CHICAGO IL REAL ESTATE STATS PACK - February 11, 2008
Good Morning, Everyone!
City of Chicago Home Buyers will be taking a bit of a hit, effective April 1st, as the Chicago Real Estate Transfer Tax will increase by 40%. Early last week, the Chicago City Council increased the Transfer Tax by $3.00, to $10.50 per thousand of a property's purchase price, for all residential and commercial property in the city. The increased tax funds the Pension Fund for empolyees and former employees of the Chicago Transit Authority.
In an effort to prevent severe cuts to local transit service and a substantial fair increase, the Illinois Legislature passed a funding package in January that also increased the sales tax Cook County and other counties surrounding Chicago. Effective April 1st, the area sales tax will increase to between between 9.25 and 9.50 percent, depending on location.
Read our post on the increased Chicago Real Estate Transfer Tax, as well as Cook County Board President Todd Stroger's call to increase sales and vehicle taxes within Cook County (the county in which the City of Chicago is located), by viewing other BlogChicagoHomes.com postings indicated by the colored links.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, February 11h.
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 February 10th 4,272 49 43 53
w/e February 3rd 4,228 36 46 84
% CHANGE +1.0% +36.1% -6.5% -36.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 10th $383,972 161 DAYS $16,510,810
w/e February 3rd $361,223 147 DAYS $16,616,261
% CHANGE +6.3% +9.5% -0.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 10th - LAST 12 MOS - 12.11 LAST 6 MOS - 21.49 LAST 3 MOS - 41.56
w/e February 3rd- LAST 12 MOS - 11.73 LAST 6 MOS - 20.45 LAST 3 MOS - 37.76
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 10th - 24.02% (UNSOLD - 75.98%)
w/e February 3rd- 24.80% (UNSOLD - 75.20%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Over the last six weeks, Total Active Listings have been fairly stable, and Properties Pending Sale, on the main, has been low, although there seems to be a significant percentage increase, but weak number of units going pending, in the last week. Sales Volume typical for middle week of the month, and Average Sales Price up a bit - let's see if this is a continuing trend in the coming weeks. The Average Market Time bounced back up a bit this past week.
Absorption Rate and Percentage of Sale Within Six Month (180 Days) continue to rise unfavorably - there is presently, in aggregate, a 41.56 average monthly inventory in the North and Northwest Side of Chicago areas we serve. The chances of selling a home within a normal six-month marketing time frame dipped to 24.02%, down a very small percentage from 24.80% last week.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates were virtually flat last week, at an average of 5.67% nationwide - still very attractive historically. The average rate for the last week was 5.68%, Average fixed rates were 6.28% this time in 2007.
"Long-term mortgage rates were little changed this week, largely in sync with the movements in the Treasury bond yields during the same time," said Frank Nothaft, Freddie Mac vice president and chief economist. "Additionally, economic news released in the past week showed that the economy continues to be weak."
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.
For current rate and market trends information for your neighborhood, please give us a call, anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
