CHICAGO REAL ESTATE STATS PACK - OCTOBER 22, 2007
Good Morning, Everyone!
We continue to enjoy above-average autumn temperatures in Chicago, although more rain and more seasonal, cooler weather is promised for this coming week. Enjoy the good weather while you can!
Here's a look at our Chicago Real Estate Stats Pack for Monday Morning, October 22, 2007. We cover single-family, small-muti family, and condos in Downtown Chicago and the surrounding area.
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 21st 1,196 53 68 77
w/e October 14th 1,288 40 57 72
% CHANGE -7.1% +32.5% +19.3% +6.9 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 21st $354,812 129 DAYS $24,127,268
w/e October 14th $316,084 140 DAYS $18.016,800
% CHANGE +12.2% -7.9% +33.9%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings down this week - but all other figures adjusting favorably - Just Sold (new Contract Pending Listings) up by nearly one-third, Closed Properties up nearly 20%. A slight dip in Expired Listings this week is also somewhat encouraging, although not necessarily a continuing trend - they were up last week.
Market Time moderated this past week after a roller coaster cycle over the past four weeks. Average Sales Price up over 12%, reversing the downward trend of the past couple of weeks. Total Volume Closed up over one-third.
As practitioners on the street, our Team has noticed an increase in listing interest and activity over the past couple of weeks. Several of our listings, previously with unacceptably low levels of interest, have gotten offers as well.
RATE AND MARKET CHECK
The Average 30-Year Fixed Rate Mortgage remained unchanged from last week, remaining at 6.40%. This week last year, in October, 2006, rates averaged 6.36%.
Frank Nothaft, Vice President and Chief Economist for Freddie Mac, reports mixed economic numbers released last week. "While retail sales were stronger in September, consumer confidence fell below market expectations in October. Moreover, both the core consumer price index and producer prices for September remained contained."
"In his October 15th speech, Fed Chairman Ben Bernanke suggested housing would be a 'significant drag' on the economy going into the next year. Indeed, inventories of unsold homes remained exceptionally high. And October's homebuilder confidence fell to the lowest level since 1985, when record keeping began."
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.
Call us for a Custom Market Trends Analysis for your residential or investment property - anytime!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving Downtown CHICAGO, All Chicago Suburbs . . . and YOU!
BTW . . . a very Happy Birthday today to my younger brother Randy! He's getting closer and closer to the ranks of Senior Citizenry as the years go on!
