Feb 19 2008
Weekly Market Update-Feb 17, 2008, Western Springs
Weekly Market Update
For Western Springs
week of Monday, February 11-17, 2008
There were total of 2 single-family detached homes sold in Western Springs last week and 14 in the last 30 days. 2 of these contracts are home sale contingencies. There are currently 128 active listings for sale in this area. This calculates to a 9.14 month supply on the market. According to the National Association of Realtors, a six (6) month supply would be considered a balanced market, meaning neither a buyer’s nor seller’s market, with moderate price growth. Supplies greater than 6 months would indicate trending into a buyer’s market and a supply lower than 6 months would indicate a seller’s market. There were 2 new listings on the market this week and 5 price adjustments made by sellers.
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Status: Active, Back on Market, New, Price Change, Re-activated Area: Western Springs Property Type: Detached Single Months Back: All Months
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Active Listings
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Detached Single
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We welcome questions regarding and of the above data compiled from MLSNI. Please contact us at greatinfo@primeanytime.com
Interest Rates:
Last week, interest rates creeped up week to 6% for a 30 year fixed mortgage. Though the Fed has been aggressive with the reduction of widely publicized short-term rates, it has not had a similar affect on long-term mortgages, which have actually increased.
On another note, last week the Fed approved the economic stimulus package which included a modification of Fannie Mae-Freddie Mac conventional loan limits. The current ceiling on conventional mortgages in Chicagoland is $417,000. Mortgages higher than this ceiling, labeled as unconventional or Jumbo, are subject to a premium of approximately 1% higher than conventional rates. This change was designed to impact high price areas and is not likely to impact Chicagoland loan limits. We will have more info here in the next several weeks.
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