CHICAGO REAL ESTATE STATS PACK - DECEMBER 24, 2007
Good Morning, Everyone!
It seems as if the average percentage of equity homeowners enjoy in their homes has declined - an average of 10% since 2001. This has been fueled by the predominance of high-leverage home mortgages, and the proliferation of easy-to-obtain, near-prime-rate home equity lines of credit. In Chicago and across the U.S., the impact is felt when homes are sold, and the seller wants a larger home - less cash available from the sale to make the move! It also must be repaid, even if you don't sell - or you will lose your home!
An article written in Sunday's Chicago Tribune, written by Mary Umberger raises the caution. Read our posting on BlogChicagoHomes.com here.
Here is a look at our Chicago Real Estate Stats Pack for Christmas Eve, Monday Morning, December 24, 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 23rd 4,452 25 90 83
w/e December 16th 4,454 30 64 123
% CHANGE +-0.0% -16.7% +40.6% -32.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 23rd $359,609 117 DAYS $32,364,735
w/e December 16th $359,132 139 DAYS $22,984,474
% CHANGE +-0.0% -15.8% +34.9%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Numbers again similar to what we might have intuited for the pre-Christmas week. Active Listings and Pending Sales about steady, when examined in comparison to recent weeks' numbers. Market Time down slightly. Average Sales Price steady as well but Total Volume increased considerably - perhaps buyers want to close on their new houses prior to the Christmas weekend. The real litmus test on these trends will become apparent, I believe, within the first two-three weeks of 2008.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased slightly this week, but not enough to cause any major concern in and of itself. The average rate for the week ending December 20th was 6.14%, versus last week's average of 6.11%. This week in December, 2006, rates average 30 year fixed rates - 6.12%. Rates continue in the very affordable range this holiday season!
"Stronger-than-expected inflation reports and retail sales for November put upward pressure on long-term interest rates late last week," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, ensuing data releases suggested further weakness in the housing market over November and December and allowed interest rates to drift back down. The net effect left mortgage rates little changed this week."
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.
From all of us at Dean's Team Chicago, and from our families to yours - have a very Merry Christmas!
DEAN MOSS & DEAN'S TEAM CHICAGO
