CHICAGO IL REAL ESTATE STATS PACK - August 4, 2008
Good Morning!
Is there a silver lining in the Chicago Real Estate Market these days? If you own residential rental property, there might be! Although hard-and-fast statistics have not yet been compiled, there seems to be strengthened interest for rental housing. Many who would have purchased, rather than rented, a year or so ago are either delaying their purchase plans, waiting to see if home prices fall further, or have decided to rent, after not qualifying for mortgage financing.
The National Multi-Housing Council, a landlord trade group, sees encouraging signs in the rental market, and has started a marketing campaign to convince potential homebuyers to rent, for now.
Review our blog post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 4th.
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 August 4th 5,205 51 126 108
w/e July 28th 5,293 53 83 40
% CHANGE -1.7% -3.8% +51.8% +170.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 4th $349,722 140 DAYS $44,065,026
w/e July 28th $353,747 133 DAYS $29,361,050
% CHANGE -1.1% +5.3% +50.1%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 4th - LAST 12 MOS - 19.41 LAST 6 MOS - 19.07 LAST 3 MOS - 26.86
w/e July 28th - LAST 12 MOS - 19.77 LAST 6 MOS - 19.83 LAST 3 MOS - 28.97
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 4th - 26.39% (UNSOLD - 73.61%)
w/e July 28th - 25.60% (UNSOLD - 74.40%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The "bottom" of the real estate market. Have we seen it? Or, is it near?
Active Listing Inventory continues its pattern of stability we have seen over the last few weeks, while Average Sales Price has trended stable, despite reports last week of a continuing downward median price trend in much of the Chicago Real Estate Market. Pending Sales continue at a slow weekly rate, although up from a couple of months ago, while Closed Listings and Expired Listings show the usual end-of-month jumps.
Average Market Time continues high, and Sales Volume ended the month on a high note.
Absorption Rate, or average inventory turnover, fell considerably, by 7.3%, over the last week. Still high, as have homes-for-sale inventories, but it is encouraging that the rate has fallen below 27 months, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago! Percentage of Sale Within Six Month (180 Days) continues to improve, slowly.
If the market is indeed reaching a bottom, signs indicate it still has a ways to go before it bounces back, based on Average Price, Pending Sales, and Market Time figures.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates fell considerably based on moderating fears of inflation, falling by 0.11% compared to last week. Rates averaged 6.52% for the week ending July 31st. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.68%. Today, however, the best mortgage rates now only apply to the most highly qualified borrowers, with excellent credit scores and sizable down payments. One year ago, a greater number of borrowers qualified for the most attractive mortgage interest rates.
"Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "For instance, the Department of Energy reported that gasoline prices were the lowest since the end of May, and oil prices were at levels not seen since early May."
"Meanwhile, there were mixed reports this week on the state of the U.S. housing market. While the months of supply for existing single-family homes for sale rose to 11 months in June, the supply of new homes fell for the second consecutive month to 7 months. Further, the seasonally-adjusted U.S. homeownership rose slightly from 68.0 percent in the first quarter of this year to 68.1 percent in the second, yet still below the 68.3 percent set in the second quarter of 2007."
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 any suburb, check in with us . . . anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
