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.

In August of 2007, Prime Property Partners launched a new client friendly “real time” method of real estate valuation. This method focuses on a more collaborative (partnered) effort between clients and our real estate professionals by evaluating the current marketplace as a team.   

 Prime Property Partners new offices at 114 Calendar Avenue in La Grange includes comfortable consumer viewing rooms designed for the specific purpose of educating buyer and seller clients. Each viewing room includes a computer with wireless keyboard, a sharp 40 inch flat panel monitor and a high speed internet connection so that each buyer or seller client with the assistance of their agent can access ALL of the same MLS “real time” data that real estate agents and appraisers have access to. The MLS database will seamlessly display more critical information about any comparable properties that is not available on any paper report or any consumer website.