CHICAGO REAL ESTATE STATS PACK – AUGUST 6 2007
CHICAGO REAL ESTATE STATS PACK – AUGUST 6 2007
Good Morning Everyone!
What a hot steamy weekend in Chicago – with a bit of thunder and rain on Saturday night. Hope you kept cool and dry!
Here’s our Chicago Real Estate Stats Pack for Monday Morning July 30th 2007.
SINGLE FAMILY CONDOS AND SMALL MULTI-UNIT PROPERTIES – NORTH SIDE OF CHICAGO NORTH OF ADDISON STREET WEST OF ASHLAND AVENUE
NEW LISTINGS JUST SOLD CLOSED EXPIRED
w/e August 5th 1353 70 174 138
w/e July 29th 1432 75 124 54
% CHANGE -5.5% -6.7% +40.3% +156.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 5th $329048 105 DAYS $57254434
w/e July 29th $325432 113 DAYS $40353586
CHANGE +1.1% -7.1% +41.9%
SOURCE: MLSNI AREA MARKET SURVEY DATA
OBSERVATIONS
New Listings continue their historic mid-summer drop as does slight drop in Just Sold properties (counter to the area trend our Team and several agents I have spoken with have seen a spike of activity and new contracts since mid-July). Just Closed reflects the end-of-month timing when most listings actually change hands and close. Expired Listings increase looks scary but is again typical for the last week and days of the month. Market Time trend continues to improve. Average Sales Price fairly stable versus last week. Total Volume up considerably as many planning their moves in advance of the new school year.
RATE AND MARKET CHECK
Rates declined only .01% last week! For the week ending August 2nd average 30-year fixed rate mortgages stood at 6.68% nationally almost a dead heat compared to last weeks average rate of 6.69%. One year ago in 2006 average mortgage rates for 30-year fixed rate loans stood at – 6.63%. Frank Nothaft Vice President and Chief Economist for Freddie Mac mentioned bond yields declining as many investors sought the relative stability of U.S. Treasury Securities. This in turn created a moderating influence on mortgage rates.
"Sales of new and existing homes fell in June and prices continue to weaken especially in the markets that had recorded the strongest gains over the past few years. There are early signs however that the market is stabilizing. As construction spending levels off the drag on GDP growth will continue to diminish. Meanwhile the five percent rise nationally in pending home sales in June suggests that sales in July and August may reverse last month’s decline" says Nothaft.
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.
If you’d like one of our Team Members to calculate custom trend numbers for your area just let us know! It only takes our skilled Team about a day or so to pull the numbers together for you.
DEAN MOSS
Fearless Leader Dean’s Team . . . serving CHICAGO All Chicago Suburbs . . . and YOU!
