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CHICAGO IL REAL ESTATE STATS PACK - March 24, 2008

Good Morning, Everyone!

Here in Chicago, the Active Inventory of Homes and Condos for sale is 17.2 percent higher than last year, and 38% active sellers reduced their asking price since they started marketing their homes.  In reaction, our buyer and seller clients, and prospective clients, have reacted with both frustration, bold behavior, and delayed action.

Read our post today here at BlogChicagoHomes.com, and review Mary Umberger's article in the March 16th edition of The Chicago Tribune.  

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  March 24th.   

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 23rd          4,628                  59                   55                63

w/e March 16th          4,601                  70                   57                40

% CHANGE                 +0.6%              -15.7%             -3,5%           +57.5%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e March 23rd            $371,512                 158 DAYS                  $20,433,193

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

% CHANGE                      +9.0%                      -10.7%                          +5.2%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e March 23rd - LAST 12 MOS - 14.52     LAST 6 MOS - 26.42     LAST 3 MOS -  41.91

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

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e March 23rd - 20.36% (UNSOLD - 79.05%) 

w/e March 16th - 20.95% (UNSOLD - 79.64%)

SOURCE:  MLSNI, AREA MARKET SURVEY DATA

OBSERVATIONS

Properties Pending Sale showed a decline this week, while Average Sale Price increased, as did total Sales Volume.  This might indicate slight market pickup, if the trend continues, as right-priced, well-presented properties might sell.  Average Days on Market dropped about 10% last week.  The question here - will this positive trend continue as the weather warms this spring?

Sold Units washed last week's gains..  Expired Listings showed a considerable increase - let's see if this continues as the end of March approaches. Sales Volume up considerably, in tandem with the Average Sales Price, despite the decrease in number of Sold Units. 

Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another  drop - by 1.9% - in the three-month rate versus the week ending March 13th.  The chances of selling a home within a normal six-month marketing time frame improved a little last week.  Statistically, home sellers in this North and Northwest Side of Chicago Benchmark area stays 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 dropped by 0.26% last week.  For the week ending March 20th, average fixed rates increased to 5.87%, from the average 6.13% one week earlier.   This week last year, average 30-year fixed mortgage rates were 6.16%.  Rates remain attractive - although tighter loan underwriting standards screen many potential buyers out of the home purchase picture.

"Mortgage rates fell this week as various actions were taken to improve market liquidity," said Frank Nothaft, Freddie Mac Vice President and Chief Economist.  "In addition, the inflation report from the Consumer Price Index (CPI) reflected weaker price increases than consensus expectations. Unchanged in February both including and excluding food and energy costs, it is the first time the core CPI did not report a monthly increase since November, 2006."

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

Considering a property in any Chicago Neighborhood or suburb?  Call us for updated Market Trends, customized for your specific situation.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, March 23, 2008 5:25 PM by Dean's Team

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