CHICAGO IL REAL ESTATE STATS PACK - November 24, 2008
Good Morning!
As we all may surmise, the value of a piece of Real Estate is determined at the LOCAL LEVEL. More precisely, it is subject to negotiations between specific buyers and sellers, repeated again and again throughout specific neighborhoods, subdivisions, or suburbs.
This is important to consider as you read National Aggregate Estimates or Indices - even Regional or Metro Area Estimates!
We have calculated the change in median home values, over the past 22 months, for several well-known Chicago Neighborhoods and Suburbs, and have found that none of these median prices bear any resemblance to the highly-reported National or Regional Estimates.
Read more via our post today at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, November 24th.
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 24th 4,662 40 51 60
w/e November 17th 4,711 41 43 74
% CHANGE -1.0% -2.4% +18.6% -18.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 24th $303,648 157 DAYS $15,046,048
w/e November 17th $285,697 144 DAYS $12,284,971
% CHANGE +6.3% +9.0% +22.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 24th - LAST 12 MOS - 15.34 LAST 6 MOS - 14.05 LAST 3 MOS - 16.49
w/e November 17th - LAST 12 MOS - 15.38 LAST 6 MOS - 13.94 LAST 3 MOS - 15.90
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 24th - 39.79% (UNSOLD - 60.21%)
w/e November 17th - 39.94% (UNSOLD - 60.06%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory showed a continued seasonal drop this week. Pending Sales still stable - but we have worked with an increasing number of "bargain hunters" looking for good-condition properties at historically-low prices ahead of the winter. Average Sales Price again fell quite a bit - over 5%. Indeed, average prices for single-family homes, condos, and two-to-four-unit apartment buildings have noticeably fallen this year in the North and Northwest Side of Chicago Neighborhoods we serve.
Closed Units and Units Expired washed last week's unfavorable numbers.
Sales Volume bounced back strongly this week, and is likely to increase again pre-Thanksgiving, as many attempt to close pending sales before calendar month's end. Average Sales Price up over 6% - but likely not an ongoing trend, let's continue to monitor.
Absorption Rate, or theoretical time to clear existing listing inventory, continues its increasing trend over the last couple of months. It now stands at 16.5 months, continuing a recent upward trend, and up 3.7% versus last week. Homes-for-sale inventory remains high in most Neighborhoods in Chicago. The Percentage of Sale Within Six Month (180 Days) stabilized this week - nearly 40% of listings we monitor here closely sell in 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
Average 30-Year Fixed Mortgage Rates fell for the third consecutive week - down 0.06%, to 6.33%, for the week ending November 19th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 6.29%.
According to Holden Lewis at Bankrate.com, recessions often are accompanied by falling interest rates. The likelihood that we are in a recession resounded strongly this past week. On Wednesday, the U.S. Department of Labor announced the Consumer Price Index fell 1% in October. The unusually large drop in the price index was attributed mostly to falling gasoline prices. But the Core CPI, which excludes food and energy costs, fell 0.1% in October.
The core CPI decrease reflects poorly on the state of the U.S. Economy. The price index for used cars and trucks fell 2.4% in October, and the price index for new vehicles fell by 0.5%. This is an indication that car buyers are staying away from dealers' showrooms.
The price index for clothing fell 1%. Toy prices even tumbled - by 1/2% - right as the Christmas Shopping Season is poised to begin.
See Holden Lewis's 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 TODAY for specific trends on any Chicago Neighborhood or Suburb!
We at Dean's Team Chicago wish you and your family a Joyous Thanksgiving!
DEAN MOSS & DEAN'S TEAM CHICAGO
