CHICAGO REAL ESTATE STATS PACK - JANUARY 14, 2008
Good Morning, Everyone!
The proposed sale of Countrywide Financial, the nation's largest residential mortgage lender and servicer, to Bank of America may solve one problem relative to the recent sub-prime market struggles. But is it the right answer? Click on our post on BlogChicagoHomes.com for some thoughts and comments, including links to two relevant articles in Saturday's Chicago Tribune, and financial consultant Brian Brady's comments in the Bloodhound Blog, from January 11th.
Here is a look at our Chicago Real Estate Stats Pack for, Monday Morning, January 14, 2008. 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 13th 4,186 28 34 42
w/e January 6th 4,089 26 53 274
% CHANGE +2.4% +7.7% -35.8% -84.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 13th $350,460 157 DAYS $11,915,665
w/e January 6th $327,074 134 DAYS $17,332,285
% CHANGE +7.2% +17.2% -31.3%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
In order of my concern: Sales Volume number fluctuations mid-month January may not show a true trend - let's compare to late month numbers to see if new sales are really trending downward in the first month of the year. Concerned as Average Market Time continues running so high, and very few new Just Sold listings are posted on the north side each week. Active Listings have not increased as much as I thought they would have for second week in January. The Average Sales Price and Number of Closed Listings may represent a mid-month blip as well - again, we'll have to examine later month trends to better compare.
RATE AND MARKET CHECK
Rates are down considerably this week! Average 30-year Fixed Mortgage rates fell 0.2% for the week ending January 10, 2008, to 5.87%. The average rate for the last week was 6.07%, Exactly one year ago, rates average 30 year fixed rates - 6.21%. Interest levels appear not to be the factor in the current mortgage market weakness - rather, the culprit continues to be extremely high home inventory, coupled with tight underwriting scrutiny for new borrowers, resulting in a smaller stream of ready, willing, and able buyers available.
"The latest employment report showed that the economy added 18,000 jobs in December, the smallest gain since August, 2003, and the unemployment rate jumped to a two-year high of 5 percent. In addition, the Institute for Supply Management's index of non-manufacturing business activity showed that the service sector had the slowest expansion in nine months during December," said Frank Nothaft, Freddie Mac vice president and chief economist.
"The National Association of Realtors also indicated a drop in its pending home sales index for November, signaling a possible slowdown in December sales. These weak economic reports renewed concerns about economic conditions in the near future. As a result, mortgage rates came down across the board, with 30-year fixed mortgage rates at their lowest level in more than two years.
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