CHICAGO IL REAL ESTATE STATS PACK - October 20, 2008
Good Morning!
For the third consecutive month, New Home Sales, as well as New Building Permits, have continued to slide nationally. Since September, 2007, Housing Starts have tumbled 31% - their lowest annualized rate in 18 years!
Some economists think flagging new home sales could possibly impact sales of existing homes in a positive way. Others are adopting a "wait and see" attitude, in light of the recently-enacted Financial Rescue Legislation.
For more, please read our post from last earlier today, at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, October 20th.
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 20th 4,997 29 51 50
w/e October 13th 4,996 33 55 62
% CHANGE +-0.0% -12.1% -7.3% -19.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 20th $338,523 161 DAYS $17,264,673
w/e October 13th $369,398 150 DAYS $20,316,890
% CHANGE -8.4% +7.3% -15.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 20th - LAST 12 MOS - 16.10 LAST 6 MOS - 14.43 LAST 3 MOS - 15.02
w/e October 13th - LAST 12 MOS - 16.06 LAST 6 MOS - 14.25 LAST 3 MOS - 14.68
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 20th - 37.40% (UNSOLD - 62.60%)
w/e October 13th - 37.18% (UNSOLD - 62.82%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory was virtually unchanged from last week in the North and Northwest Side of Chicago Communities we serve most frequently - perhaps fewer sellers are coming to market as the weather cools. Pending Sales dropped for the third week in a row - indeed, we're seeing sluggish activity the past few weeks, perhaps out of concern for uncertainty in the Credit Markets.
Closed Properties continued their dip beginning two weeks ago. Expired Listings fell, countering last week's slight bump up. Average Sales Price fell significantly this week, reversing last week's up trend. Average Market Time see-sawed back up, while Sales Volume fell, reflecting the dip in the number of closed transactions and lower average sales price this week.
Absorption Rate, or theoretical time to clear existing listing inventory, was slightly up once again this week - now over 15 months. Bloated Inventory still makes selling a home or condo a long-term proposition in certain neighborhoods of Chicago. The Percentage of Sale Within Six Month (180 Days) very slightly improved this week.
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
Uncertainty on Wall Street, and the impact of the Financial Rescue Program, may have been a factor in a dramatic mortgage rate jump this week. Average 30-Year Fixed Mortgage Rates increased to 6.74% for the week ending October 15th, up from a 6.19% average last week. One year ago, the Average 30-Year Fixed Rate was 6.16%.
This was the biggest weekly rise in the Bankrate.com index in more than 21 years. In April, 1987, the benchmark mortgage rate jumped 0.86% in one week, from 9.44 percent to 10.3 percent.
Last week's average rate increase his happened against a backdrop of discouraging economic news.
The stock market, as well as bond yields, which more directly impact mortgage rates, see-sawed up and down. One analyst says he thought that investors were more willing to buy and sell mortgage-backed securities as they moved out and into the stock market, leading to big down-and-up movements in rates.
See Holden Lewis' post via Bankrate.com for more detailed analysis 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.
For specific trends on any Chicago Neighborhood or Suburb, please call!
DEAN MOSS & DEAN'S TEAM CHICAGO
