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    POPPIng up like flowers-March Market Update in Northbrook

    Average Sales Price
    $636,000 + 4.6%

    Market Time
    42 Days -10.6%

    Last List Price to Sales Price
    99.2% +.3%

    Month’s Supply
    1.4 months -22.2%

    Homes for Sale
    72 homes -38.5%

    New Listings
    769 -30%

    Price per Square Foot
    $245

    The interest rates ticked down slightly to 6.88% for a 30 year conventional, the first in 6 weeks. The increase in mortgage applications as a result of the small change demonstrates that buyers are sensitive to interest rates.

    We are seeing multiple offers with properly priced homes. There would be more transactions sold if we had enough inventory to satisfy the number of buyers coming into the market.

    Bottom line: We expect interest rates to be in the 5s by the end of the year which will stir up more opportunities for sellers and buyers. Would you like to know how much equity you have in your home? I’m doing Home Equity Reviews for clients. I’m happy to stop over, Caroline

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