Park Ridge TodayPark Ridge Illinois Real Estate and More

Home sales in the Midwest were up  nearly 20 percent over last year as buyers continued to utilize the taz credit for new homebuyers and existing homeowners.  The tax credit expires at the end of this month and as of now, we have not heard anything about continuing the credit, but we remain hopeful as it has absolutely driven the real estate market up this year.

This is the ninth month in a row that sales are up from last year’s totals.  The increase in sales has put home sales up 39.9% year-to-date. For lofts/condos, sales are up 73% from last year!!

Average price per square foot for Park Ridge IL was $220, a decrease of 17.6% compared to the same period last year. The median sales price for homes in Park Ridge IL for Jan 10 to Mar 10 was $320,000 based on 88 home sales. Compared to the same period one year ago, the median home sales price decreased 10.1%, or $36,000, and the number of home sales increased 72.5%.

There are currently 402 resale and new homes in Park Ridge on Trulia, including 146 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Park Ridge IL was $507,826 for the week ending Apr 07, which represents an increase of 1.1%, or $5,481, compared to the prior week.

Obviously home sales are way up and pricing is still extremely attractive. 

This was reported today by the AP:

Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low. The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent.

Most REALTORS have been banging the drum for a while about how interest rates will go up eventually and this is a start. Nonetheless, rates in the 5’s are still very low. If you have any interest at all in purchasing real estate, now is still the time. 

Here are the National Real Estate Market Stats for March 2010.

The overall feeling is that Spring is going to see an increase in activity and that the tax credit has helped drive the market over the rough winter that we just went through. As with everything, location is key – all major markets are included in the report and you can look at the stats and overall prognosis for the coming months. 

 

The AP reported that Midwest home sales were up 10% from this time a year ago. The data shows that roughly 68,000 homes were sold last month but the median price had dropped 2% to $128,000. For those of us that live around here, we know that $128k will get you a condo and that’s about it. 

The national data shows about the same increase – 8% – and the same decrease in median price – 2%.  Omaha, Nebraska had the worst drop in sales, 15% and Chicago had the highest jump of 33% in increased home sales. On the flip side, Chicago’s median price fell 10% – the worst in the region per the report.

As usual, we have good and bad with the reporting, but with the interest rates poised to stay low, there is increased optimism in the real estate community.

 

Here’s the most recent report from Credit Suisse on the Real Estate market, organized by major cities.  The gist of the report is that the severe weather has affected sales in January but that April and May should see significant increases in activity and hopefully, transactions.  Just cannot get away from the weather….

Reading the business section of the Daily Herald lately has my head spinning.  Last week – The big story was new construction sales were the worst since the dinosaurs roamed the earth or something to that effect – Then two days later – Home sales up 43% from last January!  Again, the catalyst for the surging sales is being attributed to the Tax Credit for First Time home buyers and the new one for existing home owners.  Lastly, there was one other article about property values increasing in Kane County. 

I really like to work with facts, not dramatic headlines. Fact, this is one the very best times to buy real estate – looking for something bigger, now is the time.  Investors are also reaping some of the benefits of this market.  In fact, did you know that you can buy a home with your IRA as an  investment? 

If you need any of the facts, please let me know.

 

Here is yesterday’s Business front page from the Daily Herald:  “Home Sales Still on Shaky Ground”
Here is today’s Business front page from the Daily Herald:  “Home Prices, Confidence Increase”Â
Get the facts about your local market, just like you would anything that will impact your life as much as a Real Estate purchase.  One thing is still certain in this market – It is the time to buy your first home or move up in price if your career is stable (Is there such a thing?).  The media certainly loves drama – but I work with the facts – Please let me know if you need market statistics for Park Ridge or the surrounding areas and you be the judge as to which headline is most accurate.

Now – How confusing is this?