Weekly Market Update
For Indian Head Park
week of Monday, March 3-10, 2008
NEWS:
Prime Property Partners is #1 in closed listing market share in 2008
in LaGrange, LaGrange Park, Countryside & Western Springs than ANY other competitor
| Company |
Volume |
Market Share |
| #1 Prime Property Partners |
$4.355 million |
20.24% |
| #2 Smothers Realty Group |
$3.745 million
|
17.41% |
| #3 RE/MAX Properties |
$2.076 million |
9.65% |
| #4 Coldwell Banker Residential (LaGrange) |
$1.505 million |
7.00% |
| #5 Coldwell Banker Residential (Hinsdale) |
$1.200 million |
5.58% |
| #6 RE/MAX Elite |
$1.150 million |
5.34% |
| #7 Realty Executives Service |
$1.085 million |
5.04% |
| #8 Prudential American Homes |
$1.046 million |
4.86% |
*Above rankings represent closed listing dollar volume for period of Jan 1 thru Feb 29, 2008
for single family detached homes in areas 525,526, 527, 528, 558 per MLSNI.
MARKET DATA:
There were total of 0 single-family detached homes sold in Indian Head Park last week and 0 in the last 30 days. 0 of these contracts is a home sale contingency. There are currently 14 active listings for sale in this area. This calculates to a unlimited months 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 5 new listings on the market this week and 6 price adjustments made by sellers.
Area Market Survey CriteriaStatus: Active, Back on Market, New, Price Change, Re-activated, Temp Off Market Property Type: Detached Single Area: Indian Head Park Months Back: All Months
Active Listings
| List Price Range |
# of Listings |
Average Days on the Market |
| $350,000-$399,900 |
1 |
286 |
| $400,000-$499,900 |
1 |
272 |
| $450,000-$499,900 |
1 |
495 |
| $500,000-$549,900 |
1 |
496 |
| $550,000-$599,900 |
4 |
220 |
| $600,000-$699,900 |
3 |
169 |
| $700,000-$799,900 |
1 |
36 |
| $1,000,000-$1,999,999 |
2 |
73 |
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 crept up to over 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.
Tags: changing real estate market, chicago039s western suburbs, Dean Rouso, Indian Head Park, market update, Prime Property Partners, residential properties
