CHICAGO IL REAL ESTATE STATS PACK - September 22, 2008
Good Morning!
A historic, turbulent week on Wall Street now leads to debate in the U.S. Congress on the Housing Bailout Plan proposed by U.S. Treasury Secretary Henry Paulson.
Most agree this measure, which will allow the Fed to buy as much as $700 Billion of defaulting loan assets from mortgage lenders nationwide, needs to be in place, promptly. However, passage will likely not come without political wrangling and modifications of the bailout plan.
What's likely to be discusses by members of Congress and Senators this week before the Bailout Measure is approved? We have highlighted possible Congressional concerns in our post today @ BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 22nd.
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 22nd 5,142 49 59 65
w/e September 15th 5,172 41 45 35
% CHANGE -0.6% +22.5% +31.1% +85.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 22nd $319.037 158 DAYS $18,823,186
w/e September 15th $342,851 194 DAYS $15,428,300
% CHANGE -6.9% -18.6% +22.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 22nd - LAST 12 MOS - 16.35 LAST 6 MOS - 14.32 LAST 3 MOS - 14.53
w/e September 15th - LAST 12 MOS - 16.26 LAST 6 MOS - 14.35 LAST 3 MOS - 14.31
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 22nd - 36.25% (UNSOLD - 63.75%)
w/e September 15th - 35.91% (UNSOLD - 64.09%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings continue stable, while Pending Sales bounced up a bit (still, small quantity - only 49 total condos, single family homes, and small multi-family properties in the North and Northwest Side of Chicago Neighborhoods we serve went under contract last week.. Mid-month Units Closed and Expired Listings unexpectedly jumped.
Average Sales Price fell again this week, just over another 6.9%. , but on a downward trend since the beginning of the year. Average Market Time moderated a a bit, but still high. Sales Volume bounced back up, coinciding with the higher number of properties closed last week.
Absorption Rate, or theoretical time to clear existing listing inventory, climbed slightly to just over 14.5 months, still definitive of a strong Buyer's Market here, while the Percentage of Sale Within Six Month (180 Days) showed continued improvement as well. Perhaps, market time, for well-priced properties, is indeed going down.
RATE & MARKET WATCH
For the fifth consecutive week, average 30-Year Fixed Mortgage Rates rates continued to fall, in the afterglow of the takeover of Fannie Mae and Freddie Mac by the Fed a couple of weeks ago. Rates averaged, 5.78% for the week ending September 18th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.34%. Interest rates were last this low last Valentine's Day, 2008, when they averaged 5.72% for thirty-year fixed rate loans.
"Interest rates for 30-year fixed-rate mortgages fell for the 5th consecutive week, amounting to a total decline of about 0.75 percentage points," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "As a result, mortgage applications surged nearly 58 percent since August 15th, largely led by a 122 percent gain in applications for refinancing, according to the Mortgage Bankers Association (MBA)."
"The MBA also reports that fixed-rate mortgages are currently the predominant choice among homebuyers and families looking to refinance. Over the first two weeks of September, 95 percent of new applications were for fixed-rate mortgages. Since the end of 2007, the number of ARM applications fell by almost 50 percent."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Please call or email us for detailed market and trends data and insight for any neighborhood or suburb in or near Chicago.
DEAN MOSS & DEAN'S TEAM CHICAGO
