CHICAGO IL REAL ESTATE STATS PACK - September 1, 2008
Good Morning!
Despite signs that we might be nearing a bottom to the housing market, here in Chicago and across the U.S., ever-tightening mortgage approval rules could be putting a big damper on a housing turnaround in the short term.
In our blog post today at BlogChicagoHomes.com, we explore the fact that despite falling median prices, inventories are still high in many markets. Further, lenders, stung by the high rate of default, delinquency, and historically-high levels of foreclosure, may be over-compensating in their screen of prospective homebuyers for new mortgages.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 1st.
Communities and clients we serve, reside, or plan to reside, include 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 31st 5,195 54 122 75
w/e August 25th 5,259 43 84 46
% CHANGE -1.2% +25.6% +45.2% +63.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 31st $320,366 147 DAYS $39,084,722
w/e August 25th $398,818 143 DAYS $33,441,925
% CHANGE -19.7% +2.8% +16.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 31st - LAST 12 MOS - 16.18 LAST 6 MOS - 14.40 LAST 3 MOS - 13.89
w/e August 25th - LAST 12 MOS - 19.74 LAST 6 MOS - 19.24 LAST 3 MOS - 28.50
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 31st - 35.17% (UNSOLD - 64.83%)
w/e August 25th - 26.64% (UNSOLD - 73.36%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Continued stability in Active Listings again this week, while Pending Sales rebounded considerably in the North and Northwest Side Neighborhoods in Chicago we serve.
Units Sold rebounded strongly last week, while Average Sales Price dropped like a rock. If these numbers continue to trend this way, it could indicate that sellers are finally seeing that adjusting their asking price could drive increased sales. Average Market Time about the same as last week.
On the surface, Absorption Rate, or average inventory turnover, showed considerable improvement this week, as did Percentage of Sale Within Six Month (180 Days). Before commenting on these new, improved numbers, let's see if the trend continues next week. A software update this past week within the Multiple Listing Service Database might have thrown these indicator numbers off.
RATE & MARKET WATCH
Average 30-Year Fixed Mortgage Rates rates fell by 0.7% this past week. Rates averaged, 6.40% for the week ending August 28th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.67%. In one encouraging sign, according to The Wall Street Journal, the Mortgage Bankers Association reported that mortgage application volume rose last week, for the first time in three weeks.
"Interest rates for fixed-rate mortgages continue to drift down as reports of economic weakness persist," according to Frank Nothaft, Freddie Mac's Chief Economist.
"ARM rates, on the other hand, rose slightly after the Federal Reserve's Open Market Committee hinted it might increase the overnight bank lending rate in its Aug. 5 minutes," he said.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call us if you would like detailed market and trends data for any Chicago neighborhood or suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
