CHICAGO REAL ESTATE STATS PACK – MAY 27 2007
CHICAGO REAL ESTATE STATS PACK – MAY 27 2007
Good Morning Everyone!
Hope you enjoyed the Memorial Day weekend and you took a moment to remember those who gave their lives over the years and generations to protect the freedom we value. Here’s our Chicago Real Estate Stats Pack for Tuesday Morning May 29th 2007.
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 May 27th 1700 90 146 68
w/e May 20th 1632 95 111 47
% CHANGE + 4.2% -5.3% +31.5% +44.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 27th $320880 132 DAYS $46848549
w/e May 20th $349248 125 DAYS $38766619
CHANGE -8.1% +5.6% +20.8%
OBSERVATIONS
Fluctuations in Just Sold and Just Closed properties indicate a sideways market trend – no big drops or increases in the short term. However inventory levels remain high versus last year – potential home buyers have more properties to choose from than in 2006 and 2005 and they are very picky when it comes to condition location and price. Average Market Time still indicates over four months in inventory on average across Chicago. Our Team is still seeing softness in the mid-range condo category – even those condominiums priced "on target" according to comparable property data are drawing considerably less interest than year-ago and many recent buyers have had to sell negative. This especially puts pressure on those condo owners highly leveraged and those with 2006 expectations in the 2007 market.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates for the w/e May 27th were up slightly from the previous week – 6.20%. However many 30-Year Fixed Rate Loans for qualified borrowers were below the 6.00% threshold but again up slightly over last week. BankRate.com discusses current trends in Mortgage Interest and Home Equity Line of Credit Rates. Average home inventory levels in Chicago have declined somewhat in recent weeks versus those of earlier in 2007 but remain 3.8% ahead of last year’s levels. In most cases Average Sale Prices are off as much as 9.5% for single family homes slightly more stable and slightly increasing for condos and two-to-four unit multi-family properties respectively (see the Chicago Association of Realtors Weekly Market Update). For daily news and trends view our Real Estate Update newsletter updated daily. Also visit our National Real Estate News link via our Webcenter – dean-team.com.
Please post call or send us an email if you’d like to further discuss current trends in the Chicago Real Estate Market or customize our data to match your specific needs. We’re always here for you!
DEAN MOSS
Fearless Leader Dean’s Team . . . serving CHICAGO All Chicago Suburbs . . . and YOU!
