CHICAGO IL REAL ESTATE STATS PACK - April 28, 2008
Good Morning, Everyone!
More and more critics are saying "unfair" to lenders' proprietary lists of Metro Market Areas and Zip Codes they consider in decline. Those most vocal represent interests of minority and middle-income groups, whose neighborhoods, in their opinion, will be severely impacted by a "Declining Market" label, scaring away potential buyers in these areas.
Many borrowers, in mid-transaction, are being asked to increase their down payment by thousands of dollars, pay higher loan fees, or increased interest rates. Most cannot afford these increases.
Read our post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 28th.
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 28th 4,986 73 75 36
w/e April 21st 4,894 63 75 50
% CHANGE +1.9% +15.9% +-0.0% -28.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 28th $304,561 175 DAYS $22,842,132
w/e April 21st $301,615 157 DAYS $22,621,171
% CHANGE +1.8% +11.5% +1.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 28th - LAST 12 MOS - 16.58 LAST 6 MOS - 25.52 LAST 3 MOS - 28.42
w/e April 21st - LAST 12 MOS - 16.07 LAST 6 MOS - 25.27 LAST 3 MOS - 28.35
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 28th - 21.13% (UNSOLD - 78.87%)
w/e April 21st - 21.23% (UNSOLD - 78.77%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory continues to grow, slowly, while Units Pending Sale ("Just Sold") jumped last week. Sold Units and Sales Volume were flat last week, and Average Market Time gave up about half of its 22% gain from last week.
Absorption Rate was roughly flat this week - with an average inventory turnover in the North and Northwest Side Chicago Areas we serve remaining just below 28.5 months. Percentage of Sale Within Six Month (180 Days) also flat this week.
RATE AND MARKET CHECK
Once again, average 30-Year Fixed Mortgage Rates increased 0.15% over last week. Average rates averaged 6.03% for the week ending April 24th, versus 5.88% for the week ending April 14th Current rates are still an improvement over this week in 2007. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.16%.
"Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "For example, the Producer Price Index -- a measure of wholesale inflation -- increased 1.1 percent in March, nearly double the consensus expectations."
"March's index of leading indicators showed a tepid increase of 0.1 percent, after five consecutive months of decline. As a result, trading of federal funds futures contracts implied a reduced likelihood of a substantial rate cut at the next Federal Open Market Committee meeting."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call our Team anytime for a custom analysis for any Chicago Neighborhood or Suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
