CHICAGO REAL ESTATE STATS PACK - JULY 16, 2007
Good Morning, Everyone!
Here in Chicago, the talk is Baseball - the White Sox are Cold, while the Cubs are Red Hot! World Series on the North Side this year? Don't get your hopes up! Not quite yet, anyway!
Here's our Chicago Real Estate Stats Pack for Monday Morning, July 16th, 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 15th 1,348 97 87 58
w/e July 8th 1,281 53 109 148
% CHANGE +5.2% +83.0% -20.2% -60.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 15th $336,547 97 DAYS $29,279,650
w/e July 8th $377,924 97 DAYS $41,193,787
CHANGE -10.9% +-0.0% -28.9%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
New Listings bouncing back, as are Just Sold (Contract Pending) properties. Market Time stable versus last week, and has been showing improvement in recent weeks. In my experience on the street, Sellers are understanding the transitional nature of today's real estate market and have begun, in greater numbers, to price their homes accordingly. Expired Listings have stabilized versus previous week's increase - indicating more listings might be starting to sell, faster. Average Sales Price, after increasing over the past few weeks, has corrected downward. This might be a slight trend, but most likely without the drama of this dip. Total Volume continues lower - hot months of the Summer in Chicago have fewer closings than in Spring or cooler Fall.
RATE AND MARKET CHECK
Rates ticked UP last week, reversing the trend over the previous three weeks! For the week ending July 12th, average 30-year fixed rate mortgages stood at 6.73% nationally, UP considerably from 6.63% for the week ending July 5th. This is nearly identical to where rates stood at this time in 2006 - 6.74% for thirty-year fixed rate loans Frank Nothaft, Vice President and Chief Economist for Freddie Mac, blamed the twin culprits of a very positive economic report for last month, and a strong growth for consumer credit in May - up $12.9 billion, for this week's jump.
"Our July economic outlook forecasts 30-year fixed-rates to stay around their current level through the end of year," says Nothaft. "Freddie Mac expects weakness in the housing market to persist in the second half of the year, with 2007 total home sales and housing starts hitting 5-year lows."
For daily news, hot information, and trends, view our Real Estate Update newsletter.. Also, visit our National Real Estate News link, via our Webcenter - dean-team.com.
Custom Market Reports are always available from Dean's Team for any area you are concerned about - your CITY, your NEIGHBORHOOD, your STREET! Just give us a day or so to put a Detailed Statistics Report together for you!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
