Rogers Park - Chicago Community Area 01

Rogers Park is a Chicago neighborhood located on the far northeast corner of the city and is located between Lake Michigan on the east, Ridge Boulevard on the west, the Evanston- Chicago city limits on the north and Devon Avenue on the south.

The average detached home sold for $491,521.00 with an average number of days on the market of 87. The average price at the end of 2006 was $501,304.00 with 126 days on the market. There are currently 21 active listings as of January 1, 2008. This shows a decrease in sales prices and a decrease in marketing times,the absorption rate for the current inventory is 1.91 sales per month. This gives almost 11 months of supply based on last year's absorption rate.  The market is oversupplied, however, statistical analysis with only 23 sales is of minimal value, the sample is too small.

For attached homes and condominiums we have a much larger sample of 687 sales in 2007. The total sales for 2006 was 958. The average sales price in 2007 was $229,017.00 vs the average in 2006 of $225,156.00. At first glance prices appear to be appreciating.

It is my opinion that sales were stronger at the beginning of 2007. Interest rates were lower and sub-prime lending was still in full swing. By the second half of the year things had changed and the average sales price for attached homes and condo's had declined to $221,510.00.

Marketing times have increased over the 2006 average of 107 days. The average days on the market at the end of 2007 was 147. As of January 1st there were 656 active listings, at the current rate of absorption thats 13+ months of available inventory.

Based on the above it is my opinion that prices are declining, the market is oversupplied and long marketing times should be expected.

Its important to note that these statistics are for the Rogers Park neighborhood overall. They give an indication of what is happening, however, your property may have reacted very differently to the market. One bedroom units react differed to three bedroom units.

If you are involved in the 2008 real estate market as a seller, now is the time to get an appraisal. Find out the current market value of your property and how to position it for a sale. Only the best priced properties will sell in this market.
 
Citywide Services provides residential appraisal service in Rogers Park. 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

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