Some Chicago Area Housing Stats for November 2007
November seems like ages ago. We all want to know what is happening now.
But this is the most recent data I’ve seen reported on the Chicago housing market. It’s better than no data at all.
From the Chicago Tribune:
Times have changed. The inventory of homes on the market in the Chicago area swelled in November to about 111,000, according to data from the Multiple Listing Service of Northern Illinois. In November 2005, when the market was beginning to cool, there were 73,000.
An average single-family home here is spending about 200 days on the market these days, according to MLSNI. That’s despite the recent slide in 30-year mortgage rates, which averaged 5.48 percent Friday, the lowest since March 2004, according to Freddie Mac.
If inventory was that high in November, any guesses on what it will be, say, in May?
‘For Sale’ signs a barrier to re-financing home [Chicago Tribune]
Can anyone report on increased foot traffic over the last week end? This week end should be dead with the super bowl.
Stuckinthecity: I was out and about (in the nicer weather) last weekend and there were lots of people out looking.
According to residents, there were quite a few people at 600 N. Fairbanks all weekend long looking at units. That probably had to do with the positive newspaper article from the weekend before.
Anyone else have anything to report?