CHICAGO IL REAL ESTATE STATS PACK - August 18, 2008
Good Morning!
HOMESELLERS: Do you really save money by selling By Owner? This is an old subject, being asked more and more by those trying to sell - as Chicago home inventory and days on market rise, and median prices fall.
Despite the fact that home equity appears to be shrinking in Chicago these days, and every dollar in your home sale counts - can you really net more by foregoing a Real Estate Broker, and selling on your own? Are you sure?
Review our blog post today at BlogChicagoHomes.com will provide some insight on this critical homeseller question.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 18th.
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 18th 5,260 55 80 58
w/e August 11th 5,228 68 62 62
% CHANGE +0.6% -19.1% +29.0% -6.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 18th $394,483 161 DAYS $31,558,708
w/e August 11th $345,465 135 DAYS $21,418,848
% CHANGE +14.2% +19.3% +47.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 18th - LAST 12 MOS - 19.68 LAST 6 MOS - 19.19 LAST 3 MOS - 28.95
w/e August 11th - LAST 12 MOS - 19.63 LAST 6 MOS - 19.07 LAST 3 MOS - 28.12
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 18th - 26.55% (UNSOLD - 73.45%)
w/e August 11th - 26.53% (UNSOLD - 73.47%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Pending Sales gave back much of last week's gain in the North and Northwest Side Neighborhoods in Chicago we serve, while Active Listings Inventory remained steady.
There was a strong increase in Average Sales Price over the past week, but unsure if this is an aberration, or a definite trend. Monitoring this figure over the next few weeks will help us answer this question. Sales Volume jumped in conjunction with the increase in Closed Unit Sales and Average Price.
Average Market Time is still troublingly high.
Absorption Rate, or average inventory turnover, increased 3% this week as well, with current inventory in the areas we serve very close to 29 months now. Percentage of Sale Within Six Month (180 Days) shows a very slight improvement again this week.
RATE & MARKET WATCH
Average 30-Year Fixed Mortgage Rates rates were unchanged for the third week in a row this past week. Rates averaged, once again, 6.52% for the week ending August 14th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.62%. Housing and economic news was mixed this past week.
"Mortgage rates held relatively steady for the second week in a row amid offsetting economic data releases," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "For instance, consumer credit grew by $14 billion in June, more than twice the market consensus, but retail sales were weaker in July."
"News was mixed for the housing market as well. Pending existing home sales unexpectedly rose in June, signaling a possible increase in home sales in July and August, according to the National Association of Realtors. Offsetting that information was the news that commercial banks tightened lending standards even more for prime, nontraditional and sub prime mortgages in July according to the Federal Reserve, an action that may dampen further home sales activity going forward."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Need detailed market trends for any neighborhood in the City of Chicago or in any suburb? Call us!
DEAN MOSS & DEAN'S TEAM CHICAGO
