Comparative Detached Single Family Home Sales and Values

April 13th, 2008 primeanytime Posted in Market Updates Comments Off

The following statistics is compiled from data provided by Midwest Real Estate Database, LLC (MRED), formerly the MLS of Northern Illinois, which posts all Northern Illinois Realtor listed and closed property data.
 
                        Comparative Detached Single Family Home Sales and Values*          
                                               1st Quarter 2008 vs 1st Quarter 2007
(Jan1-March 31)                          
 
                   Number of                        Average              Median
Homes Closed                   Sale Price             Sale Price
 
LaGrange                                             -29.7%                                  -22.2%                   -26.8%
LaGrange Park                                   -11.1%                                  -9.8%                        -7.6%
Western Springs                                52.6%                                  -1.0%                      -14.7%                               
Indian Head Park                                              only 2 sales-insignificant data
Countryside                                                       only 2 sales-insignificant data
Brookfield                                           -42.4%                                       .5%                       -5.2%
Westchester                                      -56.9%                                   -1.4%                      -1.7%
Willow Springs                                  -84.6      only 2 sales-insignificant data
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Indian Head Park Market Update 3-10

March 11th, 2008 primeanytime Posted in Indian Head Park IL, Market Updates Comments Off

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.

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Weekly Market Update-Feb 17, 2008, Western Springs

February 19th, 2008 primeanytime Posted in Market Updates Comments Off

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.
 
Status: Active, Back on Market, New, Price Change, Re-activated   Area: Western Springs   Property Type: Detached Single   Months Back: All Months  
 
Active Listings
 
Detached Single
Bedrooms
# Active
Avg. List Price
Market Time
All
128
$861,389
260
2 or Less
5
$400,560
502
3
32
$497,997
186
4
56
$849,875
226
5 or More
35
$1,277,889
349
 
 
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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Weekly Market Update, Feb 11 2008

February 19th, 2008 primeanytime Posted in Market Updates 1 Comment »

Weekly Market Update
For LaGrange and Lagrange Park
week of Monday, February 11-17, 2008
 
There were total of 3 single-family detached homes sold in LaGrange & Lagrange Park last week and 17 in the last 30 days.   There are currently 194 active listings for sale in this area. This calculates to a 11.4 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 10 new listings come on the market this week and 6 price adjustments made by sellers.
 
There was 1 attached single family home under contract in the last week at a list of $215,000 and 2 new listings in this sub-market. There are 74 listings on the market in this category.
 
Market Statistics Criteria Status: Active, Back on Market, New, Price Change, Re-activated   Area: La Grange, La Grange Park   Property Type: Detached Single
Active Listings
Detached Single
Bedrooms
# Active
Avg. List Price
Market Time
All
194
$571,170
204
2 or Less
13
$292,977
141
3
84
$415,184
162
4
66
$663,715
236
5 or More
31
$913,474
274
 
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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