CHICAGO REAL ESTATE STATS PACK - JUNE 25TH, 2007
Good Morning, Everyone!
The Chicago Cubs swept the Chicago White Sox during the second series of Crosstown Classic Weekend at U.S. Cellular Field. Sorry, Kathy! As you know, my loyalty lies on the North Side of town!
Here's our Chicago Real Estate Stats Pack for Monday Morning, June 25th, 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 24th 1,433 71 125 92
w/e June 17th 1,393 77 98 41
% CHANGE +2.9% - 7.8% +27.6% +124.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 24th $360,317 135 DAYS $45,039,695
w/e June 17th $315,310 129 DAYS $30,900,461
CHANGE +14.3% +4.7% +45.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
New Listings and Market Time are stable over last week - good news as we approach, historically, the hottest part of the summer in Chicago. Over the last few weeks, Market Time figures have trended downward, slightly. Don't let the substantial increase in Expired Listings scare you - many new construction condos came off the market last week in Chicago, only to be immediately re-listed, in many cases with their previous listing brokers. I am very encouraged that Average Sales Price figures are stable or rising - in some sectors of the market, these prices have been trending downward recently. Total Volume is strong, but I would expect continued fluctuation here, except during the last week of each month, when most residential closings are scheduled.
RATE AND MARKET CHECK
Rates for the Average 30-Year Fixed Mortgage Rates fell somewhat last week, to an average of 6.69% for the week ending June 21st, down 0.5% from the previous week. A year ago, 30 year fixed mortgage rates averaged 6.71% for a 30-year fixed rate loan. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, mentions that many fear the housing market downturn will continue longer than many experts predicted, and rates have fallen somewhat to address this predicted continued downturn.
"May's housing starts fell for the first time in four months, while homebuilder optimism in June fell to a sixteen-year low." says Nothaft.
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!
