CHICAGO IL REAL ESTATE STATS PACK - June 16, 2008
Good Morning!
Many in the press are indicating the bottom of the real estate price tumble, and equilibrium between supply and demand, may be near!
However, after analyzing both behavioral and statistical trends of buyers, sellers, and properties over the past few weeks, we're not sure if we're seeing this equilibrium here in Chicago yet.
Read our post today at BlogChicagoHomes.com for more information and our observations.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 16th.
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 June 16th 5,241 44 67 45
w/e June 9th 5,201 72 105 101
% CHANGE +0.8% -38.9% -36.2% -55.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 16th $347,625 169 DAYS $23,290,902
w/e June 9th $372,456 131 DAYS $39,107,880
% CHANGE -6.7% +29.0% -40.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 16th - LAST 12 MOS - 18.84 LAST 6 MOS - 23.22 LAST 3 MOS - 28.74
w/e June 9th - LAST 12 MOS - 18.29 LAST 6 MOS - 23.30 LAST 3 MOS - 27.26
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 16th - 22.63% (UNSOLD - 77.37%)
w/e June 9th- 22.57% (UNSOLD - 77.43%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Indicators continue to see-saw over the last few weeks - but the pattern still suggests high unsold listing inventory, low number of units pending sale, lengthy market time, moderating average sale price and still-lackluster home-sales volume.
The comparison between Listing Inventory and Properties Pending Sale continues to confound me! The number of Listed Properties continues fairly steady, while Pending Sales and Closed Properties show large fluctuations week to week.
Typically, sold properties are marked "Pending" on the MLS Computer only after they successful pass a five-day Home Inspection and Attorney Review period. Our Team's experience indicate many sales are failing during this initial five-day period, often because some buyers use this period to attempt to negotiate a lower sales price based on inspection issues. Many sellers, already forced to sell at a discounted price versus their original expectations, refuse to negotiate further, and the sale falls through.
Absorption Rate, or average inventory turnover, bounced up just over 5% since last week! The theoretical level of home inventory in the City of Chicago areas we serve jumped to just over 28.7 months within the past week.
Percentage of Sale Within Six Month (180 Days) improved held fairly stable this week, as Average Market Times continued high.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates skyrocketed over the past week! Average rates averaged 6.52% for the week ending June 12th, up 0.26% from the previous week One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.84%.
According to BankRate.com, this big rate jump is tied largely to fears about inflation, as well as credit availability.
For daily news, hot information, and trends, visit our Web Center - dean-team.com.
Call us anytime for detailed market trends on any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
