CHICAGO IL REAL ESTATE STATS PACK - July 21, 2008
Good Morning, Everyone!
A massive Housing Bill may be on the way to the President's desk as early as this week. It will allow many of those home owners in distress, owing more on their mortgage than what their home is worth on the market today, or facing mortgage resets, to refinance their mortgage into a more affordable, FHA-insured loan.
But not every home owner will qualify!
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 21st.
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 21st 5,273 51 76 42
w/e July 14th 5,237 56 80 64
% CHANGE +0.7% -8.9% -5.0% -34.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 21st $357,317 187 DAYS $27,156,094
w/e July 14th $335,139 120 DAYS $26,811,150
% CHANGE +6.6% +55.8% +1.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 21st - LAST 12 MOS - 19.58 LAST 6 MOS - 20.05 LAST 3 MOS - 28.71
w/e July 14th - LAST 12 MOS - 19.16 LAST 6 MOS - 20.01 LAST 3 MOS - 28.19
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 21st- 25.18% (UNSOLD - 74.82%)
w/e July 14th - 25.02% (UNSOLD - 74.98%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Some hopeful numbers this past week!
While Active Listing Inventory continued stable over the past couple of weeks, Average Sales Price actually took an upturn, up a respectful 6.6%. The number of Pending Sales and Closed Listings each see-sawed once again this week, falling somewhat since the last time we checked the stats one week ago.
Average Market Time way up this week. This might be an aberration, but, in any event, remains high. Total Sales Volume stable versus last week, expected for a mid-month reading.
Absorption Rate, or average inventory turnover, again increased, by 1.8%, over the last week. There is 28.71 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) was stable between the last two stats check readings.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates fell strongly this past week - by 0.9% this past week, as compared to the week ending July 10th. Rates averaged 6.26% for the week ending July 17th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.73%.
"Mortgage rates fell this week amid market speculation that the Federal Reserve (Fed) may not raise the overnight bank-lending rate this year after all," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Some of the factors motivating the change in market perceptions this week included retail sales for June rising at the slowest pace since February and consumer sentiment in July holding at low levels not seen since 1980."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
For detailed market trends anywhere in the City of Chicago or every suburb, contact DEAN'S TEAM CHICAGO, anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
