CHICAGO REAL ESTATE STATS PACK - SEPTEMBER 10, 2007
Good Morning, Everyone!
Well, the kids are back in school after the long summer break - hopefully restoring a bit of sanity to those of you with little ones. Nice, pleasant weather here in Chicago, after several weeks of 90-degree-plus sweltering temperatures recently. Enjoy the nice weather, folks, while it's still with us!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, September 10, 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 September 9th 1,211 51 76 88
w/e September 2nd 1,149 61 171 145
% CHANGE +5.4% -16.4% -55.6% -39.3 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 9th $336,794 116 DAYS $25,596,389
w/e September 2nd $363,202 123 DAYS $62,107,678
% CHANGE -7.3% -5.7% -58.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings increased a bit this past week - a few home sellers came to market, possibly delaying in advance of the last holiday weekend of summer. There were sizable drups in Just Sold properties (new Contract Pending Listings) as well as Closed Properties - slow volume during Labor Day week may account for this. Also, many who purchased a month or so ago set their closings before the school year started.
The decrease in Expired Listings was predictable mid-month, but I am finding many home sellers, still motivaed to sell their homes, are adjusting their prices downward as the Summer Market in Chicago changes to Fall - avoiding listing expiration and hoping to sell their houses at a market- based price before the colder weather comes our way. Market Time drop is a good thing, while the Average Sales Price continued a downward trend. Total Volume Closed was considerably lower than last week - again, perhaps based on buyers desiring to close before school started when they contracted for their new homes some weeks ago.
RATE AND MARKET CHECK
Over the last few weeks, average 30-year fixed mortgage rates have trended slightly downward. Last week, however, the average rate increased 0.01 point, from 6.45 to 6.46%. The average one year ago, in September, 2006, was roughly where it is right now - at 6.47%! Frank Nothaft, Vice President and Chief Economist for Freddie Mac, mentions key economic numbers released last week were more favorable than expected.
"For example," says Nothaft, "the core personal consumption expenditure price index rose at an annualized rate of only 1.3 percent in the second quarter and July’s consumer spending data showed a 1.9% gain in the core price index for the twelve months ending in July."
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If you'd like to keep your finger on the pulse of what's happening in the Chicago Real Estate Market as the seasons change, please let us know. Please call us, anytime!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
