Oak Park, IL Area – January 2009 Market Activity

Oak Park Area – January 2009 Market Activity*

With the real estate market playing a major role in today’s economy, many people are curious about their local real estate market. Here are the combined January 2009 statistics for Forest Park, Oak Park, and River Forest, Illinois.

Detached Attached

Number Closed 16 10

Days on Market 182 94

Avg Sales Price $443,969 $128,400

Avg SP:LP 93% 92%

How does this compare with sales one year ago?

January 2008 Oak Park Area Market Activity*

Detached Attached

Number Closed 24 18

Days on Market 139 171

Avg Sales Price $524,704 $208,892

Avg SP:LP 95% 95%

In terms of volume, single family home sales are down 33% and condos are down 44%. The average selling price for single family homes is down 15% and condos 39%. Note that this does not necessarily correlate with that steep of a decline in value; rather, buyers may be choosing less expensive properties.

Are foreclosures affecting the real estate market in the Oak Park area? According to RealtyTrac, as of 2/11/2009 there are 171 pre-foreclosure properties, 42 set for a sheriff’s sale, and an additional 93 that are bank-owned in Oak Park alone. Undoubtedly, sellers must compete against these 306 distressed properties when trying to sell their homes. Working with experienced Realtors like us will help give you the edge!

It's a great time to be a buyer! Let me show you the many great buys out there!

* Keep in mind that these are very general averages for the towns of Forest Park, Oak Park, and River Forest. For detailed information using particular criteria or for more information about our services, please contact me. http://lchristofano.illinoisproperty.com Laurie Christofano, The Pych Team @ RE/MAX In The Village, Realtors