CHICAGO REAL ESTATE STATS PACK - JULY 30, 2007
Good Morning, Everyone!
Hope you had a great weekend! If you're a fan of The Chicago Cubs, it was indeed a very good weekend for you!
Here's our Chicago Real Estate Stats Pack for Monday Morning, July 30th, 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 29th 1,432 75 124 54
w/e July 22nd 1,511 91 106 68
% CHANGE -5.2% -17.6% +17.0% -20.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 29th $325,432 113 DAYS $40,353,586
w/e July 22nd $366,694 131 DAYS $38,869,590
CHANGE -11.3% -13.7% +3.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
New Listings decline typical for mid-summer, as are drops in Just Sold. Just Closed numbers reflects those properties that went under contract, on average, 30-60 days ago, earlier in the summer. Expired Listings decrease encouraging, but may be simply due to the mid-month status check - many listings expire end of month. Market Time trend continues to improve, on average, over the last few weeks. Average Sales Price bounced back down again this week - reflecting price volatility we have seen in recent months, and somewhat downward trend in average condo prices, especially for mid-priced condo units. Total Volume again up this week. Again, this might be advance planning by home buyers wanting to close before school starts.
RATE AND MARKET CHECK
Rates decreased a bit since last week! For the week ending July 26th, average 30-year fixed rate mortgages stood at 6.69% nationally, DOWN .04% from the previous week, according to Freddie Mac. One year ago, in 2006, average mortgage rates for 30-year fixed rate loans stood at - 6.72%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, cited concerns that a weak spring market point to a continued delay in recovery of the real estate market.
"Several factors contributed to the softening in housing markets this spring. In addition to the tightening of lending standards earlier this year, especially on subprime loans, the 40 basis point jump in rates on 30-year fixed-rate mortgages in June may have deterred potential buyers. For the year-to-date, sales of single-family homes were down about 9 percent from the first half of 2007," 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.
Contact Dean's Team, by phone or via email, for Custom Reports for your area, or for an area in which you are considering to move. Just give us a day or so to pull the figures together for you!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
