CHICAGO IL REAL ESTATE STATS PACK - October 27, 2008
The price of a gallon of gasoline continues to drop, here in Chicago and across the U.S. What will be the likely effect on the Housing Market?
Although an encouraging sign for the economy, around the world, the tumble in gasoline prices has yet to impact the U.S. Housing Market, for several reasons
To find out why not, 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 27th.
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 27th 4,943 36 61 56
w/e October 20th 4,997 29 51 50
% CHANGE -1.1% +24.1% +19.6% +12.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 27th $334,043 181 DAYS $20,376,623
w/e October 20th $338,523 161 DAYS $17,264,673
% CHANGE -1.3% +12.4% +18.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 27th - LAST 12 MOS - 15.89 LAST 6 MOS - 14.31 LAST 3 MOS - 15.26
w/e October 20th - LAST 12 MOS - 16.10 LAST 6 MOS - 14.43 LAST 3 MOS - 15.02
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 27th - 38.29% (UNSOLD - 61.71%)
w/e October 20th - 37.40% (UNSOLD - 62.60%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Active Listing Inventory very slightly down from last week in the North and Northwest Side of Chicago Communities we serve most frequently - it has been virtually flat over the last couple of months. Pending Sales showed a welcome rebound - perhaps, as prices become more affordable, and buyers begin to learn their lending options, sales are picking up a bit,
Closed Properties rebounded as well, ahead of the usual end-of-month increase - encouraging! Expired Listings countered last week's decline. Average Sales Price just slightly down - perhaps prices are beginning to form a bottom, but we can't say for sure, as demand has not yet picked up considerably. Average Market Time up once again, which concerns me, especially headed into the colder months here in Chicago, while Sales Volume came back substantially from last week's slide.
Absorption Rate, or theoretical time to clear existing listing inventory, was slightly up once again this week - now 15.26 months. Inventory levels remain high in the Chicago Neighborhoods we serve. The Percentage of Sale Within Six Month (180 Days) continued to improve this week, suggesting right-priced listings do indeed sell within a normal, six-month marketing time frame.
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
Just a week after the biggest climb in Average 30-Year Fixed Mortgage Rates in 21 years, rates this week tumbled!
Average Rates fell to 6.32% for the week ending October 22nd, a drop of 0.42% from last week's 6.74% average. One year ago, the Average 30-Year Fixed Rate was 6.31%.
There have been big swings in interest rates and bond yields within the last few weeks, due, in part, to uncertainty in the credit markets.
Three factors are combining to drive down mortgage rates during the past week -
First of all, central banks throughout North America and Europe have been trying to loosen lending among banks, so that banks then will become more willing to lend to businesses and consumers. This week, that effort began to show results, as interbank lending rates fell.
Second, as stock prices have fallen, investors have responded by pulling funds out of the stock market and buying bonds, including mortgage-backed securities. Bond yields then fall, mortgage rates follow.
Third, it is becoming increasingly clear that the U.S. economy is in a recession. Investors and economists fearing such a recession will be long-lasting and deep. During recessionary periods, interest rates tend to fall.
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.
Call us for specific trends on any Chicago Neighborhood or Suburb, anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO