CHICAGO REAL ESTATE STATS PACK - OCTOBER 1, 2007
Good Morning, Everyone!
What a beautiful Autumn weekend in Chicago! Congrats, as well, to the 2007 Chicago Cubs, for their National League Eastern Division Title! Bring on October - let's hope they have a chance to win it all!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, October 1, 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 30th 1,282 49 129 93
w/e September 23rd 1,342 70 92 98
% CHANGE -4.5% -30.0% +40.2% -5.1 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 30th $360,147 135 DAYS $46,459,072
w/e September 23rd $319,901 129 DAYS $29,430,963
% CHANGE +12.6% +4.7% +57.9%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings showed a small decrease - average over the last few weeks indicates a typical seasonal downward trend. Just Sold properties (new Contract Pending Listings) showed a considerable dropped, but washed last week's big gain. Again, might be the season. Expired Listings fell slightly this past week. Closed Properties washed last week's drop with a sizable gain.
Market Time up slightly this week - this might increase if the weather becomes cooler - to this point, it has been unseasonably warm, with little rain. Average Sales Price showed a considerable positive correction - let's monitor again next week to see if this trend continues. Total Volume Closed climbed back to the mid-$40M range of recent weeks, after a considerable fall off this week.
RATE AND MARKET CHECK
Rates on the Average 30-Year Fixed Rate Mortgage increased last week for the third consecutive week! For the week ending Thursday, September 27th, rates averaged 6.42%, up 0.08% from last week's average of 6.34%. This week last year, in September, 2006, rates averaged 6.31%. Rates, however, still are low, by historic standards. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, notes this move is consistent with the recent trends in 10-year Treasury Securities. "Though it is the fourth consecutive week rates on Adjustable Rate Mortgages (ARM's) have declined, the share of mortgage applications for ARMs has been trending down, and last week reached its lowest level since March 2003, according to the Mortgage Bankers Association," says Nothaft.
"Additionally, existing home sales continued to decline in August to the slowest pace in 5 years to a seasonally adjusted 5.5 million units. Sales of single-family homes slowed in every census region, with the highest impact felt in the Western region," further continues Mr. Nothaft.
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DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
