CHICAGO REAL ESTATE STATS PACK - DECEMBER 10, 2007
Good Morning, Everyone!
Even borrowers with what was once thought to be "great" credit will begin paying higher loan fees and surcharges. Dean's Team Preferred Lending Partner, Rich Bira, of First Capital Mortgage, broke the bad news to our Business Networking Group in the West Loop, Chicago this past week.
Please check out an article written in Sunday's Chicago Tribune, written by Kenneth R. Harney Read our summary on BlogChicagoHomes.com here.
Here is a look at our Chicago Real Estate Stats Pack for Monday Morning, December 10, 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 December 9th 4,546 26 80 106
w/e December 2nd 4,625 37 101 150
% CHANGE -1.7% -29.7% -20.8% -29.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 9th $373,090 167 DAYS $29,847,269
w/e December 2nd $323,295 144 DAYS $32,652,829
% CHANGE +15.4% +16.0% -8.6%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
All numbers down this week, in line for the month of December between Thanksgiving and Christmas. Continue to be concerned about very low Just Sold (Pending) figures - even lower than very low number for last week (37) - very few properties are going under contract these days on the North Side of Chicago. Average Sales Price up, but unsure if this is simply an aberration. Market Time up as well - trend over last few weeks is generally steady, but gradually increasing a bit. Again, attributable to the time of the year. Figures for Closed Properties, Expired Listings, and Sales Volume shot up considerably, as one might predict, during the full business week after the Thanksgiving Holiday.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates continue to tumble, this week down 0.14% - to an average of 5.96%. For the week which ended on November 30th , average thirty-year fixed rate mortgage rates were 6.10%. This week in November, 2006, rates averaged 6.11%. One has to go back over two years - to September 29, 2005 to find rates as low. Rates continue to be attractive, but many buyers seem to be still waiting on the sidelines to see which way prices head after the the first of 2008. Also, with tightening credit underwriting standards, fewer qualify for these low-rate home loans as would have even a few months ago!
"House prices rose only 1.8 percent over the 12-months ending September 30th, the slowest rate of growth since the 12-month period ending March 31, 1995, according to the Federal Housing Finance Board's national house-price index," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed."
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.
Enjoy the Holidays, everyone! Anytime you need our help and advice, now or after the New Year, just call!
DEAN MOSS & DEAN'S TEAM CHICAGO
