CHICAGO REAL ESTATE STATS PACK - JUNE 18, 2007
Good Morning, Everyone!
Hope you enjoyed the beautiful Father's Day Weekend (it was incredible here in Chicago). Dads, I'm sure your kids treated you like royalty yesterday, or, at least, didn't ask you for too much money, for a day!
Here's our Chicago Real Estate Stats Pack for Monday Morning, June 18th, 2007.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
NEW LISTINGS JUST SOLD CLOSED EXPIRED
w/e June 17th 1,393 77 98 41
w/e June 10th 2,007 81 123 67
% CHANGE -30.6% - 4.9% -20.3% -38.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 17th $315,310 129 DAYS $30,900,461
w/e June 10th $386,381 142 DAYS $47,524,899
CHANGE -18.4%% -9.2% -35.0%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Last week, I though New Listings were recovering over the previous week. It seems as if they have corrected - not surprising, as the weather, overall, was hot in Chicago, and some may have delayed their move to the market during the summer. Let's monitor these trends over the next few weeks. Just Sold properties continue to decline - many agents I have spoken with have continued to see a slowdown, especially in the middle ranges of the market and in resale condominiums on the North Side of Chicago, within the last two weeks. Average Sales Price seems to have corrected over last weeks increase, but, if it continues, may indicate downward trending prices. Average Market Time, over the last few weeks, appears to be improving.
RATE AND MARKET CHECK
Rates for the Average 30-Year Fixed Mortgage Rates increased a whopping 0.21% for the week ending June 14th, to 6.74%. A year ago, 30 year fixed mortgage rates averaged 6.63% for a 30-year fixed rate loan. Rates have not been this high since the week ending July 20th 2006, when the 30-Year Fixed Rate Mortgage averaged 6.80%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, states that this weekly increase is the highest in three years.
"These moves parallel rising yields on Treasury securities, as concerns about inflation pressures and continuing strength of consumer and business spending have dimmed hopes for an interest rate cut," says Nothaft.
"While demand continues to stabilize," he continues, " while demand appears to have stabilized, inventories of new homes remain high, putting downward pressure on construction and home prices."
Buyer behavior in the face of a rising interest environment, historically, has been mixed. Some home buyers are spurred to buy now - they fear rates will get even higher, very soon. Others, now qualifying for less of a mortgage, reduce their target price, and look for slightly lower-priced houses. Still others, especially in recent years, stay on the sidelines, thinking rates will fall back down. We'll have to monitor how buyer's approach to the market in the Summer 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.
If you would like us to customize our data to meet your specific questions, or your local area, please let us know!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
