Good News for Oak Park Real Estate Market!
Analysis: There are currently 119 single family homes on the market in Oak Park, IL and 105 homes that have accepted contracts. There is an 88% ratio of homes that are active (for sale) to those that are under contract (have accepted contracts). This ratio points to a strong local real estate market where inventories will continue to shrink.
45 homes are being sold each month in the village and inventories are at a low 2.62 months. This means that if no homes were to come on the market it would take around 2 1/5 months to clear out all of the current inventory. It is a strong sellers market here and home prices will continue to rise as long as these continue to persist.
31% more homes closed in the last 6 months of 2013 versus the same period in 2012. Which again points to an improving market.
Under Contract: 105
Under Contract Ratio: 88%
Number of Expireds/Cancelled Last 6 Months: 83
# Price Changes in Last 7 Days: 10
Sold Last 6 Months: 273
Sold Same 6 months 2012: 209
% Change in # Sold(Y/Y): +31%
Closed/Month: 45 homes
Months of Inventory: 2.62
Average List Price of Sold Homes: $426,401
Average Sold Price: $414,266
Sold Price to List Price Ratio: 97%
Sold Days on Market: 87