CHICAGO REAL ESTATE STATS PACK - AUGUST 13, 2007
Good Morning, Everyone!
The Equities Markets had a WILD RIDE this past week. As you might assume, tightness in the credit market has a DIRECT IMPACT on the housing and mortgage market - marginal borrowers will have trouble getting loans, and those that do qualify may have to pay a higher rate. This could effectively reduce the pool of potential buyers for a given property, and drive down eventual sales prices.
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, August 13, 2007.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV LISTINGS JUST SOLD CLOSED EXPIRED
w/e August 12th 1,335 74 106 60
w/e August 5th 1,353 70 174 138
% CHANGE -1.3% +5.7% -39.1% -56.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 12th $362,173 146 DAYS $38,390,427
w/e August 5th $329,048 105 DAYS $57,254,434
CHANGE +10.1% +39.0% -31.2%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings were stable from last week, and properties Just Sold (contracts just accepted) increased just over 5%, indicating a continuation in the pick up of recently-sold properties. Strong drops in Just Closed properties and Total Volume- as we mentioned in previous posts, August drop-offs in closed transactions has a historical basis in recent years.. Expired Listings dropped to counter a considerable increase last week - as we have mentioned before, most listings expire at the end of the month, or on the first of the following month. Market Time bounced back up this week, after weeks of improvement. Right-priced, staged properties still sell quickly, overpriced, unattractive homes are sitting on the market. Average Sales Price increased versus last week, but this is most likely not a reversal in the recent trend to moderation or even reduction in average sales prices over the last few weeks.
RATE AND MARKET CHECK
There was a considerable drop in 30-year fixed average mortgage rates in the last week.! For the week ending August 2nd, average 30-year fixed rate mortgages stood at 6.59% nationally, down nearly 1/10 point from last week's 6.68% rate. One year ago, in 2006, average mortgage rates for 30-year fixed rate loans stood at - 6.55%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, attributes the drop to lower than expected job creation numbers, and in increase in the unemployment rate.
"Job creation fell short of market expectations, with 92,000 jobs added in July, the smallest gain since February, and June’s number was revised down by 6,000. In addition, the unemployment rate ticked up for the first time in four months to 4.6 percent." 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 Web Center - dean-team.com.
In this shifting real estate market here in Chicago, it is especially important to have an experienced, professional Team advise you on current market trends. Please call if you'd like our help.
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
