2007 final sales figures for area 12 (Forest Glen) are in, and as usual, I parsed them out into Sauganash and Edgebrook stats. I’ve never understood why the City of Chicago would lump these relatively larger neighborhoods (Sauganash and Edgebrook) officially into this smaller, albeit gorgeous, enclave that is Forest Glen. And really, isn’t Forest Glen a neighborhood that’s more closely associated with Jefferson Park, zipcode-wise and otherwise? But that’s a whole different discussion that I’m not going to get into, today.

Anyway, below are the year-end 2007 stats for Sauganash and Edgebrook. The data are derived from the Multiple Listing Service of Northern Illinois, and are deemed reliable but not guaranteed.

Edgebrook Market Conditions ↓↑

No surprises in Edgebrook for 2007, as far as diminishing home values. Average and median sale prices have been solid and consistent over the reporting period of 2005-2007. An almost 9% increase (!!!) in unit sales in 2007 over 2006 proves that Edgebrook is a super desirable neighborhood, and buyers acknowledge the value of this location by rewarding home sellers accordingly. In 2007 however, not unlike many other neighborhoods in the Chicagoland area, Edgebrook sellers struggled with the amount of time it took for their homes to be sold: The average days on market (DOM) were 131 in 2007 vs. 81 in 2006 and 61 in 2005. Longer market times had no negative impact on the average sale prices though.

Sauganash Market Conditions ↓↑

Market conditions in Sauganash have pretty much been in lockstep with the ones in Edgebrook, as is ordinarily the case. 16 more homes were sold in 2007 vs. 2006, for a total of 69. Average and median home values continued to improve over 2006 and 2005, as if Sauganash had never even heard of a housing crisis. But I’m not drinking the Kool-Aid that is continuously being served up by our local, regional, and national Realtor associations which in a nutshell is: the housing market is doing good, and we’re breaking all kinds of sales records. Well, Sauganash and Edgebrook may be the poster children in that regard, but make no mistake: I am seeing an uncomfortably increasing number of listings in the MLS that are short sales, or bank-owned (foreclosed-on) properties, in Sauganash and in Edgebrook.

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