CHICAGO REAL ESTATE STATS PACK - JUNE 4, 2007
Good Morning, Everyone!
The weather was beautiful over the weekend here on the North Side of Chicago. Hope you enjoyed it!
Here's our Chicago Real Estate Stats Pack for Monday Morning, June 4th, 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 June 3rd 1,333 85 171 111
w/e May 27th 1,700 90 146 68
% CHANGE -21.6% -5.6% +17.1% +63.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 3rd $369,654 137 DAYS $63,210,943
w/e May 27th $320,880 132 DAYS $46,848,549
CHANGE +15.2% +3.8% +34.9%
OBSERVATIONS
I'm a bit concerned over the drop in New Listings - although there is a seasonal reduction in people beginning the marketing of their homes after Memorial Day, some may have decided to take a break for the summer, others may have been discouraged due to the slowing of the market for properties for sale. Normal end of month increases in Closed and Expired - most closings take place the last week of each month, and most Real Estate Practitioners set their listings to expire the last day of each month. Increases in the Average Sales Price is encouraging, but do not view this one week's numbers as an explosive trend. I am encouraged Average Market Time has seemed to stabilize over the last few weeks. As the summer gets hotter in Chicago, buyer volume historically drops - right pricing continues to be key to attract the right buyer.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates for the w/e May 31st were up this past week - 6.42%, versus an adjusted average of 6.37% for the week ending May 24th . Rates this time in 2006 averaged 6.67% for a 30-year fixed rate loan. Nationally, according to Frank Nothaft, Vice President and Chief Economist for Freddie Mac, this rate increase can be attributed, in part, to a growth in orders for durable goods. He goes on to state that April home sales have trended downward from 2006 levels, and average values in their 20-market sample declined by 1.4%. 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!
