CHICAGO IL REAL ESTATE STATS PACK - July 7, 2008
Good Morning!
Many prospective home buyers ask our Team about available distressed properties. Some feel they can pick up foreclosure and pre-foreclosure properties for cents on the dollar.
In reality - it's not that easy, and not as cheap as these "bargain shoppers" might expect!
Our blog post today at BlogChicagoHomes.com explains, in summary, the difference between pre-foreclosure properties not yet owned by the bank, possibly "short sales," and those whose ownership has already reverted to the bank - called Real Estate Owned, or "REO's".
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, July 7th.
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 July 7th 5,161 43 112 161
w/e June 30th 5,270 70 111 53
% CHANGE -2.1% -38.6% +0.1% +203.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 7th $367,809 141 DAYS $41,194,707
w/e June 30th $307,205 125 DAYS $34,099,812
% CHANGE +19.7% +12.8% +20.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 7th - LAST 12 MOS - 18.79 LAST 6 MOS - 20.37 LAST 3 MOS - 27.47
w/e June 30th - LAST 12 MOS - 19.16 LAST 6 MOS - 21.70 LAST 3 MOS - 28.36
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 7th - 24.44% (UNSOLD - 75.56%)
w/e June 30th - 23.30% (UNSOLD - 76.70%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Generally, the last day of June is a big day for real estate closings on the North and Northwest Sides of Chicago. This week's figures, however, show little change from those of last week - only 112 single family homes, condos, or two-to-four unit apartment buildings closed last week, compared to 111 the prior week. Sales Volume was up considerably last week, as those properties that did sell had a higher average sales price than last week.
Active Listings remained fairly stable over the past week, while properties going Contract Pending were off, perhaps due to the pending Fourth of July Weekend, and many families taking a break from home searching in advance of the holiday. Average Market Time remains high - increasing last week.
Expired Listings surged, as they do typically at the end of the month, and at the end of the first half of the year. Many of these were very overpriced, however, and some of these sellers have just given up selling - for now.
Absorption Rate, or average inventory turnover, fell again this past week - by an additional 3.1%! The theoretical level of home inventory in the City of Chicago areas we serve no stands at just nearly 27.5 months, on average.
Percentage of Sale Within Six Month (180 Days) showed improvement this week, too.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates came back to earth a bit last week - falling 0.1%, versus the week ending June 26th. Average rates averaged 6.35% for the week ending July 3rd. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.63%.
"Mortgage rates reversed their three-week rise, falling this week after the release of the latest Federal Reserve policy statement that it expects inflation to moderate later this year and the reporting of May's timid increase in core personal consumption prices," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "According to recent trading activity in federal funds futures, market participants lowered somewhat their expectations of future rate hike hikes by the Fed compared to last week."
"Housing affordability fell in April due to gains in median house prices during the month, according to the National Association of Realtors. However, even with the recent erosion in affordability, homes were still more affordable in April than during the 2005-2007 period of skyrocketing house prices."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Need detailed trends in a Chicago Neighborhood or Suburb your family is considering? Give our Team a call!
DEAN MOSS & DEAN'S TEAM CHICAGO
