CHICAGO IL REAL ESTATE STATS PACK - August 11, 2008
Good Morning!
For many months now, lenders have suggested contact them early, in anticipation of financial hardship possibilities ahead. However, many lenders are simply not responsive to their borrower clients unless they are already several months in arrears on their loan!
Review our blog post today at BlogChicagoHomes.com for this troubling reality.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 11th.
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 11th 5,228 68 62 62
w/e August 4th 5,205 51 126 108
% CHANGE +0.4% +33.3% -50.8% -42.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 11th $345,465 135 DAYS $21,418,848
w/e August 4th $349,722 140 DAYS $44,065,026
% CHANGE -1.2% -3.6% -51.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 11th - LAST 12 MOS - 19.63 LAST 6 MOS - 19.07 LAST 3 MOS - 28.12
w/e August 4th - LAST 12 MOS - 19.41 LAST 6 MOS - 19.07 LAST 3 MOS - 26.86
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 11th - 26.53% (UNSOLD - 73.47%)
w/e August 4th - 26.39% (UNSOLD - 73.61%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
One encouraging sign this week is a bit of a jump in the weekly Pending Sales throughout the North and Northwest Side Neighborhoods in Chicago we serve.
We see continued stability in Active Listing Inventory and Average Sales Price, despite a slight dip in Average Sale this week. Closed Listings and Expired Listings show dramatic mid-month dips, as is usually the case.
Average Market Time came down a bit, which is very good to see, while Sales Volume fell versus last week, but continues its relatively flat trend month over month.
Absorption Rate, or average inventory turnover, gave back last week's improvement, and is still high - at over 28 months for the aggregate single family, condo, and multi-family inventory figure. Percentage of Sale Within Six Month (180 Days) shows a continuing improving trend over the last few weeks.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates rates were unchanged versus last week. Rates averaged, once again, 6.52% for the week ending August 7th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.59%. The housing industry, nationally remains in a continued slump, however.
"The housing market is continuing to act as a drag on the economy," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Residential fixed investment subtracted 0.6 percentage points off second quarter growth in real GDP."
"More recently, mortgage applications for home purchases in the past few weeks fell to the slowest pace since the week ending February 21, 2003, according to the Mortgage Bankers Association. Finally, although showing some initial signs of improvement, the inventory of unsold homes remains at historically high levels."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call us for detailed market trends anywhere in the City of Chicago or any suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
