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National Market Conditions
2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

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 buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
The Wicker Park is neighborhood is best known for its variety of shops, boutiques, restaurants, cafes and entertainment destinations. Additionally, it is one of the most convenient neighborhoods for downtown commuters. With a number of new homes and condos being built as well as older homes & condos being restored, it is a no-brainer why people are moving and investing is this wonderful neighborhood. As property values have gone up, residents of Wicker Park have benefited --and making the neighborhood more attractive to even richer from a real estate perspective. All of the new housing development has led to increased business activity, with many new restaurant, bars and stores opening monthly to serve the residents of this vibrant community. In a September of 2012 Forbes Magazine named Wicker Park as the #4 hippest hipster neighborhood in the country.
Average Sold Home Price: $450,000

Average Time on Market: 10-30 days

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Multiple Offers? Yes

Is Financing Available For Qualified Buyers? Yes

Greatest Activity: First Time Buyers

Nearest Metro Area: Chicago

Average Sold Home Price: $450,000

Contact Information
Melissa Doubleday
616-546-5242
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Mortgage Rates for Sep 21st, 2017
30 year fixed rate: 3.77%
15 year fixed rate: 2.97%
30 year jumbo rate: 4.16%
15 year jumbo rate: 3.83%
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Real Estate Professional, Melissa Doubleday Melissa Doubleday
Berkshire Hathaway Home Services Koenig Rubloff Realty Group
Specializing in Wicker Park Real Estate
980 N Michigan Ave, 9th flr.
Chicago, Illinois 60611
616-546-5242
Email Me | Receive New Listings by Email
Brokerage Logo of Berkshire Hathaway Home Services Koenig Rubloff Realty Group
(Because current market conditions can change rapidly in any given marketplace,
please check with Melissa Doubleday for current Wicker Park, IL market conditions before acting on this information.)
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