CHICAGO IL REAL ESTATE STATS PACK - NOVEMBER 26, 2007
Good Morning, Everyone!
We at Dean's Team Chicago hope you enjoyed the long Thanksgiving weekend. I would assume, by now, the supply of turkey, sweet potato, and pumpkin pie leftovers in your home is nearly depleted!
I check the database of filings of foreclosure and pending Sheriff's Sales every day for Chicago IL, Cook County, and the other near-to-Chicago counties. Almost without exception, I see dozens of homeowners facing pending foreclosure action in and around Chicago. For months, we have been reading stories in print and online about lawmakers desires for Mortage Reform to help those most acutely affected by the recent volatility in the credit markets, especially those with sub-prime loans, and less-than-perfect credit histories.
An article in today's Chicago Tribune, written by Kenneth R. Harney, indicates reform is being considered, but this legislation is currently bogged down in the Senate. Read our summary on BlogChicagoHomes.com here.
Here is a look at our Chicago Real Estate Stats Pack for Monday Morning, November 26, 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 25th 4,788 32 51 64
w/e November 18th 4,881 60 68 71
% CHANGE -1.9% -46.7% -25.0% -9.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 25th $334,900 142 DAYS $19,974,594
w/e November 18th $363,428 145 DAYS $24,713,132
% CHANGE -7.8% -2.1% -19.2%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
All figures for Active Listings, Just Sold (Pending) Properties, Closed Properties, Expired Listings, Average Sale Price, Market Time, and Sales Volume down this week - most likely due to the holiday-shortened work week - most buyers were presumably concerned about turkey dinners than their new house - this week anyway. We will most likely see a bounce back this week, although the Thanksgiving-New Year time period, historically, is the slowest of the year in real estate.
RATE AND MARKET CHECK
According to Freddie Mac, for the week which ended on November 21st, average thirty-year fixed rate mortgage rates drifted down 0.4% versus last week - 6.20% was the weekly average. This week in November, 2006, rates averaged 6.18%. It's was the week ending May 10, 2007 when average mortgage rates were this low. Back last May, 30-year fixed rates averaged 6.15%.
Frank Nothaft, Vice President and Chief Economist for Freddie Mac, noted both the Consumer Price Index and the Producer Price Index remained stable last week, and Industrial Production dropped. Not only did average 30-year rates fall to approach their six-month low, but average 15-year mortgage rates dropped to 5.91%. These 15-year rates have not been this low since February, 2006.
"The housing market remains weak," states Nothaft, "continuing to be a drag on the economy. For instance, single-family housing starts fell 6.4 percent in October to 917,000 units (annualized), the slowest pace since September 1991, nearly 25 percent below that of October 2006. Additionally, homebuilder confidence in November remained at the lowest level on record."
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.
An important, predictive statistic that was all the buzz of the National Realtors Association Conference in Las Vegas a couple weeks was "Local Absorption Rate," as well as the predictive stat for the odds of any given home, in a specific local neighborhood, will sell within a six-month marketing period. If you'd like us to calculate this stat for your home or neighborhood, please call or write and let us know.
For DEAN'S TEAM CHICAGO,
DEAN MOSS
