CHICAGO IL REAL ESTATE STATS PACK - March 10, 2008
Good Morning, Everyone!
Last month, according to the U.S. Department of Labor, employers trimmed 63,000 jobs from their payrolls, far more than experts had expected. Will this news, combined with the threat of economic recession and high gas prices, scare many prospective home sellers from marketing their home, and many home buyers from making a purchase?
Read our post today here at BlogChicagoHomes.com, and review the article in Friday's Chicago Tribune by Jeannine Aversa.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, March 10th.
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 March 9th 4,480 72 64 61
w/e March 2nd 4,425 55 75 64
% CHANGE +1.2% +31.9% -14.7% -4.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 9th $340,268 178 DAYS $21,777,205
w/e March 2nd $284,185 144 DAYS $21,313,924
% CHANGE +19.7% +23.6% +2.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 9th - LAST 12 MOS - 13.40 LAST 6 MOS - 24.34 LAST 3 MOS - 43.72
w/e March 2nd- LAST 12 MOS - 12.98 LAST 6 MOS - 24.24 LAST 3 MOS - 45.38
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 9th - 21.65% (UNSOLD - 78.35%)
w/e March 2nd - 21.57% (UNSOLD - 78.43%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Properties Pending Sale figures are starting to rise this week - perhaps in anticipation of warmer weather, and the traditionally-hotter Spring market. However, jumps this year are somewhat subdued - but nonetheless welcome. We are also encouraged by the jump in Average Selling Price, but would like to study this for several weeks into the Spring to see if this is a trend. Average Days on Market still high!
Sold Units and Expired Listings typically fall the second week of the month, but very encouraged by Sales Volume, helped this week by a jump in the Average Selling Price. Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another drop - 3.7% - in the three-month Absorption Rate versus the week ending March 2nd. The chances of selling a home within a normal six-month marketing time frame improved very slightly, to 21.65%.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased by 0.21% last week. For the week ending March 6th, average fixed rates fell to 6.03%, from the average 6.24% the week before. This week last year, average 30-year fixed mortgage rates were 6.14%. Again, by historical standards, mortgage interest rates are quite low.
"Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac Chief Economist. "Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week's upward jump."
"Meanwhile, the housing market continues to take a toll on the rest of the economy. Residential fixed investment shaved 1.25 percentage points off economic growth in the fourth quarter of 2007. More recently, the median sales price of new homes fell 15.1 percent in January, representing the largest annual drop on record. Residential construction fell 19.7 percent over the twelve-months ending January 2008, the largest decline since March 2007."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Considering making a move or investing in real estate? Call us today for updated, precise statistical information and sales trends.
DEAN MOSS & DEAN'S TEAM CHICAGO
