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CHICAGO REAL ESTATE STATS PACK - NOVEMBER 12, 2007

Good Morning, Everyone!

As Veterans Day is celebrated throughout the U.S. today, please take a minute or two to honor those who serve to protect our freedom at home and abroad.  Despite your own personal feelings on conflicts set up by politicians, it is the hard, selfless, often dirty, always dangerous work of soldiers and officers on the lines that keep us free. 

Military.com provides a photo tribute on this Veterans Day, as well as a place to post your thoughts and comments.  For veterans, they provide a link to locate old friends that served with you.

There seems to be an interesting trend here in the Chicago IL Real Estate Market - somewhat of an irritation to home sellers and their Listing Agents.  More often, buyers are writing the purchase of their new home contingent on the sale of their existing property - home or condo.  Click here to view our entire article.

Back to Chicago IL Market Stats, here's a look at our Chicago Real Estate Stats Pack for Monday Morning, November 12, 2007.    We cover single-family, small-multi family, and condos in Downtown Chicago and the entire Chicago IL 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 November 11th           1,097                     58                     56                 72

w/e November 4th             1,133                     46                     62                 74

% CHANGE                        -3.2%                 +26.1%               -9.7%             -2.7%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e November 11th    $306,946                  90 DAYS                   $17,188,193

w/e November 4th      $367,088                 124 DAYS                  $22,759,500

% CHANGE                   -16.4%                       -27.4%                      -24.5%

SOURCE:  MLSNI, AREA MARKET SURVEY DATA

OBSERVATIONS

Countering recent trends, the Marketing Time and Expired Listings seem to be moderating based on last week's figures.   Closed Sales Volume has dropped in the past week, predictably in-line with the time of year.  Just Sold Properties - those on which a contract has been tendered over the last week - has gone up, although the raw numbers are small here.  Average Sale Price has fallen this week, but was up this week.  Extending this trend over the last few weeks, Average Closed Sales Price do appear to be trending downward, but those who claim a "market crash"  appear to be greatly exaggerating. 

RATE AND MARKET CHECK

Last week, we reported that the average 30-year fixed mortgage rate was the lowest since this past May 17th, at 6.26%.  This week, 30-year fixed rates have fallen a little more - to 6.24%, on average, according to Freddie Mac data released November 8th.   Back this week in 2006, rates averaged 6.33%.  In summary, rates are continuing to be affordable.  The issue with a lower level of sales seems to be tied to the smaller pool of buyers who can get qualified to buy a home under recently-tightened mortgage underwriting standards, coupled with procrastination of many first-time and move-up buyers to take advantage of some of the best home prices in three to five years here in Chicago and in the suburbs.

Frank Nothaft, Vice President and Chief Economist for Freddie Mac,  pegged the reduced average rates to weak September consumer spending, and weakness in the manufacturing sector in October.  He noted rates on long-term loans (15 or 30-year terms) dropped just a bit, while Adjustable Rate Morthages fell proportionately more, due, in large part, the the Federal Reserve Board's 0.25% rate cut last week. 

"Although the third quarter gain in real gross domestic product (GDP) of 3.9 percent was stronger than market forecasts, the housing market has subtracted from GDP growth over the past twenty-one months ending in September. In its most recent policy announcement, the Federal Open Market Committee (FOMC) noted that the rate of expansion in the economy will most likely slow in the near term, due in part to a reflection of the intensity of the housing correction," explained Nothaft.

"With mortgage rates remaining low, approximately 38 percent of applications were for refinance transactions in the third quarter, down from 42 percent in the second quarter of this year. According to Freddie Mac's third quarter cash-out refinance report, approximately 87 percent of refinanced loans were for loan amounts that were 5 percent or more higher than the original balances. In addition, Freddie Mac estimates that families withdrew approximately $60 billion in home equity over the same quarter, down from about $81 billion in the second quarter 2007," Nothaft continues. 

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.

Please call or email us if you would like your own property-specific trends reports.

DEAN MOSS

Fearless Leader, Dean's Team . . . serving Downtown CHICAGO, All Chicago Suburbs . . . and YOU!

Posted: Monday, November 12, 2007 1:43 AM by Dean's Team

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