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National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. 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 a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% 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 and MoveUp.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, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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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

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Melissa Doubleday
616-546-5242
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Mortgage Rates for Nov 21st, 2017
30 year fixed rate: 3.84%
15 year fixed rate: 3.15%
30 year jumbo rate: 4.10%
15 year jumbo rate: 3.80%
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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
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(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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