CHICAGO REAL ESTATE STATS PACK - SEPTEMBER 3, 2007
Good Morning, Everyone!
Enjoy the Labor Day Weekend . . . safely! Even though many consider this weekend summer's last gasp, we can still count on a few weeks of nice weather, and outdoor fun, here in Chicago. Enjoy these nice days while you can - they won't last forever!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, Labor Day, September 3, 2007.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV JUST SOLD CLOSED EXPIRED
w/e September 2nd 1,149 61 171 145
w/e August 26th 1,229 53 117 49
% CHANGE -6.5% +15.1% +46.2% +195.9%
CLOSED PROPERTIES DATA
AVG SALE MKT TIME VOLUME
w/e September 2nd $363,202 123 DAYS $62,107,678
w/e August 26th $376,355 127 DAYS $44,033,626
% CHANGE -3.5% -3.1% +41.0%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Another decrease in Active Listings this past week - some home sellers might have delayed their plans until after the Labor Day weekend - let's see how the trend continues next week. Just Sold properties (new Contract Pending Listings) rebounded - especially in the condo sector, In Chicago, many apartment leases expire in October - these first-time condo buyers/former renters are buying in advance of their lease expiration. Closed Properties again increased, as is usual the last week of each month.
Expired Listings increased nearly three-fold - many listings expire end-of-month, but the large number here suggests seller concern after sluggish sales, or perhaps admission that too-high prices will not get them the quick sale they might have enjoyed 18 months to 3 years ago. Market Time and Average Sales Price were roughly stable versus last week, and Total Volume Closed was up considerably again - many may have wanted to close on their homes in advance of the beginning of the school year, when they placed their new homes under contract 30-45 days ago.
RATE AND MARKET CHECK
For the second week in a row, thirty-year fixed mortgage interest rates fell this past week. Average rates for a 30-year loan fell to 6.45%, a 0.07% drop from last week's rate of 6.52%. This week in 2006 - one year ago - the average mortgage rate for 30-year fixed rate loans stood at 6.44%, nearly the same level as today. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, finds this consistent with recent moves in treasury securities. These rates have been volatile in recent weeks due to market uncertainties.
In addition, says Northaft, "New home sales defied consensus expectations and rose in July to 870,000 units, led by a 22 percent increase in the West. Existing home sales fell, however, though by less than the market had forecast, to 5.75 million units, with the decline limited to the Midwest."
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.
Everyone on our Team, including Sue and I, are taking the rest of the day off today! Call us later in the week if you need any help, advice, or analysis on the market for Real Estate in Chicago, and nearby.
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
