Do I have some excellent news for you! According to Trulia's data, the average sales price in Oak Park keeps going up: http://www.trulia.com/real_estate/Oak_Park-Illinois/
According to Zillow, they have gone up by 16.4% in the past year whereas Cook Co decreased by 1.4%. But Zillow doesn't really say what they are recording, actual sales or Zillow's estimates: http://www.zillow.com/real-estate/IL-Oak-Park-facts
And my favorite source of info for past sales is: http://www.sellmyhomebw.com/
In June 2006 there were 99 units sold (houses and condos) for an avg. selling price of $336,255 and 102 days on the market. In June 2007 there were 93 sales averaging $409,091 and 131 days on the market. This year sellers are receiving about 96% of their asking price compared to last year's 97%.
Oak Park's 1) excellent schools 2) proximity to downtown, airports, transportation and jobs 3) historic hometown and touristy appeal and 4) relatively good housing value
make it attractive to home buyers regardless of what is happening in the rest of Chicagoland or Midwest.
Feel free to call me if you would like some advice on finding the right agent in your area or other options available to you. Just click on the link below for my contact info.
probably impossible now to make that kind of profit
but it was a good run
unfortunately unaffordable housing has its drawbacks
guess theres going to be a recessioin of some sort
hopefully only a few years or so.
Single Family: Properties in 06 avg sale price was 497K up 5% in 07 to 521K :)
Attached Properties: 2006 avg213K up 32% in 07 which is 282K+
Fortunetly for Oak Park the area is doing well however because of so much inventory and the ARM mort loans that so many consumers used . ( not my clients!) Thank God. :)
buyers didnt realize the impact that a 3-4% increase on their interet rate would do to their monthly mortgage payment and need to sell>
FYI ..... I just listed a condo on Madison & Lombard 30 days ago and its under contract now.
because of my responsibilty to my client I cannot disclose certain info. but it was a fair offer and all parties are content with their decisions.
You may find that in your town area prices have declined in most neighborhoods but that 2 or 3 areas are seeing prices staying steady or even slight increases. I don't think you can put a blanket number on real estate values other then in specific locals.