CHICAGO REAL ESTATE STATS PACK - JUNE 11, 2007
Good Morning, Everyone!
Beautiful weather in Chicago this weekend, and it seems the Chicago Cubs are getting back on track as well. It's a bit too early to get your World Series tickets . . . but we all can hope!
Here's our Chicago Real Estate Stats Pack for Monday Morning, June 11th, 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 10th 2,007 81 123 67
w/e June 3rd 1,700 90 146 68
% CHANGE +18.1% -10.0% -15.8% -1.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 11th $386,381 142 DAYS $47,524,899
w/e June 3rd $320,880 132 DAYS $46,848,549
CHANGE +20.4%% +7.6% +1.4%
OBSERVATIONS
It seems New Listings have rebounded over the considerable drop this week - countering historical trends. Perhaps some wary home sellers, put off by the slant toward home buyers, and the downward pressure on prices, are returning to the market. Just Sold properties down 10% over last week - somewhat surprising, considering the Memorial Day holiday is behind us. A second straight weekly increase in Average Sales Price is encouraging might be an indication of some renewed interest, especially in single-family homes. Average Market Time has ticked up a bit again - let's see if this trend continues as we approach the hottest months of the year.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates for the w/e June 7th were up for the third straight week - to an average of 6.53%, versus 6.42% for the week ending May 31st, . Rates this time in 2006 averaged 6.62% 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 tight labor force and wage growth.
"Meanwhile," he continues, " Freddie Mac released a new purchase-transaction only version of its Conventional Mortgage Home Price Index this week which showed a sharp deceleration in house-price appreciation in the first quarter of 2007." For daily news and trends, view our Real Estate Update newsletter.. 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!
