CHICAGO IL REAL ESTATE STATS PACK - October 6, 2008
Good Morning!
The $700 Billion Rescue Bill is Law! Will it impact the Economy? Mortgage Rates? The Housing Market in general?
Likely . . . not right away!
Review some of the thoughts and comments of experts via our post yesterday at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, October 6th.
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 October 6th 5,130 43 96 43
w/e September 29th 5,146 51 75 54
% CHANGE -0.3% -15.7% +28.0% -20.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 6th $351,048 162 DAYS $33,700,608
w/e September 29th $346,559 156 DAYS $25,991,925
% CHANGE +1.3% +3.8% +29.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 6th - LAST 12 MOS - 16.16 LAST 6 MOS - 14.52 LAST 3 MOS - 14.45
w/e September 29th - LAST 12 MOS - 16.48 LAST 6 MOS - 14.50 LAST 3 MOS - 14.76
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 6th - 36.13% (UNSOLD - 63.87%)
w/e September 29th - 36.85% (UNSOLD - 64.15%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Pending Sales dropped this past week - perhaps the uncertainty created by Turmoil in the Credit Markets was a factor. Sold and Closed Properties up - typical for the end of the month; many went under contract 30-45 days ago. Continued bloated inventory, as Active Listing Levels have shown little change over the past several months in the North and Northwest Side of Chicago Communities we serve frequently. Expired Listings fell last week - uncharacteristic for the end of the month.
Average Sales Price and Average Market Time stable this week, but Sales Volume again increased with the number of transactions that closed during the last week of September.
Absorption Rate, or theoretical time to clear existing listing inventory, fell a bit, to 14.45 months - it's still a strong Buyer's Market here. The Percentage of Sale Within Six Month (180 Days) fell very slightly this week, reversing a several-week improving trend.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.
RATE & MARKET WATCH
It was a tumultuous week in Washington, and a see-saw week for Mortgage Rates as well. The Benchmark 30-Year Fixed Rate for the week ending October 2nd was 6.41% One year ago, the Average 30-Year Fixed Rate was 6.42%.
Uncertainty over the U.S. Financial Bailout Bill in Congress caused T-Bond Yields to fluctuate almost daily. Bond yields are closely linked, in the inverse, to mortgage rates. Often, when Bond Yields go down, mortgage rates increase.
On Monday, when the U.S. House rejected the Bailout Bill, investors retreated to the comparative safety of U.S.Treasury Bills, and the yields of these T-Bills plunged. They moved much of their money into stocks on Tuesday, increasing bond yields. Wednesday, investors came back to Treasury Bills once more - again, yields fell.
See Holden Lewis's story via Bankrate.com for more detailed analysis and specific rate comparisons versus last week.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Would you like us to calculate specific trends in any Chicago Neighborhood or Suburb? Call or send us an email today!
DEAN MOSS & DEAN'S TEAM CHICAGO
