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CHICAGO IL REAL ESTATE STATS PACK - March 17, 2008

Top of the Morning, to You - and Happy St. Patrick's Day!

For many sellers having difficulty moving their home, despite what appears to be right pricing and proper presentation and staging, renting out their old home, in order to move to their new one, is being given top consideration.  There are benefits, and drawbacks to this, however.

Read our post today here at BlogChicagoHomes.com, and review the article in Friday's Chicago Tribune by Lew Sichelman.   

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, St. Patrick's Day, March 17th.   

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 16th          4,601                  70                   57                40

w/e March 9th            4,480                  72                   64                61

% CHANGE                 +2.7%               -2.8%             -10.9%           -34.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e March 16th          $340,756                 177 DAYS                  $19,423,105

w/e March 9th            $340,268                 178 DAYS                  $21,777,205

% CHANGE                      +0.1%                      -0.1%                       -10.8%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e March 16th - LAST 12 MOS - 14.05     LAST 6 MOS - 25.30     LAST 3 MOS -  42.71

w/e March 9th- LAST 12 MOS - 13.40      LAST 6 MOS - 24.34     LAST 3 MOS - 43,72

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e March 16th - 20.95% (UNSOLD - 79.05%) 

w/e March 9th - 21.65% (UNSOLD - 78.35%)

SOURCE:  MLSNI, AREA MARKET SURVEY DATA

OBSERVATIONS

Properties Pending Sale and Average Sale Price numbers stable this week - let's see if things pick up in the coming weeks with warmer weather.  It seems, from our personal experience, listings traffic is beginning to pick up. Average Days on Market still high, but stabilizing as well.

Sold Units actually up strongly this week - many who purchased a month or so ago, wanting to close and do any improvement work as the weather gets warmer.  Expired Listings fell once again - typical for mid-month. Sales Volume fell off, but encouraged by stable Average Sales Price. 

Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another  drop - for the third week in a row - by 2.3% - in the three-month rate versus the week ending March 9th.  The chances of selling a home within a normal six-month marketing time frame got slightly worse last week.  Statistically, home sellers in this North and Northwest Side of Chicago Benchmark area stand slightly better than a 1 in 5 chance of selling their home within a normal 6-month marketing time frame.

RATE AND MARKET CHECK 

Average 30-Year Fixed Mortgage Rates increased by 0.10% last week.  For the week ending March 13th, average fixed rates increased to 6.13%, from the average 6.03% one week earlier.   This week last year, average 30-year fixed mortgage rates were 6.14%.  Versus 2007, and by historic standards, rates remain attractive.

"Average mortgage rates were up for all loan products reported," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005."

"The combination of lower house prices and lower mortgage rates contributed to a more affordable market for home buyers. The National Association of Realtors® reported that January's Pending Home Sales Index held unchanged from December, contrary to the consensus expectation of a 1 percent slide, signaling that existing home sales in February could hold steady from January's level."

For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.

For up-to-date sales and market trends for the area you are considering, please call or write us today!

EDITOR'S NOTE:  Due to the Easter Holiday next Sunday, March 23rd, next week's Chicago IL Real Estate Stats pack will be delayed until Monday morning, March 24th.  We appologize in advance for any inconvenience this may cause you.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, March 16, 2008 5:06 PM by Dean's Team

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