General Real Estate; Real Estate Sales Statistics; Chicago Ridge @ 24 Jul 2008 06:07 pm by judyorr
Chicago Ridge had a drop all around for amount of sales from 2006 to 2007 and sales price. Many towns had a drop for one statistic and a gain in another. But Chicago Ridge showed decreases all around:
Single family homes: 60 homes sold in 2006 - only 37 sold in 2007
Average sale prices: $242,681 average sale price in 2006 - $226,254 average sale price in 2007
Condo/townhomes: 124 units sold in 2006 - only 114 units sold in 2007
Average sale prices: $136,922 average sale price in 2006 - $131,685 average sale price in 2007
I can guarantee that with the 2008 real estate market we will see further decreases with next year’s sales statistics. But no one knows if we’ve reached the bottom yet or if prices will continue to drop before they finally level out and start appreciating again. This could be a great time to purchase a property and if you don’t have to sell something first you have a good chance of making a wise investment.
I’d like to remind buyers that real estate should not be considered a quick investment but should be thought of as something you would hold onto long-term if you intend to build equity. The Seller’s Market we experienced some years back was a market I had never experienced in the 25 years I’ve been selling real estate.
It started with low interest rates and easy financing and I will finally admit it, the bubble did break. In the Midwest we’re not seeing huge drops like on the west coast and areas that were building up quickly like Las Vegas. But we are still seeing that there is way too much inventory than available buyers. With mortgage providers continually closing their doors and stricter guidelines, I truly cannot foresee when this inventory will let up. If you use a certain mathematical formula called the “absorption rate,” some areas are showing more than 2 years worth of inventory based on the current market activity. Imagine that!
You can find the full details of Chicago Ridge Real Estate Sales Statistics for the past few years by clicking on the link.
If you would like to view Chicago Ridge real estate give Judy Orr a call at 708-536-8200 or use the Contact Form.
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