Chicago IL Real Estate Stats Pack - February 18, 2008
Good Morning, Everyone!
Tighter credit underwriting rules are affecting all potential borrowers - even those with top credit histories. A recent Federal Reserve Board survey of large banks nationwide indicated that 50% are tightening lending rules for all mortgage borrowers - up from 40% who answered this question in this manner last October. See our posting today on BlogChicagoHomes.com, with links to Mary Umberger's article in today's Chicago Tribune.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, February 18th.
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 17th 4,349 60 30 42
w/e February 10th 4,272 49 43 53
% CHANGE +1.2% +22.4% -30.2% -20.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 17th $333,057 163 DAYS $ 9,991,728
w/e February 10th $383,972 161 DAYS $16,510,810
% CHANGE -13.2% +1.2% -39.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 17th - LAST 12 MOS - 12.48 LAST 6 MOS - 22.67 LAST 3 MOS - 48.55
w/e February 10th - LAST 12 MOS - 12.11 LAST 6 MOS - 21.49 LAST 3 MOS - 41.56
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 17th - 22.92% (UNSOLD - 77.08%)
w/e February 10th - 24.02% (UNSOLD - 75.98%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
A bit of bright news this week, as Total Active Listings grew just a bit, and Properties Pending Sale having a positive increase as well - although small. Sales Volume very low, even for the mid-month check, and Average Sales Price lower, considerably. The Average Market Time stable, but high, historically.
The market seems to be reacting to normal supply and demand factors. Absorption Rate and Percentage of Sale Within Six Month (180 Days) continue to rise to very high levels- there is presently, in aggregate, a over a four-year theoretical supply of properties for sale 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 22.92%, down from 24.02% last week.
The extremely high inventory, with considerable choice for buyers now in the market, seems to have begun to drive down average prices, while keeping market times high. Many economists feel relief may still be some time away, even with Economic Stimulus Programs signed into law last week.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates were up slightly last week, at an average of 5.72% nationwide - still very attractive historically, and somewhat lower than early 2007 levels. The average rate for the last week was 5.67%. Average fixed rates were 6.30% this time last year.
"This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. Nothaft attended and spoke at the National Association of Homebuilders Annual Conference last week, in Orlando FL.
"On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007 while gains in labor costs slowed. However, pending existing home sales fell for the second month in December, indicating further weakness in home sales for January and February. As a result, mortgage rates were roughly unchanged this week."
"These historically low mortgage rates and declining house prices contributed to the highest housing afford ability in December since March 2005, according to the National Association of Realtors®. However, with banks continuing to tighten lending standards, fewer families will likely have an opportunity to take advantage of these factors."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call or write us anytime for specific news and market trends and statistics for YOUR area!
DEAN MOSS & DEAN'S TEAM CHICAGO
