Oak Park, Il 60302 - Year End 2007

A look at the current real estate market by a local appraiser

The village of Oak Park is located approximately 8 miles west of the Chicago "Loop" in suburban Cook County, Illinois. As of the 2000 census, the village had a total population of 52,524. Oak Park's convenient location, proximity to transportation and a wide array of housing, attracts a variety of home buyers.

Oak Park is bordered by Chicago's Galewood/Austin neighborhood on the north and east. Berwyn & Cicero to the south, Forest Park & River Forest to the west.

The village is rich in history and has produced a number of famous people, among them authors Edgar Rice Burroughs and Ernest Hemingway. Oak Park is known for its architecture. The town has two national historic districts, including over 300 noteworthy buildings. In addition to the Prairie School designs, the neighborhood has an extensive collection of Victorian and other styles. Oak Park has the largest collection of buildings designed by Frank Lloyd Wright, including his Home & Studio.

According to data from the Northern Illinois MLS, there were 379 sales of single family homes in 2007. The sales volume was down from 405 sales in 2006. Sales prices increased with the average 2007 sales price at $525,871.00, compared to $512,969.00 in 2006. Marketing times were an average of 106 days on the market, up over the 2006 average of 78 days.

As of January 27, 2008 there are 260 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 8.23 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 -6.41%, average sales prices increased +2.51%, and the days on the market were up +35.89%. This market is oversupplied and the 260 active listings have already been on the market an average of 176 days.

The condo/townhouse market had 486 sales, down from the 616 properties that sold in 2006. Sales prices increased with the average 2007 sales price at $273,628.00, compared to $230,434.00 in 2006. Marketing times were an average of 150 days on the market, up over the 2006 average of 94 days.

There are 318 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 7.85 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -21.10%, and the days on the market were up +59.57%. The 318 active MLS listings have already been on the market an average of 216 days. Average sales prices increased +18.74% over 2006. This is a reflection of new construction condominiums in the market and not appreciation.

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 Oak Park, Illinois. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com/