CHICAGO IL REAL ESTATE STATS PACK - April 7, 2008
Good Morning, Everyone!
Old-school methods of predicting responsible borrowing - including checking a prospective borrower's payment history on his utility bills, and his history writing bad checks - may play a larger part in evaluating creditworthiness. In the last few years, FICO Credit Scores have been the primary determinant.
However, this more detailed screen could add to the predictability of a borrower's likeliness to pay. It can also open the doors for many, new borrowers, with little credit and payment history, as they apply for their first mortgage loan.
Read our post yesterday at BlogChicagoHomes.com, for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 7th.
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 April 7th 4,821 69 116 116
w/e March 31st 4,709 68 124 36
% CHANGE +2.4% +1.5% -6.5% +222.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 7th $374,278 147 DAYS $43,416,350
w/e March 31st $319,715 172 DAYS $39,644,746
% CHANGE +17.1% -14.5% +9.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 7th - LAST 12 MOS - 14.96 LAST 6 MOS - 23.90 LAST 3 MOS - 28.35
w/e March 31st - LAST 12 MOS - 14.87 LAST 6 MOS - 25.32 LAST 3 MOS - 33.38
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 7th - 22.09% (UNSOLD - 77.91%)
w/e March 31st - 21.35% (UNSOLD - 78.65%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Over the last few weeks, benchmark figures for Active Listings, Properties Pending Sale, Sold Units have shown improvement. Average Sale Price up and down, but, compared to the beginning of 2008, fairly constant, while Sales Volume seems to be increasing here in Chicago as the weather begins to warm. Average Days on Market fell, which provides encouragement here on the North and Northwest Sides of the City of Chicago.
Expired Listings shot up last week - the last day of each month is historically has the highest number of listings that expire.
Absorption Rate fell another 15% last week, to a theoretical market time/inventory of just over 28 months, from a nearly 42 month inventory three weeks ago. It's not the single-digit figure it was back in 2005, but the improvement here shows a considerable positive trend. Percentage of Sale Within Six Month (180 Days) continues to improve as the weather here continues to transition from Winter to Spring.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased by 0.03% last week. Average rates averaged 5.88% for the week ending April 3rd, versus an average 5.85% for the week ending March 27th. Over the last few weeks, average 30-year rates have hugged the 5 7/8 to 6 percent range. This week last year, average 30-year fixed mortgage rates were 6.17%.
"While prime, conforming rates still remain at historically low levels, long-term mortgage rates did drift slightly upwards this week on signs that the economy may have a little more strength than what financial markets forecasted," said Frank Nothaft, Freddie Mac Vice President and Chief Economist.
"Housing, however, still continues to be a drag on the economy. In 2007, residential fixed investment shaved nearly a full percentage point off of GDP, the most since 1980. In February, median existing house prices (excluding condominiums and co-ops) were 16.0 percent below the peak in June 2007 and median new home prices were 7.0 percent below the record set in March 2007. Moreover, new construction of one-family homes was 61.5 percent below its all-time recent peak in January 2006."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Considering investing in your new home or income property in Chicago or in any suburb? Let us know, so we can help!
DEAN MOSS & DEAN'S TEAM CHICAGO
