CHICAGO IL REAL ESTATE STATS PACK - May 5, 2008
Good Morning, Everyone!
Rules for mortgage loans continue to be tightened! This is especially true for certain low-down payment borrowers looking to cash-out re-finance, those purchasing investment properties, and borrowers with limited documentation of their financial credentials.
Those considering loans mortgage insurers consider "high risk," or in geographic areas considered "distressed" or "declining" by lenders or Private Mortgage Insurance Companies will face even tougher barriers to financing.
Read our post today at BlogChicagoHomes.com for the details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 5th.
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 May 4th 5,024 74 117 74
w/e April 28th 4,986 73 75 36
% CHANGE +0.8% +1.4% +56.0% +105.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 4th $330,673 147 DAYS $38,688,840
w/e April 28th $304,561 175 DAYS $22,842,132
% CHANGE +8.6% -16.0% +69.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 4th- LAST 12 MOS - 16.86 LAST 6 MOS - 24.98 LAST 3 MOS - 26.97
w/e April 28th - LAST 12 MOS - 16.58 LAST 6 MOS - 25.52 LAST 3 MOS - 28.42
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 4th- 21.60% (UNSOLD - 78.40%)
w/e April 28th - 21.13% (UNSOLD - 78.87%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory continues to creep upwards in previous weeks - very slowly! Units Pending Sale ("Just Sold") increased just a bit last week. Sold Units and Sales Volume predictably jumped last week - but volume increasing month-to-month - an encouraging sign here on the North and Northwest Sides of Chicago. Expired Listings increased as well, again predictable with the end of the month. Average Market Time continues to roller coaster up and down week to week, and is sill high throughout 2008, compared to the last couple of years.
Some encouraging statistics, however! Absorption Rate fell a solid 5.1% this week - with an average inventory turnover in the North and Northwest Side Chicago Areas we serve pleasantly falling to just below 27 months. This is still very high, but far better than the 40-month plus figures of a couple of months ago! Percentage of Sale Within Six Month (180 Days) slightly better than last week, by just over 2% - again reflecting the high Average Market Time numbers discussed above.
RATE AND MARKET CHECK
Once again, average 30-Year Fixed Mortgage Rates increased last week. Average rates averaged 6.06% for the week ending May 1st, versus 6.03% for the week ending April 28th - a 0.03 percent increase. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.16%.
"This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," said Frank Nothaft, Freddie Mac Vice President and Chief Economist.
"Additionally, in its most recent policy committee statement on April 30, the Federal Reserve indicated it expects inflation to moderate in coming quarters but uncertainty about the outlook for inflation remains high. However, the Fed did note that financial markets remain under considerable stress and tight credit conditions, along with the deepening housing contraction, are likely to weigh on economic growth."
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
