CHICAGO REAL ESTATE STATS PACK - OCTOBER 15, 2007
Good Morning, Everyone!
Boy, the temperatures fell back to seasonal levels this week! Gone are the record high temperatures from last weekend - the fifties and sixties are the current daily temperature ranges. Ah, well, the warm weather was good while it lasted!
Today, Dean's Team participated in City of Hope "Walk for a Cure" to help fund research to cure devastating cancer. We collected in excess of $1,000 in conjunction with today's walk. It's not to late to contribute to this very worthwhile cause - visit our Web Center for complete details, and to participate. Thanks in advance!
Here's a look at our Chicago Real Estate Stats Pack for Monday Morning, October 15, 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 14th 1,288 40 57 72
w/e October 7th 1,285 49 99 152
% CHANGE +0.2% -18.4% -42.4% -52.6 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 14th $316,084 140 DAYS $18,016,800
w/e October 7th $335,757 126 DAYS $33,240,020
% CHANGE -5.9% +11.1% -45.8%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings almost level with last week, while Just Sold (new Contract Pending Listings) fell - typical for autumn market in the Chicago area. Far fewer Expired Listings this week, and mid-month Closed Properties fell as well, as typical in the middle of the month.
Market Time continues to follow an up-and-down path, but still up from this time last year. Average Sales Price down nearly six percent, continuing last week's downward trend Total Volume Closed fell again, typical for post-school-starting period of mid-October. Volume should continue to remain lackluster over the coming weeks, as the weather cools, and most likely will pick up again toward the end of the year.
RATE AND MARKET CHECK
This past week, the Average 30-Year Fixed Rate Mortgage increased by .03%, to an average of 6.40%, versus last week's average of 6.37%. This week last year, in October, 2006, rates averaged 6.37%.
Frank Nothaft, Vice President and Chief Economist for Freddie Mac, attributes the rise to rising September employment numbers. "The economy added 110,000 new jobs last month, while July and August were revised upwards by a total of 188,000 jobs, reflecting greater strength in the economy during that time than initially indicated." says Nothaft.
"Meanwhile, following the release of the September 18th minutes of the Fed’s Open Market Committee meeting, financial markets reassessed the likelihood of another rate cut at the upcoming October 31st meeting. The market currently is looking for about a 30 percent chance of a 25 basis point rate cut rather than the 50 percent chance that they had previously expected."
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For a custom Market Analysis on your home, condo, or investment property, please let us know!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
