CHICAGO REAL ESTATE STATS PACK - AUGUST 27, 2007
Good Morning, Everyone!
Very stormy and dangerous weather throughout Chicagoland tempered property showings this past week. Hopefully, you incurred little damage or flooding in your home, and you're nerves aren't too frazzled.
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, August 27, 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 26th 1,229 53 117 49
w/e August 19th 1,330 69 91 69
% CHANGE -7.6% -23.2% +28.6% -29.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 26th $376,355 127 DAYS $44,033,626
w/e August 19th $328,876 108 DAYS $29,927,800
% CHANGE +14.4% +17.6% +47.1%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings dropped this week. Just Sold properties (new Contract Pending Listings) fell considerably this week, perhaps as a reaction to continued volatility in the equities market, coupled with treacherous weather in the Chicago area. Closed Properties increased this week, in line with the approaching popular end-of-month time frame for many residential closings.
Expired Listings countered last week's increase with a considerable drop - longer-term slightly higher trend in expired listings here in Chicago. Market Time bumped up, while Average Sales Price rebounded from last week's downturn. Total Volume Closed on a big upswing - again, this figure represents properties placed under contract 30-45 days ago, on average.
RATE AND MARKET CHECK
Thirty-year fixed mortgage interest rates tumbled 0.1% for the week ending August 23rd, to an average for 30-year fixed loans of 6.52%. 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 6.48%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, cites the yield in 10-year Treasury Securities coming down, coupled with the Fed's decision to drop the Discount Rate, or the rate major banks pay for overnight funds, one-half percent, to 5.75%.
"Additionally, economic indicators released in the past week reflect slowing housing activity in July. Last month's housing starts dropped to the lowest level since January 1997 at an annualized pace of 1.38 million units, while one-unit housing starts experienced the fourth consecutive month of decline. Building permits also fell to the lowest level in nearly 11 years, and the number of one-unit permits issued was at the lowest since June 1995."
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.
Please call our Team anytime! We're here to help and advise you in today's real estate market!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
