CHICAGO IL REAL ESTATE STATS PACK - November 3, 2008
Good Morning, Everyone!
The most historic U.S. Election is tomorrow! Please, take time to vote - if you haven't taken advantage of early voting.
A recent study of several economic trends, including home price data, aggregated to the state level, seems to indicate presidential preference is impacted by statewide housing trends.
Most states showing declining price trends over the past year, according to data compiled by the Office of Federal Housing Enterprise Oversight (OFHEO), favor Democrat Barack Obama for President, while those showing stable or somewhat improving trends seem to favor Republican John McCain.
Read more, with a link to the complete chart via reporter Phil Izzo's post in the Wall Street Journal Real Time Economics Blog from yesterday, via our post today at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, November 3rd.
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 November 3rd 4,788 31 79 132
w/e October 27th 4,943 36 61 56
% CHANGE -3.1% -13.9% +29.5% +135.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 3rd $332,918 140 DAYS $23,970,096
w/e October 27th $334,043 181 DAYS $20,376,623
% CHANGE -0.3% -22.7% +17.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 3rd - LAST 12 MOS - 15.53 LAST 6 MOS - 14.07 LAST 3 MOS - 15.45
w/e October 27th - LAST 12 MOS - 15.89 LAST 6 MOS - 14.31 LAST 3 MOS - 15.26
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 3rd - 38.51% (UNSOLD - 61.49%)
w/e October 27th - 38.29% (UNSOLD - 61.71%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Here in Chicago, could we be nearing a price bottom in our local Real Estate Market?
Average Sales Price has seemed to stabilize this week, and Average Market Time of those listings that do sell seems to be improving over its recent long-term trend. Pending Sales gave back last week's improvement, Units Sold and Sales Volume, as well as Listings Expired, showed their usual end-of-month jumps - although Expired Listings really skyrocketed versus previous months.
This weeks fall in Active Listing Inventory could be due to many frustrated homesellers in the North and Northwest Side of Chicago Communities we serve most frequently taking their homes off the market for the winter - let's see if the trend continues next week.
Absorption Rate, or theoretical time to clear existing listing inventory, was up once again this week - now 15.45 months. Inventory levels remain high in the Chicago Neighborhoods we serve. The Percentage of Sale Within Six Month (180 Days) again improved this past 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
The Mortgage Interest Rate Roller Coaster continues its wild ride, in light of continued uncertainty in the financial markets.
Despite more encouraging stock market news from Wall Street, Average 30-Year Fixed Mortgage Rates increased by 0.45%, to 6.77%, for the week ending October 29th. The last time average rates were this high, according to Bankrate.com statistics, was last summer - the week ending July 23rd. The last time rate averages were higher was for the week ending July 23, 2007, when average 30-Year Fixed Rates were 6.82%
One year ago, the Average 30-Year Fixed Rate was 6.29%.
Dick Lepre, of Residential Pacific Mortgage, San Francisco CA, attributes the surging rates with the increase in the issuance of commercial paper -- short-term debt that large companies issue.
In an attempt to thaw frozen credit markets, the Federal Reserve has started to buy commercial paper. Now that corporations are better able to borrow, investors are more positive. News of this sort led to the rise of 889 Points in the Dow Jones Industrial Average last Tuesday.
Lepre believes that many investors sold mortgage-backed securities to buy stocks, and that sell-off led to the rise in mortgage interest 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.
Need specific trends on any Chicago Neighborhood or Suburb? Please call us, anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
