CHICAGO IL REAL ESTATE STATS PACK - June 20, 2008
Good Morning!
It's hard to imagine, but 2008 is one-half gone! The past year has been a tough one here in the Chicago Real Estate Market, and in the surrounding area. In the Chicago Metro Area, home sales have dropped 29 percent for the one-year period ending May, 2008. However, a 13.9% increase in home and condo sales between April and May of this year may indicate the market may be turning around somewhat.
But how quickly?
Read our post today at BlogChicagoHomes.com for a little insight.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 30th.
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 30th 5,270 70 111 53
w/e June 23rd 5,266 68 74 54
% CHANGE +0.1% +2.9% +50.0% -1.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 30th $307,205 125 DAYS $34,099,812
w/e June 23rd $332,566 167 DAYS $24,609,185
% CHANGE -7.6% -25.1% +38.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 30th - LAST 12 MOS - 19.16 LAST 6 MOS - 21.70 LAST 3 MOS - 28.36
w/e June 23rd - LAST 12 MOS - 19.08 LAST 6 MOS - 22.64 LAST 3 MOS - 29.16
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 30th - 23.30% (UNSOLD - 76.70%)
w/e June 23rd - 22.75% (UNSOLD - 77.25%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
While Active Listings and Sales Pending remained fairly stable within the past week, we are encouraged by considerable improvements in Average Market Time, Transactions Closed, and Closed Volume - these figures based on properties that went under contract several weeks ago, and are just now closing.
The dip in Average Sales Price might indicate many successful sellers are beginning to realize pricing correctly is the best predictor of a timely sale.
Absorption Rate, or average inventory turnover, fell 2.7% this past week - a positive move! The theoretical level of home inventory in the City of Chicago areas we serve no stands at just nearly 28.4 months, on average.
Percentage of Sale Within Six Month (180 Days) showed improvement this week as well.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased slightly last week - by 0.3%, versus the week ending June 19th. Average rates averaged 6.45% for the week ending June 26th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.69%. The last time rates exceeded the 6.40% level was last September 27th, when they again averaged 6.67%.
Rates here in the Chicago area, have fallen back to 6.50% or less - after spiking as high as 6.875% in recent weeks. Jumbo loans - those of over $417,000 principal balance - are often one point higher.
"Fixed-rate mortgage rates held relatively stable this week leading up to the June 24-25 Federal Reserve (Fed) Policy Committee meeting," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "ARM rates, which are typically tied to short-term instruments, rose slightly due to market uncertainty over how the Fed might respond."
"This week's release of the April S&P-Case Shiller® house price indexes offered a few surprises. The decline in the 20-city composite index was less than that in March and eight cities had positive monthly growth in April – compared to only two cities in March. In addition, May's new home median sales price increased from the prior month, according the Commerce Department. It should be noted, however, that seasonality may have played a factor in these results."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Give our Team a call for detailed statistics and trends for any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
