Park Ridge Real Estate Market Conditions & Reports, Park Ridge Market Trends, Illinois

Market Commentary Provided by Craig Fallico
This has been a very active year thanks to good economic news, incentives and certain stability. The bottom has come and gone.

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Craig Fallico
RE/MAX Properties Northwest
Park Ridge, Illinois
847-226-0834
fallico@agents.househunt.com
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Nearest Metro Area

Chicago

Buyers’ or Sellers’ Market

More buyers than sellers

Average Time on Market

More than 120 days

Market Trend

Decreasing

Housing Inventory

Good supply - Some Prices

Inventory Comments

The entry level priced homes are moving quickly. Another strong/active market is the big,beautiful and/or new home that has been reduced $300-$400thousand to sell around $700k

Average Home Price

$425,000 - View Graph Trend

Best Selling Price Range

$300,000 - $349,000

Worst Selling Price Range

$550,000 - $599,000

Compared to Last Year

Up 0-5%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Multiple Offers Commentary

We are getting multiple offers for entry level priced homes and foreclosures/REO's

Greatest Activity

First Time Buyers

Buyer Activity for the past 90 days in Park Ridge is

Increasing

Seller Activity for the past 90 days in Park Ridge is

No Change

Is Financing Available For Qualified Buyers in Park Ridge?

Yes

Comments on Financing For Qualified Buyers

FHA financing is the most popular this year thanks to government incentives.

Existing Home Prices for the past 90 days are

Increasing

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

15-20%

Housing Hot Spots

Most cities within the Cook County area are considered 'Housing Hotspots'

Reason to Buy/Sell

Good economic news

Average Sold Price

$425,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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