As opposed to the exclusive gloom and doom pieces promoted by the national media

Thanks to local appraisers Chip Wagner and Bob Headrick, the January 2008 real estate market statistics have been gathered, analyzed and reviewed.

First, the good news. In Hinsdale, Clarendon Hills and Western Springs, the average sales price has increased from 2007 to 2008. This clearly bucks the trend relative to the Chicago market at large. This is not to say that there has been appreciation. It’s just an average. In many cases, the average is drawn upward when a significant amount of new construction sells. This is the case as the new homes tend to be the highest value residential real estate in any market. Here are the end of January stats for 2008 versus the 2007:
Hinsdale $1,239,789 v $1,102,211 12.48% increase
Clarendon Hills $810,499 v $796,750 1.73% increase
Western Springs $672,941 v $626,079 7.48% increase

At the current rates of absorption, the following represent the number of months inventory in each of the three selected towns. Please note that, as a general rule of thumb, nine months inventory represents balanced conditions:
Hinsdale has a 14 months supply
Clarendon Hills has a 12 months supply
Western Springs has an 11 months supply.

At this same time last year, Hinsdale has a 9.68 months supply whereas Clarendon Hills had a 8.84 months supply and Western Springs had a 6.64 months supply.

That’s all for now, but I will continue to keep you apprised of the latest and greatest in the near western suburban real estate world.

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