CHICAGO IL REAL ESTATE STATS PACK - May 26, 2008
Good Morning!
Hope you're enjoying your Memorial Day Holiday, everyone! While enjoying the time off today with your family and friends, we ask that you take a few minutes to reflect on those in our Armed Forces who have made the ultimate sacrifice in serving our country, and protecting our freedom.
We're sure you've heard the reports of significant real estate price declines in Major Metro Areas across the country. In Chicago, however, as well as in many in-town neighborhoods in other major cities across the country, prices are often stable, even increasing, in certain neighborhoods closest to Downtown.
Read our post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 26th - Memorial Day, here in the U.S.
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 25th 5,193 64 81 46
w/e May 18th 5,203 64 61 40
% CHANGE -0.2% +-0.0% +32.8% +15.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 25th $375,939 161 DAYS $30,451,110
w/e May 18th $333,397 148 DAYS $20,337,240
% CHANGE +12.8% +8.8% +49.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 25th- LAST 12 MOS - 18.06 LAST 6 MOS - 24.97 LAST 3 MOS - 28.56
w/e May 18th - LAST 12 MOS - 18.00 LAST 6 MOS - 25.88 LAST 3 MOS - 28.66
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 25th- 21.43% (UNSOLD - 78.57%)
w/e May 18th - 22.65% (UNSOLD - 77.35%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory fairly stable from last week. Although Units Pending Sale ("Just Sold"), was fairly flat compared to last week as well, the number of Sold Units increased by nearly one-third. Expired Listings were up as well - unsure if this is a trend, or an indication that too-highly priced listings fail to sell in this market. Average Sales Price seems to be roller-coastering up and down over the last few weeks, while Sales Volume showed a very significant, nearly 50% increase, week-to-week, due to more Sold Units. Average Market Time still stubbornly high.
Absorption Rate, or average inventory turnover, stable versus last week, but still continues high, in aggregate, on the North and Northwest Sides of Chicago. Currently, the area Absorption Rate continues just under 29 months.
Percentage of Sale Within Six Month (180 Days) got slightly worse this week, and is still very low - reflecting continued-high Average Market Time figures.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates slipped below 6.0% last week, after the release of weak economic news. Average rates averaged 5.98 % for the week ending May 22nd, versus 6.01% for the week ending May 15th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.37%.
"Interest rates for fixed-rate mortgages fell slightly this week on news of both weaker industrial production in April and consumer sentiment falling in May to its lowest level since June 1980," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "ARM rates, however, rose slightly on market forecasts that the Federal Reserve (FED) may not pursue any more rate cuts over the near term."
"Housing woes still plague the economy. Although housing starts unexpectedly rose in April, all of the gains were in multifamily properties. New construction on one-unit homes fell to 692,000 homes (annualized), which was the least since January 1991 and almost 62 percent below the peak set in November 2005. In addition, homebuilder confidence matched an all-time record low in May."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Please contact us anytime you would like detailed market trends analysis for any Chicago Neighborhood or Suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
