CHICAGO REAL ESTATE STATS PACK - SEPTEMBER 17, 2007
Good Morning, Everyone!
Wow, the weather here in Chicago sure cooled off in a hurry! Hard to believe 2007 is almost three-quarters over, and Halloween will be upon us soon. Enjoy warm-weather outdoor activities while you can!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, September 17, 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 16th 1,376 54 133 120
w/e September 9th 1,211 51 76 88
% CHANGE +14.6% +5.9% +75.0% +36.4 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 16th $344,768 93 DAYS $45,854,256
w/e September 9th $336,794 116 DAYS $25,596,389
% CHANGE +2.4% -19.8% +79.1%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
A sizable jump in Active Listings this week - perhaps spurred by those wanting to take advantage of the continued pleasant weather. increased a bit this past week - a few home sellers came to market, possibly delaying in advance of the last holiday weekend of summer. A bit of an increase in Just Sold properties (new Contract Pending Listings). Closed Properties increased considerably - we'll have to examine the next few weeks if a trend is in place, but many condos did sell last month, in advance of the coming October 1st historic lease renewal cycle in Chicago.-
Expired Listings increased, unusual for mid-month - many were condos taking a brief marketing break after the Summer Market, but some were single-family home sellers whose listings expired after the Summer, who are not renewing immediately due to the continued market weakness being experienced by many selling homes this year. Market Time continues to moderate, while the Average Sales Price seemed to be correcting upward, reversing a somewhat down trend over the last few weeks. Total Volume Closed bounced back this week to recent mid-$40,000,000 levels, reversing last week's post-Labor Day falloff.
RATE AND MARKET CHECK
Will the Federal Reserve Board reduce short-term interest rates, as many predict, at it's meeting this Tuesday, September 18th? Whether they do, and how much the move, will have a significant impact on the mortgage market. Many lenders are already "building in" a 1/4 percent decrease, but a contrary directive from the Fed, or a higher-than-expected decrease, perhaps, of 1/2 percent, could have a more significant impact on mortgage rates. On the contrary, many experts predict any rate change would have little immediate impact on the mortgage and credit markets.
Last week, however, average 30-year fixed mortgage rates fell again - to an average of 6.31%, from their average last week of 6.45%. This week last year, in September, 2006, rates averaged 6.43%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, expresses hope that this continued downward trend will help those homeowners with adjustable rate mortgages about to reset to a higher interest rate.
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.
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!
