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CHICAGO REAL ESTATE STATS PACK - NOVEMBER 19, 2007

Good Morning, Everyone!

Human Nature may be one of the primary factors creating current difficulties in the mortgage market.   Click here for more, and links to a story in the November 18, 2007 Chicago Tribune, by reporter Marilyn Kennedy Melia.

Here is a look at our Chicago Real Estate Stats Pack for Monday Morning, November 19, 2007.    We cover single-family, small-multi family, and condos in Downtown Chicago and the entire Chicago IL area. 

One important note here - we have recalculated the way we define ACTIVE LISTINGS to include ALL AVAILABLE ACTIVE LISTINGS in the areas we often serve, rather than simply those that came new to market, or those that had a price or status change.  We feel this will offer a more accurate indication of Chicago market activity.  Sorry for any confusion here - call or write if you would like to discuss further with us.

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 18th             4,881                     60                   68               71

w/e November 11th             4,484                     58                   56               72

% CHANGE                           +8.9%                 +3.4%             +21.4%         -1.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e November 18th      $363,428                145 DAYS                   $24,713,132

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

% CHANGE                   +18.4%                       +61.1%                      +43.8%

SOURCE:  MLSNI, AREA MARKET SURVEY DATA

OBSERVATIONS

A lot of volatility here as many home buyers seem to be setting their closings in advance of the upcoming Thanksgiving holiday.  Strong jump in Average Sales Price - but this may simply wash the similar decline last week.  Last week, we were concerned about a severe downturn, but much of last week's drop was equaled by this week's increase.  Marketing Time has adjusted back to average levels over the past several months - will have to continue to monitor to see if a trend exists here.  Just Sold properties and Expired Listings similar to last week.   

RATE AND MARKET CHECK

Thirty year fixed-rate mortgages have remained, on average, unchanged versus last week.  For the week ending November 15th, thirty-year fixed loans again averaged 6.24%.   Back this week in 2006, rates averaged 6.24%, as well, in a somewhat volatile market this time last year. 

Frank Nothaft, Vice President and Chief Economist for Freddie Mac,  blames mixed signals for the rate stability.  Higher productivity numbers offered a positive indication, but it was coupled with a decline in November consumer confidence. 

"On a positive note," he continued, "at their annual Conference and Expo in Las Vegas last week, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September’s pending home sales index, which suggests less of a decline in existing home sales for October and November. That said, however, it should be noted the index is still 24 percent below that in December, 2006."

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.

Sue and I just returned from a very insightful trip to the NAR Conference in Las Vegas last week.  Please call or write if you would like our thoughts on data and trends affecting home buyers and sellers in Chicago, and nationally.

DEAN'S TEAM LEADER,

DEAN MOSS

Posted: Sunday, November 18, 2007 7:45 PM by Dean's Team

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