There were 33 sales of condominium/townhouses in 2007, down from 61 in 2006. The average sales price was $258,313.00, down from $275,745.00 in 2006. Marketing times were an average of 136 days on the market, up over the 2006 average of 71 days.

There are 61 active listings of attached homes. Based on the 2007 level of absorption of 2.75 sales per month there is 22.18 months of available inventory. A 3-4 months supply of inventory is considered "in Balance".

For the year end of 2007 sales volume was down -45.90% in the condo/townhouse market. The average sales prices were down -6.32%, and the days on the market were up +91.54%. This market is oversupplied and the 61 active listings have already been on the market an average of 188 days.

All of this points to a cooling market, long marketing times and lower prices in 2008. 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.