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Chicago Edison Park Local News

Still "Flying off the shelf" - October 9th, 2016
In Edison Park if you price it right, it's gone in hours. EVERYTHING is here and the average price still around $375k. AFFORDABILITY with record low interest rates.

Real Estate News in Chicago Edison Park - March 25th, 2016
Rates are still helping to make home owning AFFORDABLE! Prices have risen over the last several years but still "comfortable". And low inventory has created MULTIPLE BID situations on anything priced competitively.

News for Chicago Edison Park, IL - August 9th, 2015 9:33am
As has been the case the last few years, the market climbed steadily and strongly from late January through late July/early August and slowed a bit. BUT this September has been stronger than the last 3! With rates still very low AFFORDABILITY is the word.

News for Chicago Edison Park, IL - March 1st, 2015 11:17am
It may be too cold to think about Spring but THIS MARKET IS SO HOT IT SHOULD WARM YOU UP! All properties are receiving contracts. Rates are still historically low, consumer confidence is higher, FHA has reduced PMI rates and Buyers are leaving cyberspace and purchasing homes.
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Summer 2018 Market Update
If you can qualify, now is an exceptional time to buy a home in the Northwest Side and any other EXTREMELY ACTIVE area. With the still low rates AFFORDABILITY is the word.(For now)
Average Sold Home Price: $375,000

Average Time on Market: 60-90 days

Best Selling Price Range: $300,000 - $349,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: No Change

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: First Time Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Downtown Chicago

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Team Fallico
Craig: 847-226-0834 Nick: 312-972-4623
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Mortgage Rates for Jul 20th, 2018
30 year fixed rate: 4.63%
15 year fixed rate: 4.25%
30 year jumbo rate: 4.63%
15 year jumbo rate: 4.38%
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Real Estate Professional, Team Fallico Team Fallico
Dream Town Realty
Specializing in Chicago Edison Park Real Estate
7280 W. Devon Ave
Chicago, Illinois 60631
Craig: 847-226-0834 Nick: 312-972-4623
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Team Fallico for current Chicago Edison Park, IL market conditions before acting on this information.)
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