CHICAGO REAL ESTATE STATS PACK - JULY 23, 2007
Good Morning, Everyone!
Unseasonably cool weather in mid-July is always welcome here in Chicago - even though hot, steamy weather is predicted for the coming week. Hope you had a relaxing - and cool - weekend!
Here's our Chicago Real Estate Stats Pack for Monday Morning, July 23rd, 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 22nd 1,511 91 106 68
w/e July 15th 1,348 97 87 58
% CHANGE +12.1% -6.2%% +21.8% +17.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 22nd $366,694 131 DAYS $38,869,590
w/e July 15th $336,547 97 DAYS $29,279,650
CHANGE +9.0% +35.1% +32.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Upward trends on Just Sold and New Listings, but increases in Market Time and Expired Listings indicated continued market softness. Average Sales Price shows a respectable increase, but unsure whether this is a sustained upward trend. Total Volume back up this week, by nearly 1/3 - these were houses under contract 30-60 days ago, closing now. Some advance planning by home buyers, trying to get their kids settled in time for the coming school year, may already be playing a part here.
RATE AND MARKET CHECK
Rates were unchanged from last week! For the week ending July 19th, average 30-year fixed rate mortgages stood at 6.73% nationally, UNCHANGED from the previous week, according to Freddie Mac. One year ago, in 2006, average mortgage rates for 30-year fixed rate loans stood at - 6.80%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, views the recent economic indicators did not alter economist's expectations on inflation. The June Producer Price Index held at a 2.2% annual growth rate, higher than the market expected.
"The most recent statistics suggest that the housing market has yet to reach a trough. Although June's housing starts unexpectedly rose to 1.47 million units, construction of one-unit houses still saw a decline of 0.2 percent: At 1.15 million units, it was the slowest pace since January. Building permits fell by 7.5 percent last month to the lowest level since June 1997," says Nothaft.
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.
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DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
