A market analysis by a local appraiser
The Village of Norridge is located approximately 14 miles northwest of the Chicago "Loop". The population was 14,582 at the 2000 census.
Norridge is bordered by Chicago's Norwood Park neighborhood to the north, Harwood Heights to the east, Chicago's Dunning neighborhood to the south and the Cook County Forest Preserves to the west. The O'Hare International Airport is approximately 3 miles from the village.
According to data from the Northern Illinois MLS there were 74 sales of single family homes in 2007, down from 99 in 2006. The average sales price was $386,691.00, this was a decline from $420,742.00 in 2006. Marketing times were an average of 156 days on the market, up from the 2006 average of 78 days.
As of February 23, 2008 there are 100 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 16.23 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 -25.257%, average sales prices were down -8.09%, and the days on the market were up +100%. This market is oversupplied and the 100 active listings have already been on the market an average of 213 days.
The condo/townhouse market had 26 sales, down from the 48 properties that sold in 2006. The average sales price in 2007 was $274,833.00, this was an increase from $257,004.00 in 2006. Marketing times were an average of 185 days on the market, up from the 2006 average of 128 days.
There are 33 active listings of attached homes in the MLS. Based on the 2007 level of absorption of 2.16 sales per month, this is 15.27 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -45.33%, sales prices increased +6.93%, the days on the market increased +44.53%. The 33 active MLS listings have already been on the market an average of 185 days.
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 Norridge, Illinois. 60706. Our appraisers are State of Illinois 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 Cook County contact Citywide 1-800-405-9718
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