CHICAGO IL REAL ESTATE STATS PACK - April 21, 2008
Good Morning, Everyone!
Latest available Chicago Home Affordability Statistics indicate the median-priced home here still eludes many. In most neighborhoods and in many suburbs here, prices have fallen, attracting more potential buyers, but stricter standards of mortgage lenders shrink the pool of those who qualify to buy.
Statistics from the Fourth Quarter, 2007 indicate the Home Affordability Index was 106.69. Theoretically, an index of 100 or more would indicate the median wage earner, with 20% minimum down payment, could afford the median priced home here. However, most neighborhoods in Chicago and many Chicago suburbs have higher median prices, and the index here has hovered around 120 since 1979.
Read our post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 21st.
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 21st 4,894 63 75 50
w/e April 14th 4,840 64 32 37
% CHANGE +1.1% -1.6% +134.4% +35.1%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 21st $301,615 157 DAYS $22,621,171
w/e April 14th $274,847 201 DAYS $8,795,111
% CHANGE +9.7% -21.9% +157.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 21st - LAST 12 MOS - 16.07 LAST 6 MOS - 25.27 LAST 3 MOS - 28.35
w/e April 14th - LAST 12 MOS - 15.65 LAST 6 MOS - 25.05 LAST 3 MOS - 28.96
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 21st - 21.23% (UNSOLD - 78.77%)
w/e April 14th - 22.09% (UNSOLD - 77.91%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Rebounds in Sold Units, Sales Volume, and a nealy 22% drop in Average Market Time might be a good omen for the Spring market here in Chicago. This was the first truly warm week of the Spring, and interest in our listings seems to have increased this week. Active Listing Inventory increased slightly, and Units Pending Sale were stable.
Absorption Rate went down a slight bit this week, to a theoretical market time/inventory of 28.35 months. Just six weeks ago, the area Absorption Rate approached 42 months. Percentage of Sale Within Six Month (180 Days) again dropped slightly week-to-week.
RATE AND MARKET CHECK
Once again, average 30-Year Fixed Mortgage Rates were unchanged versus last week. Average rates averaged 5.88% for the week ending April 17th - same as for the week ending April 10th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.17%.
"Interest rates for fixed-rate mortgages held relatively steady for a second week, while ARM rates continued to decline amid market speculation that the Federal Reserve (Fed) may cut rates again at its upcoming Committee meeting," said Frank Nothaft, Freddie Mac Vice President and Chief Economist.
"March's housing starts were the lowest since March 1991 and consumer sentiment in April fell to a 26-year low while homebuilder confidence remains near record lows. Currently, the federal funds future contracts suggest nearly a 100-percent probability that the Fed will cut rates at the end of this month."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
If you would like us to calculate custom statistics for any Chicago neighborhood or suburb in which you are interested, just let us know!
DEAN MOSS & DEAN'S TEAM CHICAGO
