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.

Active: 119

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