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CHICAGO IL REAL ESTATE STATS PACK - September 15, 2008

Good Morning!

More stringent lending and underwriting requirements, coupled with the need for a 20% or better down payment in many cases, is making it tougher for some to buy condos in Chicago. 

Purchasing a couple of years ago, when the market was at its peak, often required little down, and average credit.  Today, low-down-payment options are vanishing, minimum FICO Credit Scores have increased, and FHA-Insured Loans - the only option for those with small down payments and not-so-perfect credit - preclude many condo developments.

In our blog post today at BlogChicagoHomes.com we look at some of the challenges faced by condo buyers in today's Chicago Real Estate Market.

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  September 15th.

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 15th       5,172                  41                          45                 35

w/e September 7th         5,196                  40                          71                104

% CHANGE                     -0.5%                 +2.5%                  -36.6%            -66.3%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e September 15th    $342,851               194 DAYS                      $15,428,300

w/e September 7th      $362,732               103 DAYS                      $25,753,954

% CHANGE                     -5.5%                    +88.4%                             -40.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e September 15th - LAST 12 MOS - 16.26   LAST 6 MOS - 14.35    LAST 3 MOS - 14.31

w/e September 7th - LAST 12 MOS - 16.27     LAST 6 MOS - 14.39   LAST 3 MOS - 14.13

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e September 15th - 35.91% (UNSOLD - 64.09%) 

w/e September 7th - 35.32% (UNSOLD - 64.68%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

OBSERVATIONS

Active Listings and Pending Sales continue stable - drops in Units Sold and Expired Listings normal for mid-month, but seem to be trending downward with the start of school, in the North and Northwest Side Neighborhoods in Chicago we serve.

Average Sales Price see-sawed lower, but on a downward trend since the beginning of the year.  Average Market Time sprung back like a jack rabbit this week - still trending high over the past few months. Sales Volume down, which may be tied to the Back to School time frame.

Absorption Rate, or theoretical time to clear existing listing inventory, remains above 14 months, while the Percentage of Sale Within Six Month (180 Days) improved 1.7% 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.  This might be attributable to many sellers reducing their list prices to better line up with current market prices.

RATE & MARKET WATCH

Subsequent to last Sunday's takeover of U.S. Mortgage Investors and Guarantors Fannie Mae and Freddie Mac by the Treasury Department, average 30-Year Fixed Mortgage Rates rates fell substantially last week.  Rates averaged, 5.93% for the week ending September 11th.  One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.31%

"Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past 4 weeks, which will help to spur home purchases and loan refinancing in coming weeks," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago."

"Lower rates have occurred at an opportune time, as the July pending sales data from the National Association of Realtors were off 3.2 percent from June. The Mortgage Bankers Association reported that refinance applications are up 18% over the past 3 weeks through September 5th, indicating that refinance activity has already begun to pick up."  

For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.

Call or email us anytime for detailed market and trends data for any Chicago neighborhood or suburb.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, September 14, 2008 3:21 PM by Dean's Team

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