CHICAGO REAL ESTATE STATS PACK - AUGUST 20, 2007
Good Morning, Everyone!
Another wild week for the Stock Market this week, but intervention by the Federal Reserve Board, reducing the Discount Rate by 0.5%, calmed the credit markets a bit, for now. Let's see how the mortgage and credit market reacts this coming week. .
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, August 20, 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 19th 1,330 69 91 69
w/e August 12th 1,335 74 106 60
% CHANGE -0.4% -6.8% -14.2% +15.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 19th $328,876 108 DAYS $29,927,800
w/e August 12th $362,173 146 DAYS $38,390,427
CHANGE -9.2% -26.0% -22.1%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings continued to be stable, and properties Just Sold (new Contract Pending Listings) countered last week's gain with a nearly 7% correction downward - indicating relative stability in properties going under contract the last few weeks. Closed Properties dropped this week, normal for mid-month, and volume correspondingly lower as well.
Expired Listings increased last week to counter moderate drops over the last few weeks - indeed, some home sellers would rather let their listings expire, unsold, rather than reducing their listed prices in response to the shifting real estate market.
Market Time continued its downward trend over the last few weeks, with the exception of a moderate move up last week. Average Sales Price continued a somewhat down trend over the couple of months (with periodic bumps up). These two items, considered together, might suggest a gradual acceptance of the new market reality about correct-pricing properties to sell.
RATE AND MARKET CHECK
Mortgage interest rates ticked up 0.03% for the week ending August 16th, to an average for 30-year fixed loans of 6.62%. Last week's average rate was 6.59%. This week in 2006 - one year ago - the average mortgage rate for 30-year fixed rate loans stood at 6.52%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, cites the increase was in line with movement of 10-Year Treasury Note Yields.
"Problems in the non-prime mortgage market where funds are expensive and hard-to-get have not affected the prime conforming market." says Nothaft.
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DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
