FOREST GLEN

The city of Chicago is comprised of 77 community areas. The community area of Forest Glen is located approximately 12 miles northwest of the Chicago "Loop". The community area includes the neighborhoods of Edgebrook, Middle Edgebrook, Wildwood and Sauganash.

Forest Glen is at the city's northern edge and has borders with the villages of Lincolnwood, Skokie and Niles.

Edgebrook borders the neighborhood of Sauganash. Edgebrook was once part of the Sauganash land tract and was annexed by the city of Chicago in 1889. Edgebrook is also bordered by Wildwood.

The Old Edgebrook Historical District is a example of a railroad suburb, platted in 1894 by businessman and alderman Arthur Dixon. It was built near the Chicago, Milwaukee, and St. Paul Railway. Many of the community's early residents were company officials and the buildings represent a variety of architectural styles, most notably Colonial Revival and Queen Anne. Surrounded by the Cook County Forest Preserve, Old Edgebrook's rural ambience makes it atypical for a neighborhood located in a major metropolitan area.

Sauganash was once part of the Sauganash land tract and was annexed by the city of Chicago in 1889. The neighborhood is home to two churches: Sauganash Community Church, a non-denominational Protestant church, and Queen of All Saints, a Roman Catholic Basilica. The neighborhood has many distinctive homes. It also had large tracts of prairie land until the mid 1950's.

This neighborhood is predominantly comprised of detached single family homes. According to data from the Northern Illinois MLS there were 168 sales in 2007, up from 146 in 2006. The average sales price was $524,687.00, this was a slight increase   from $522,520.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 80 days.

As of January 7, 2008 there were 117 active listings of detached homes. Based on the 2007 level of absorption of 14 sales per month there is 8.35 months of available inventory. A 3-4 months supply of inventory is considered "in Balance".

For the year end of 2007 sales volume was up +13.09%, average sales prices were up +0.41%, and the days on the market were up +78.75%. This market is oversupplied and the 117 active listings have already been on the market an average of 177 days.

All of this points to a cooling market, long marketing times and lower prices in 2008. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

How to be sure that your listing is competitive? Get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house in the current market.

Citywide Services provides residential appraisal service in Forest Glen. Our appraisers are state certified and have experience with single family homes, townhouses, condominiums as well as small residential income properties. For all your Chicago appraisal needs contact Citywide.

To order an appraisal or to speak with an appraiser call 1-800-405-9718

 www.appraisercitywide.com