CHICAGO IL REAL ESTATE STATS PACK - October 13, 2008
Good Morning!
After a tumultuous week on Wall Street, more discouraging news on the Housing Market, nationwide.
According to a study by Moodys.com, 16% of all homeowners - about 1 in 6 - are "under water" on their home mortgages - they owe more on their home than it is likely worth today.
This is a frightening statistic indicating we have a way to go before we can expect a turnaround in the housing market, here in Chicago, and elsewhere across the U.S.
For more info, please read our post from last Thursday, at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, October 13th.
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 13th 4,996 33 55 62
w/e October 6th 5,130 43 96 43
% CHANGE -2.6% -23.3% -42.7% +44.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 13th $369,398 150 DAYS $20,316,890
w/e October 6th $351,048 162 DAYS $33,700,608
% CHANGE +5.2% -7.4% -39.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 13th - LAST 12 MOS - 16.06 LAST 6 MOS - 14.25 LAST 3 MOS - 14.68
w/e October 6th - LAST 12 MOS - 16.16 LAST 6 MOS - 14.52 LAST 3 MOS - 14.45
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 13th - 37.18% (UNSOLD - 62.82%)
w/e October 6th - 36.13% (UNSOLD - 63.87%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
A slight drop in Active Listing Inventory may indicate a slight trend toward pulling some unsold inventory off the market for the fall - will need to monitor to see if this becomes a trend. Pending Sales dropped once again this past week - Stock Market Uncertainty might be at play here, and many may have seen potential down payment funds devalued along with stock prices this past week.
Sold and Closed Properties bounced back down from last week, typical for mid-month. 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 countered last week's fall.
Average Sales Price increased this week - an encouraging trend, if it continues. Also encouraging - Average Market Time fell. So did weekly Sales Volume, reflecting the dip in the number of closed transactions this past week.
Absorption Rate, or theoretical time to clear existing listing inventory, up very slightly, to 14.68 months, indicating market weakness is still with us in Chicago. The Percentage of Sale Within Six Month (180 Days) increased this week - slightly, but any improvement here indicates a more vibrant market, and is good news.
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
Last week, the Dow Jones Industrial Average lost 18.2% of its value - the worst five-day run in it's history. Average 30-Year Fixed Mortgage Rates, however, fell by 0.22%. The Benchmark 30-Year Fixed Rate for the week ending October 8th was 6.19% One year ago, the Average 30-Year Fixed Rate was 6.50%.
"You're seeing a ton of activity right now," says Bob Walters, Chief Economist at Quicken Loans.
The mortgage market has been very tumultuous most of 2008. Often times, mortgage rates changed more than once in a day.
Walters still sees that kind of volatility continuing, but now sees mortgage rates "whipping around to the good side lately."
Mortgage activity has increased after two weeks of substantial falloffs. For the week ending Oct. 3rd, mortgage activity climbed a seasonally adjusted 2.2%, according to the Mortgage Bankers Association. Applications for new home purchases increased 3.2%, while re-finance applications jumped 0.9%.
See Chris Kissell's analysis via Bankrate.com for more information and 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.
Call or email us today for specific trends information on any Chicago Neighborhood or Suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
