CHICAGO REAL ESTATE STATS PACK - DECEMBER 17, 2007
Good Morning, Everyone!
Want the best return for your home improvement investment in today's Chicago real estate market? Side it! According to a recent survey in Remodeling Magazine, posted on costvsvalue.com, premium or mid-grade siding yields an almost immediate 100% return on your investment here is Chicago. Improvements such as decks or replacement wood windows follow close behind, while items like added sunrooms, renovated home offices, and permanent back-up power generation yield far less return.
Please check out an article written in Sunday's Chicago Tribune, written by Mary Umberger Read our summary on BlogChicagoHomes.com here.
Here is a look at our Chicago Real Estate Stats Pack for Monday Morning, December 17, 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 16th 4,454 30 64 123
w/e December 9th 4,546 26 80 106
% CHANGE -2.0% +15.4% -20.0% +16.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 16th $359,132 139 DAYS $22,984,474
w/e December 9th $373,090 167 DAYS $29,847,269
% CHANGE -3.7% -16.8% -23.0%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
All numbers trending normal for this time of the year. Active Listings and Pending Sales about steady, when examined in comparison to recent weeks' numbers. Market Time washed last week's very positive increase. Average Sales Price trending downward in recent weeks, and Total Volume decline in line for this time of the year. Low number of new Pending Sales continue to concern me.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates bounced up this week, after several weeks of considerable decline. The average rate for the week ending December 14th was 6.11%, versus last week's average of 5.96%. This week in December, 2006, rates average 30 year fixed rates - 6.12%. By historic standards, rates are still quite low!
"November's employment report showed stronger job growth, no change in the unemployment rate and a jump in wages, suggesting to some market participants that the probability of an upcoming recession might be lower than originally thought," said Frank Nothaft, Freddie Mac vice president and chief economist. "This led to a rise in interest rates for U.S. Treasury securities this week and mortgage rates followed."
"However, against that backdrop, serious delinquencies (90 days or more delinquent or in foreclosure) on prime conventional mortgages rose to 1.31 percent in the third quarter of 2007 from 0.79 percent in the same quarter in 2006. And serious delinquencies for sub-prime loans rose to 11.38 percent from 6.78 percent over the same period, so the housing segment of the economy still has a way to go before bottoming out."
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.
Less than 10 shopping days until Christmas, folks! Hit those malls, and let your fingers click those websites, right away! Call us anytime you need us - now, or after the holidays!
DEAN MOSS & DEAN'S TEAM CHICAGO
