According to our MLS as of May 19, 2008:
There are currently 481 Active single family homes on the market in Arlington Heights with an average of 171 days and average list price of $529,109.
Of the properties that have sold in the past 4 months, there were a total of 68 single family homes with an average market time of 190 days and average sales price of $416,342 and a 95% List to Sales Ratio.
As you can see by this information Arlington Heights has a lot of inventory...at this pace (68 in 4 months) is just about 210 single family homes per year. Once we work through the inventory we will hopefully see a more normal market.
I hope this information helps.
Sean O. McGeehan, Mortgage Loan Officer
1500 Eisenhower Ln, Ste 200
Lisle, IL 60532
Please feel free to contact me @ Rick@Shadid.org and I will make sure to get any and all pertininent info you need.
The immediate trend, is to see continued downward pressure on home values throughout the Chicago Area including Arlington Heights and surrounding areas. In past years during stronger Real Estate markets, Arlington Heights appreciated well. It's proximity to O'hare (20 min), major expressways, located along the Metra Trainline (35-40min to Chicago), a real small town feel, and excellent schools have made Arlington Heights a popular choice (along with other areas) to live.
Presently, the average market time in Arlington Hts is 126 days, with homes selling on average about 94% of final listing price.
Let me know if I can answer any other questions or help you find a home in Arlington Hts or other areas you are considering.