CHICAGO REAL ESTATE STATS PACK - September 8, 2008
Good Morning!
Foreclosures, and homeowners past due in at least one mortgage payment, continue to increase. Aside from the obviously negative emotional and economic impact on these homeowners, what will be the affect on market prices for homes in the near term?
In our blog post today at BlogChicagoHomes.com, experts from the National Bureau of Economics Research suggest that even with the number of foreclosures and homeowners in distress increasing monthly, the effect on home prices will likely be comparatively minimal.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 8th.
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 September 7th 5,196 40 71 104
w/e August 31st 5,195 54 122 75
% CHANGE +-0.0% -25.9% -41.8% +38.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 7th $362,732 103 DAYS $25,753,954
w/e August 31st $320,366 147 DAYS $39,084,722
% CHANGE +13.2% -29.9% -34.1%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 7th - LAST 12 MOS - 16.27 LAST 6 MOS - 14.39 LAST 3 MOS - 14.13
w/e August 31st - LAST 12 MOS - 16.18 LAST 6 MOS - 14.40 LAST 3 MOS - 13.89
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 7th - 35.32% (UNSOLD - 64.68%)
w/e August 31st - 35.17% (UNSOLD - 64.83%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Stability in Active Listings continues, while Pending Sales fell to wash out last week's gains, showing a consistent trend, but continued low performance, in the North and Northwest Side Neighborhoods in Chicago we serve.
Units Sold and Closed fell, as the last business day of August fell over a week ago, and many closings are scheduled during the last week of each month, while Average Sales Price bounced back from last week - but I would not expect this to be an ongoing trend, as prices, as a whole, have actually fallen here since the beginning of 2008. Average Market Time has improved - let's monitor to see if this is a trend. Have folks begun to right-price their properties based on real trends in the real estate market in Chicago? Sales Volume down, concurrent with the beginning of month drop in Units Sold.
Our new way of calculating Absorption Rate, or average inventory turnover, includes properties Placed Under Contract, as well as those that have actually Closed. We're testing these new figures to see if they better exemplify current market behavior here in Chicago. As such, current inventory levels here remain high - over 14 months, versus a balanced level of about six months, and have increased from last weeks number by nearly 2%.
The Percentage of Sale Within Six Month (180 Days) has increased about 0.4% over last week - just over one-third of all single family, condominium, and small multi-family properties in our primary market area sell within a normal six-month marketing time frame.
RATE & MARKET WATCH
Average 30-Year Fixed Mortgage Rates rates fell again, by 0.5% this past week. Rates averaged, 6.35% for the week ending August 28th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.46%. According to The Wall Street Journal, a projected decrease in Consumer Spending might be fueling the drop, according to Frank Nothaft, Freddie Mac Chief Economist.
Further, action today by the U.S. Treasury to help rescue giant U.S. Mortgage Investors and Guarantors Fannie Mae and Freddie Mac may have the effect of reducing rates even further. Details on the proposed takeover have been outlined in today's Wall Street Journal, in an article by James R. Hagerty and Ruth Simon.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
If you would like detailed market and trends data for any Chicago neighborhood or suburb, call or email us . . . anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
