CHICAGO IL REAL ESTATE STATS PACK - JANUARY 7, 2008
Good Morning, Everyone!
ILLINOIS VOTERS? Have you registered yet for the February 5th Illinois Primary Election? The registration deadline is Tuesday, January 8th.
Click on our post on BlogChicagoHomes.com for more information on how to register, and relevant links to the Cook County Board of Election Commissioners.
Here is a look at our Chicago Real Estate Stats Pack for, Monday Morning, January 7, 2008 - our first Stats Pack Summary for the New Year! We cover single-family, small-multi family, and condos in Downtown Chicago and the entire Chicago IL area.
Communities and clients we serve reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.
Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park. Plus All Chicago Suburbs.
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 January 6th 4,089 26 53 274
w/e December 30th 4,452 25 90 83
% CHANGE -8.2% +4.0% -41.1% +230.1%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 6th $327,074 134 DAYS $17,332,285
w/e December 30th $359,609 117 DAYS $32,364,735
% CHANGE -9.0% +14.5% -46.4%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
The numbers of Closed Listings and Expired Listings are typical for the first week of the year. Many listings are signed on a year-to-year basis, and expire the last day of the year. Also, many sellers desire to close by the end of the year for tax purposes (although many wish to close in the New Year to defer gain, many January closings occur later in the month). Averages for Sales Price continuing to trend downward, and Market Time trending up. We will see more predictable figures, in my opinion, later in January.
RATE AND MARKET CHECK
In consort with a move downward in 5-year Treasury Bill rates, average 30-year Fixed Mortgage rates fell 0.1% for the week ending January 4, 2008, to 6.07%. The average rate for the previous week was 6.17%, versus the previous week's average of 6.14%. Exactly one year ago, rates average 30 year fixed rates - 6.18%. Year over year, mortgage interest rates continue to moderate.
"The new year has begun with mixed signals on the direction of the economy and mortgage market," said Frank Nothaft, Freddie Mac vice president and chief economist. "The latest home sales data also sent mixed messages on the direction of housing activity toward the end of 2007. The mostly grave home sales reports came with a few light notes.
"While new home sales fell in November to the slowest pace since April 1995, existing home sales rose by a small margin to an annual pace of 5 million units. Our latest forecast has total home sales continuing to decline in the first quarter of the year before starting a slow recovery; still, sales of new and existing houses are projected to be 5.09 million in 2008, a decline of more than 11 percent from the previous year."
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.
As you need our help and advice throughout the coming year - always call on Dean's Team!
DEAN MOSS & DEAN'S TEAM CHICAGO
