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Spring 2012 Market Update
2011 was a very active year thanks to good economic news, incentives and certain stability. The bottom has come and gone. In the greater Chicago Area prices actually increased in the last half of 2010 and have increased in 2011!! Rental market is booming thanks to stricter guidelines for purchase! Rates are at or below 4% ...UNHEARD OF! MOVE!
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| Average Home Price | $425,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | 90-120 days |
| Best Selling Price Range | $300,000 - $349,000 |
| Worst Selling Price Range | $500,000 - $549,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | Increasing |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| 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 |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | We are getting multiple offers for entry level priced homes and all foreclosures/REO’s |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 20-25% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | AND NOW sellers are becoming banks and offering owner financing! There are also so many new loan programs too...military,first time home buyer, rehab/investor etc. |
| Housing Inventory | Very tight market |
| 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$600-$700k and the 2-4 flats are SUPER HOT! |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Lowest prices with good selection and 4% or less interest rates all create a perfect time to buy in Park Ridge! Window of unmatched affordability is closing! |
| Nearest Metro Area | Chicago |
| Housing Hot Spots | Our border Chicago communities are HOT= Edison Park, Oriole Park and Norwood Park. |
| Average Sold Price | $425,000 - View Graph Trend |
Park Ridge Local News
News for Park Ridge, IL - May 28th, 2012 12:06pm
We can truly start to believe in the recovery! Most of my buyers have asked to INCREASE their price point because the inventory is simply not there anymore. SOLD
News for Park Ridge, IL - May 4th, 2012 11:28am
New developments have me busier than ever! Rates so low, prices so low that AFFORDABILITY is at a 40 year low! And now the latest laws require that all banks respond within 60 days on all short sales. If you are able...BUY, BUY, BUY! Or say goodbye to this purchasing power.
News for Park Ridge, IL - March 4th, 2012 8:39am
This past January was my busiest ever!!!!! Ok that's 31 years! So it seems as though we are all waking up to the fact that affordability is at its all time best PERIOD! Sure wish I had some extra $$$. 2 of my children are getting married this year and 2 are in college...so expect me to work even harder than I did those first 3 decades=your gain:~)...fyi Average sales price for detached single family home $427k!
News for Park Ridge, IL - January 27th, 2012 9:57am
This has been my busiest January!!!!! Ok that's 31 years! So it seems as though we are all waking up to the fact that affordability is at its all time best PERIOD! Sure wish I had some extra $$$. @ of my children are getting married this year and 2 are in college...so expect me to work even harder than i did those first 3 decades=your gain:~)
Contact Information
Craig Fallico
847-226-0834
Request More Information Let me answer your questions!
Ask Me!
Mortgage Rates
– May 28th, 2012 –
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30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
StreetZip Code
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Request More Information Let me answer your questions! Ask Me!
Craig Fallico
RE/MAX Properties Northwest
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 847-226-0834
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