A brief comparison of the first two weeks of 2008 versus that of 2007 in the western suburbs of Chicago

Many home buyers, home sellers and residential real estate professionals alike are interested in knowing how 2008 market is going to shape up compared to that of 2007. While the residential real estate market is just fourteen days old in 2008, here is what we know so far…

The statistics presented for the near western suburbs of Chicago are focused in: Hinsdale, Western Springs, Clarendon Hills, Burr Ridge, Oak Brook, Westmont, La Grange, La Grange Park, Downers Grove and Willowbrook IL.

In 2008, there have been 36 accepted contracts for detached residences. The homes had an average market exposure time of 267 days. The average asking price was $758,974.

In 2007, there were 39 accepted contracts for detached homes over the same market period. In 2007, the average marketing time was 154 days. At that time, the average asking price was $626,681.

As we progress through 2008, I will keep my readers apprised of the specific market conditions in the near western suburban market of Chicago. As always, if you have an inquiry about your own holdings, just ask.

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