CHICAGO IL REAL ESTATE STATS PACK - January 12, 2009
Good Morning!
Under a new proposal by IL Democratic Senator Richard Durbin, certain home borrowers receiving Chapter 13 Bankruptcy Protection could get the terms and interest rate of their mortgage loan modified more favorably by BK judges. This represents a major change from previous policy!
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 12th.
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 11th 4,015 23 31 48
w/e January 4th 3,987 20 46 243
% CHANGE +0.7% +15.0% -32.6% -80.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 11th $256,009 147 DAYS $7,936,279
w/e January 4th $294,421 144 DAYS $13,543,366
% CHANGE -13.0% +2.1% -41.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 11th- LAST 12 MOS - 13.75 LAST 6 MOS - 14.47 LAST 3 MOS - 19.40
w/e January 4th - LAST 12 MOS - 13.64 LAST 6 MOS - 14.09 LAST 3 MOS - 18.60
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 11th- 39.82% (UNSOLD - 60.18%)
w/e January 4th - 40.43% (UNSOLD - 59.57%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory showed a very slight increase this past week, as some sellers whose listings expired at the end of 2008 re-listed them very shortly after the holidays. Expired Listings fell to more normal levels this past week, and, although sample numbers are small, Properties Pending Sale should a healthy increase.
While Average Market Time stayed practically unchanged from last week, Average Sales Price and Total Dollar Volume tumbled - unsure if this will be a lasting trend in 2009 in the Chicago North and Northwest Side Neighborhoods we serve most frequently.
Absorption Rate, including theoretical time to clear existing listing inventory, jumped significantly - 1.4% - within the past week. There is now a very high 19.4 months of inventory in our prime Chicago service area.
The Percentage of Sale Within Six Month (180 Days) fell this past week - just under 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. 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
Average 30-Year Fixed Rate Mortgages fell to their lowest level since June, 2003, falling 0.31% to 5.33%, for the week ending January 7th, according to Bankrate.com. This past weekly average is only 0.02% higher than the BankRate Record Low, recorded at 5.11% on June 11, 2003, based on their own survey data reaching back to 1985. One year ago, the Average 30-Year Fixed Rate was 5.88%.
About four out five applicants today are homeowners who want to refinance their current loans, according to the Mortgage Bankers Association. In formerly hot real estate markets, a lot of those applicants are turned away because house values have fallen and they don't have enough equity in the home to refinance.
One CA Mortgage Broker estimates that he is only approving about 30% of his incoming loan applications for re-fi's, however. Many of the rest do not have enough home equity to qualify, or have insufficient credit scores to qualify for today's lowest rates.
One bright spot for home buyers, especially FIRST TIME homebuyers, is the FHA Insured Loan. FHA is more forgiving on a borrowers modest to average credit scores, and allows home borrowing for qualified potential borrowers who have as little as 3.5% down payment, with family gift funds toward that down payment allowed.
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!
DEAN MOSS & DEAN'S TEAM CHICAGO
