Oak Park, IL

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

If you are interested in how to offer and Equity Lock Price protection plan with your home, please contact Keller Williams Realty Professionals, the premier provider of this revolutionary new product in the Oak Park, Forest Park, and River Forest areas. We are on the cutting edge, offering our clients tools that other companies simply do not have. That is what makes Keller Williams Realty one of the most innovative real estate companies in the market today.

Call or email John Youker at (708) 725 - 9050 or JYouker@kw.comfor more information on this product. We can schedule a meeting for you to come in to the office for a short meeting to learn how this tool can protect you as a buyer on the purchase of a home in a shifting or declining market, or help you as a seller attract that buyer by providing an equity protection plan for the buyer, just in case the home would happen to decrease in value through their ownership.*

*Certain restrictions apply please contact Keller Williams Realty Professionals for more information, must own home for 18 months prior to selling the property. Market appreciation or depreciation is based off of an index, such as (but not always) the Case & Shiller index of real estate values.

If you are a Buyer considering moving to the Oak Park, River Forest, Forest Park area I am pretty certain you are aware of all the major benefits our communities have to offer. Benefits such as the great schools, historic architecture, culture and diversity, and the convenient proximity to downtown Chicago and both airports to name a few.

However, I would like to fill you in on some additional benefits you will enjoy when you make your move here. They are as follows:

· Great breakfasts at Grandma Sally's and Al's Grill

· Baked French onion soup at Golden Steer

· Encrusted rack of Lamb at Marion Street Grille

· Stuffed artichoke at Mancini's

· Soft shell crabs & sidewalk café at Poor Phils

· Ice cream at Brown Cow & Peterson's

· Pizza at Geppetto's

· Homemade soups at George's

· Pizza strudel at Pompei

· Reuben sandwich on rooftop deck at the Avenue Ale House

· Mousaka at Papaspiro's

· BBQ ribs at Mickey's

· Tomato pepper steak at #1 Chop Suey

· Coffee at Blue Max & Nola's Cup

· Chicken Vesuvio at Jimmy's Place

· Gnocchi at LaPiazza

· Lamb Shank Osso Buco at Café De Luca

· Sunday brunch at Café Winberie

· Pasta Verdure at Francesca Fiore

· Tandori chicken at Khyber Pass

· Pastas at Cucina Paradisio

· Cheeseburgers at Goldy's

· Shepards Pie at Molly Malone's

· And great homemade take home meals from The Perfect Dinner

This list could go on and on but space does not allow it. Have a great day!

With the "busy season" behind us for 2008, I'm sure you're wondering how the year is shaping up for the market in Oak Park.

As of 09/30/2008, $185,953,123.00 worth of houses and condos were sold in Oak Park. That's not too shabby, especially compared with other suburbs: La Grange - $54.8M, Oak Brook - $33.5M, and River Forest - $47.3M.

The Break-Down: 1st 3 Quarters of 2008
(Data compiled from Midwest Real Estate Data LLC)

Single Family Homes
Total # Sold: 286
Average Days on Market: 137 days
Average List Price:Sale Price Ratio: 95%
Sales Price Range: $132,000 - $2,250,000

Condos
Total # Sold: 200
Average Days on Market: 164
Average List Price:Sale Price Ratio: 96%
Sales Price Range: $55,000 - $555,000

If you would like or need to sell your home at this time, there are many buyers out there who are looking to move to Oak Park. Let us help you handle all the details, from getting your home market-ready, pricing it competitively, and aggressively marketing it to the maximum number of potential buyers - to negotiating the deal and getting you to the closing table. No one will work harder for you than Kyra and Laurie, The Pych Team @ RE/MAX In The Village, Realtors.
Office: 708.386.1400
Web: www.KyraPych.com

Remodeled 3-flat. Newer kitchens & baths in each. 2-car garage plus 3 spaces. Large deep lot allows for great back yard. Separate heat & utilities. Cable and DSL-ready on 1 and 2. 3 separate newer water heaters.

If you are looking to have a residence and/or income property in trendy Oak Park, here is your opportunity.

For only $399,000

Contact: David Spencer

da-spencer@att.net