CHICAGO IL REAL ESTATE STATS PACK - January 5, 2009
Good Morning - Happy New Year!
The continued sluggishness in the Housing Market in Chicago causes special challenges for Condominium Owners and their Governing Boards and Associations. Foreclosures and delinquencies in assessment payments from financially-strapped unit owners may require them to scale back spending, and put off certain maintenance or repair projects. Higher or Special Assessments may also be required.
For more info, please read our post from Sunday evening at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, January 5th.
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 January 4th 3,987 20 46 243
w/e December 28th 4,234 17 32 43
% CHANGE -5.8% +17.6% +43.8% +465.1%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 4th $294,421 144 DAYS $13,543,366
w/e December 28th $236,412 235 DAYS $7,565,184
% CHANGE +24.5% -38.7% +79.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 4th- LAST 12 MOS - 13.64 LAST 6 MOS - 14.09 LAST 3 MOS - 18.60
w/e December 28th - LAST 12 MOS - 14.47 LAST 6 MOS - 14.56 LAST 3 MOS - 18.71
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 4th- 40.43% (UNSOLD - 59.57%)
w/e December 28th - 40.82% (UNSOLD - 59.18%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Wow! Active Listing Inventory took a nearly 6% fall this past week, in large part to many agent's listings that Expired on the last day of the year. (This also explains the expected, once-each-year jump in Expired Listings, again, always on December 31st. The increase in Properties Pending Sale increased slightly this week (small number not scientific) - but I was surprised to see any kind of increase at all during the week between the Christmas and New Year's Holidays.
There was a respectable jump in Average Sales Price, and the expected last-week-of-the-year increase in Sales Volume. This past week, Average Market Time fell back to earth a bit - but it is still a high 4.5 months in the Chicago North and Northwest Side Neighborhoods we serve most frequently.
Absorption Rate, including theoretical time to clear existing listing inventory, moderated a bit. There is now nearly 18.6 months of inventory in our prime Chicago service area.
The Percentage of Sale Within Six Month (180 Days) held stable this past week - just under 41%% of listings we monitor here closely sell in a normal six-month marketing time frame. Let's see if this trend continues early in 2009.
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. Updated 2008 statistics to follow during the First Quarter, 2009.
In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.
RATE & MARKET WATCH
Reversing a recent trend, average 30-Year Fixed Mortgage Rates fell last week - increasing 0.20%, to 5.64%, for the week ending December 31st, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 6.14%.
The last time average rates were in the mid-5-percent range for an extended period of time was mid-2003. It was the midst of the biggest re-finance boon in U.S. History.
Today is quite different, however. Five-plus years ago, lenders offered lenient loan terms, including low or zero required equity and low-threshold FICO Credit Scores. Sub-Prime Loans were everywhere, as were Stated-Income or No-Documentation Loans. Banks were pushing Home Equity Lines of Credit as an easy way to draw money out of your home, for everything from your kid's school tuition to your new boat.
Not so much anymore, as the lending environment has gotten exponentially tighter, and only the best, most qualified borrowers, with strong down payments or built-up equity, get the best loan rates.
In summary, average 30-Year Mortgage Rates were quite reasonable throughout 2008, despite the economic turmoil surrounding the U.S. Housing Market.
Averaging rates for all of last year, the Bankrate.com benchmark 30-year Fixed-Rate Mortgage averaged 6.23%. Believe it or not, that rate was actually below the 2007 average of 6.40% as well the average in 2006 of 6.47%. However, last year's average rate was slightly higher than 2005 average - 5.93%.
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.
Need specific market trends information within any Chicago Neighborhood or Suburb. Call Us Anytime!
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