CHICAGO REAL ESTATE STATS PACK - MAY 27, 2007
Good Morning, Everyone!
Hope you enjoyed the Memorial Day weekend, and you took a moment to remember those who gave their lives, over the years and generations, to protect the freedom we value. Here's our Chicago Real Estate Stats Pack for Tuesday Morning, May 29th, 2007.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV LISTINGS JUST SOLD CLOSED EXPIRED
w/e May 27th 1,700 90 146 68
w/e May 20th 1,632 95 111 47
% CHANGE + 4.2% -5.3% +31.5% +44.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 27th $320,880 132 DAYS $46,848,549
w/e May 20th $349,248 125 DAYS $38,766,619
CHANGE -8.1% +5.6% +20.8%
OBSERVATIONS
Fluctuations in Just Sold and Just Closed properties indicate a sideways market trend - no big drops or increases in the short term. However, inventory levels remain high versus last year - potential home buyers have more properties to choose from than in 2006 and 2005, and they are very picky when it comes to condition, location, and price. Average Market Time still indicates over four months in inventory, on average, across Chicago. Our Team is still seeing softness in the mid-range condo category - even those condominiums priced "on target" according to comparable property data are drawing considerably less interest than year-ago, and many recent buyers have had to sell negative. This especially puts pressure on those condo owners highly leveraged, and those with 2006 expectations in the 2007 market.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates for the w/e May 27th were up slightly from the previous week - 6.20%. However, many 30-Year Fixed Rate Loans, for qualified borrowers, were below the 6.00% threshold, but, again, up slightly over last week. BankRate.com discusses current trends in Mortgage Interest and Home Equity Line of Credit Rates. Average home inventory levels in Chicago have declined somewhat in recent weeks, versus those of earlier in 2007, but remain 3.8% ahead of last year's levels. In most cases, Average Sale Prices are off as much as 9.5% for single family homes, slightly more stable and slightly increasing for condos and two-to-four unit multi-family properties, respectively (see the Chicago Association of Realtors Weekly Market Update). For daily news and trends, view our Real Estate Update newsletter, updated daily. Also, visit our National Real Estate News link, via our Webcenter - dean-team.com.
Please post, call, or send us an email if you'd like to further discuss current trends in the Chicago Real Estate Market, or customize our data to match your specific needs. We're always here for you!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
