CHICAGO IL REAL ESTATE STATS PACK - July 14, 2008
Good Morning!
Considering renovating a historic home in Chicago? Several government incentive programs exist, as do tax assessment freezes, that can reduce your cost of ownership within the first several years after you rehab.
Review our blog post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, July 14th.
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 14th 5,237 56 80 64
w/e July 7th 5,161 43 112 161
% CHANGE +1.5% +30.2% -28.6% -60.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 14th $335,139 120 DAYS $26,811,150
w/e July 7th $367,809 141 DAYS $41,194,707
% CHANGE -8.9% -14.9% -34.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 14th - LAST 12 MOS - 19.16 LAST 6 MOS - 20.01 LAST 3 MOS - 28.19
w/e July 7th - LAST 12 MOS - 18.79 LAST 6 MOS - 20.37 LAST 3 MOS - 27.47
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 14th- 25.02% (UNSOLD - 74.98%)
w/e July 7th - 24.44% (UNSOLD - 75.56%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory remained stable this week, but Pending Sales increased, countering last week's Fourth of July-week drop-off. Closed Listings and Listings Expiring countered last week's increases - predictably, since we are now mid-month. Total Sales Volume gave up last week's gain. Average Market Time fell this week - but there is no established trend here toward moderation.
Absorption Rate, or average inventory turnover, gave back much of last week's 3.1% improvement - increasing by 2.6%, to 28.19 months of active inventory, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago! Percentage of Sale Within Six Month (180 Days) showed a decent 2.4% gain this past week, however.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased 0.2% this past week, as compared to the week ending July 3rd. Rates averaged 6.37% for the week ending July 10th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.73%.
"In the housing sector, economic reports were mixed this week," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Pending sales (nationally) for existing homes fell more than expected in May but April's increase was revised even higher, according to the National Association of Realtors.
"Offsetting this decline, the number of mortgage applications for home purchases over the week ending July 4th was nearly 10 percent above the over five-year low set just two weeks prior, despite the holiday break, according to the Mortgage Bankers Association."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call us anytime for detailed trends in any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
