CHICAGO REAL ESTATE STATS PACK - SEPTEMBER 24, 2007
Good Morning, Everyone!
Sue and I spent a lot of time over this last weekend cheering on our Chicago Cubs to victory. Keep your fingers crossed - we have a good chance for October Baseball in Chicago! Being Cubs fans, however, we're not getting too excited, even now. But we've all got no shortage of hope!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, September 24, 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 23rd 1,342 70 92 98
w/e September 16th 1,376 54 133 120
% CHANGE -2.5% +29.6% -30.8% -18.3 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 23rd $319,901 129 DAYS $29,430,963
w/e September 16th $344,768 93 DAYS $45,854,256
% CHANGE -7.2% +38.7% -35.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings showed moderation this week, after a big jump last week. I'm glad to see an uptick in Just Sold properties (new Contract Pending Listings, and a big dip in Expired Listings. Closed Properties drop off was predictable - school has already started, many bought in July or August to close before school started.
Market Time jumped a bit, and may continue to increase when the Chicago-area weather gets colder and more inclement - we've been lucky with good weather thus far in September. Average Sales Price fell this week - many marketing their homes into the fall have decided a price adjustment is now in order. Total Volume Closed fell below $30MM - let's check against next week's figures to see if a trend is developing here for the Fall Real Estate Market in Chicago.
RATE AND MARKET CHECK
The Federal Reserve Board reduced the Federal Funds Rate by 0.5 percent last week - a greater drop than experts had predicted. Many predict another Fed rate reduction at their next meeting in October. See our last Lil' Buddy's Blog for some thoughts and possible outcomes, from Buddy Holly Moss of Dean's Team. Most experts agree the effect on the mortgage market, at least short term, will be nominal, but the move may create greater consumer confidence and credit market re-adjustment mid-term.
Average 30-Year Fixed Mortgage Rates increased slightly last week - to an average of 6.34%, from their average last week of 6.31%. This week last year, in September, 2006, rates averaged 6.40%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, mentions that recent moderation in mortgage rates has re-ignited mortgage applications, as well as those applying for re-financing on their current homes.
"On Tuesday, the Fed announced a half-percentage-point cut to the Fed funds rate. In addition to bringing down short-term interest rates, the cut should also dissipate some of the volatility in short-term interest rates we observed earlier," continues Northaft.
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!
