CHICAGO REAL ESTATE STATS PACK - JULY 9, 2007
Good Morning, Everyone!
Man, was it HOT in Chicago this weekend - Temperature in the 90's, and Heat Discomfort Index well over 100! Even our dogs didn't want to venture out - during these Dog Days of Summer!
Here's our Chicago Real Estate Stats Pack for Monday Morning, July 9th, 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 July 9th 1,281 53 109 148
w/e July 2nd 1,409 88 150 129
% CHANGE -9.1% -39.8% -27.3% +14.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 9th $377,924 97 DAYS $41,193,787
w/e July 2nd $357,916 131 DAYS $53,687,433
CHANGE +5.6% -26.0% -23.3%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
New Listings down predictability during Fourth of July week. Over the last serveal weeks, Market Time showing continued improvement, as many buyers are more carefully pricing their properties. Expired Listing a little higher than expected for the first week in the month - perhaps some too-high priced sellers are getting discouraged and leaving the market. Average Sales Price seems to be increasing a bit over the last few weeks. Total Volume predictably lower during this holiday week.
RATE AND MARKET CHECK
Mortgage rates fell again last week! For the week ending July 3rd, average 30-year fixed rate mortgages stood at 6.63% nationally, down from 6.67% for the week ending June 26th. Rates stood at 6.79% for thirty-year fixed rate loans this time in 2006 Frank Nothaft, Vice President and Chief Economist for Freddie Mac, is encouraged that core inflation for the year ending May 31st is only 1.9%, within the Federal Reserve Board's target of 1 to 2 percent, year over year. He mentions this increase is the lowest year-over-year increase since 2004.
"Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation," 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.
Keep Cool during these Hot Summer Days, and Sticky Summer nights! Remember, if you would like custom market statistics for YOUR NEIGHBORHOOD, YOUR STREET, even YOUR BLOCK, just let us know!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
