CHICAGO REAL ESTATE STATS PACK - OCTOBER 8, 2007
Good Morning, Everyone!
Feels like July in Chicago, despite the fact it's almost Halloween! Temperatures at O'Hare hit a record 88 degrees today - causing an early end for the Chicago Marathon downtown and through several neighborhoods.
Despite the summerlike weather, we are all very saddened at the early end to the Chicago Cubs Post-Season, as they fell in three straight games to the Arizona Diamondbacks - the final game ending in a 5-1 Cubs loss at Wrigley Field. Everyone on Dean's Team is very disappointed, and hope for a stronger finish in 2008!
Let's take a look at our Chicago Real Estate Stats Pack for Monday Morning, October 8, 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 October 7th 1,285 49 99 152
w/e September 30th 1,282 49 129 93
% CHANGE +0.2% +-0.0% -23.2% +63.4 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 7th $335,757 126 DAYS $33,240,020
w/e September 30th $360,147 135 DAYS $46,459,072
% CHANGE -6.8% -6.7% -28.5%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings and properties Just Sold (new Contract Pending Listings) remained at near identical levels over last week. Continuing very warm weather in Chicago may have created a heavier-than-normal level of showings and interest over past years. Expired Listings increased considerably - typical for the last week each month, as many Realtors and sellers set their Listing Expiration Dates for months end. Closed Properties surprisingly low for the last week in the month - many Real Estate Practitioners, and several Real Estate Attorneys in our Team and it's partners reported considerable quiet this month in closed home activity.
Market Time down a bit this week, creating a wash versus last week. Average Sales Price down this week, after a considerable uptick last week. Total Volume Closed fell to the mid-$30MM range, off recent mid-$40MM volume levels, but not quite as low as the $29MM volume levels we experienced beginning in late August, through the month of September.
RATE AND MARKET CHECK
The Average 30-Year Fixed Rate Mortgage fell this past week. For the week ending Wednesday, October 3rd rates averaged 6.37%, a drop of 0.5% from last week's average of 6.42%. This week last year, in October, 2006, rates averaged 6.30%. Frank Nothaft, Vice President and Chief Economist for Freddie Mac, feels that the credit market turmoil that began last summer is beginning to show in housing market statistics. "New home sales in August fell to the slowest pace in more than seven years and the median sales price had the largest twelve-month decline since 1970. Moreover, August's pending existing home sales fell to the lowest level on record, which begins in 2001," says Nothaft.
"Prior to August, the housing sector had already lost 260,000 jobs over the twelve-month period ending July 2007 while the overall economy had a net gain of 1.8 million new non-farm payroll employees. In addition, the housing market (through consumption and investment) shed about a percentage point off of GDP growth for the twelve-month period ending June 2007."
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Let us know if you'd like us to customize our Market Trend Figures for your residential of investment property. Call or email us anytime!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
