CHICAGO IL REAL ESTATE STATS PACK - January 28, 2008
Good Morning, Everyone!
Average 30-year Mortgage Rates are at their lowest levels since 2004 - some fixed rates below 5.50%! However, loan qualification standards have gotten far more stringent recently, in light of turbulent seas in the credit markets. Today, fewer borrowers qualify for the lowest-rate loans. Click on our post on BlogChicagoHomes.com for some thoughts and comments.
Here is a look at our Chicago Real Estate Stats Pack for, Monday Morning, January 28, 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 27th 4,306 36 35 40
w/e January 20th 4,200 45 38 70
% CHANGE +2.5% -20.0% -7.9% -42.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 27th $317,766 188 DAYS $11,121,833
w/e January 20th $352,377 134 DAYS $13,390,350
% CHANGE -9.8% +40.3% -16.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
LAST 12 MOS - 11.51 LAST 6 MOS - 19.43 LAST 3 MOS - 34.71
PERCENT OF HOMES SELLING IN 180 DAYS - 25.40% (UNSOLD - 74.60%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
I'm concerned about the continued low volume of Total Active Listings - I would have expected many sellers who took a break from marketing their homes during the Thanksgiving - New Year time period would have returned to the market by now, and new home sellers would have placed their property on the market. Let's see how these numbers move within the next two-three weeks to see if there is a definite trend here. Sales Volume fell to average levels of the past few weeks.
Also of concern - very weak numbers in Properties Pending Sale - this has been the case since early Fourth Quarter, 2007. Average Market Time remains high, washing out last week's improved number. The Average Sales Price is down, but let's see if this is just a weekly blip - Properties Sold and Closed roughly the same in numbers as last week.
Absorption Rate and Percentage of Sale Within Six Month (180 Days) show slightly increased weakness, and out-of-balance inventory. There are nearly 35 months of inventory in the North Side of Chicago Market Area in which we work heavily, and the chances of selling a home within a normal six-month marketing time frame dipped to 25.40%, from just over 30% last week.
RATE AND MARKET CHECK
Once again, average 30-Year Fixed Mortgage Rates dropped last week to the lowest level since March, 2004! Average 30-year Fixed Mortgage rates fell another 0.21% for the week ending January 24, 2008, to 5.48%. The average rate for the last week was 5.69%, Average fixed rates were 6.25% this time in 2007. Despite the continued improvement in the rate picture, and with another possible Fed Funds Rate cut this week, the best and lowest rates are given only to the most credit-worthy potential borrowers, with high current or planned equity in their home.
"Economic news released last week confirmed the weak condition of the housing market. Housing starts fell further in December to 1,006 million units, the slowest pace since May, 1991," said Frank Nothaft, Freddie Mac vice president and chief economist. "For the year as a whole, housing starts dropped nearly 25 percent, from their 2006 level. This was the largest annual decline since 1980. New permits issued also fell to the lowest level since March, 1993."
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.
Call or write if you would like current, updated market statistics for your area or specific neighborhood!
DEAN MOSS & DEAN'S TEAM CHICAGO
