CHICAGO IL REAL ESTATE STATS PACK - January 19, 2009
Good Morning!
Mortgage Interest Rates have tumbled in recent weeks - now they are below 5% for a Thirty-Year Fixed Rate Loan in many parts of the country. But new fees and surcharges, imposed on many potential home and condo buyers by U.S. Mortgage Investor and Guarantor Fannie Mae, may blunt the impact of these rate drops.
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 19th.
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 18th 4,032 25 28 58
w/e January 11th 4,015 23 31 48
% CHANGE +0.4% +8.7% -9.7% +20.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 18th $352,257 265 DAYS $9,863,196
w/e January 11th $256,009 147 DAYS $7,936,279
% CHANGE +32.9% +80.3% +24.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 18th- LAST 12 MOS - 13.82 LAST 6 MOS - 14.92 LAST 3 MOS - 20.06
w/e January 11th - LAST 12 MOS - 13.75 LAST 6 MOS - 14.47 LAST 3 MOS - 19.40
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 18th- 39.20% (UNSOLD - 60.80%)
w/e January 11th - 39.82% (UNSOLD - 60.18%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory, Pending Sales, and Closed Listings showed stability this past week. Expired Listings were at normal mid-month levels
Strong increases in Average Sales Price and Total Dollar Volume this past week, reversing the previous week's drop. However, Average Market Time jumped considerably - likely, not a true trend - stay tuned!
Absorption Rate, including theoretical time to clear existing listing inventory, jumped to over 20 months this past week in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently.
The Percentage of Sale Within Six Month (180 Days) fell slightly this past week - just over 39% of listings in our Chicago Primary Service Area 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 0.05% to 5.28%, for the week ending January 14th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.75%.
Rates have been falling since early November, 2008. Just before the U.S. Presidential Election, the Bankrate.com Benchmark rate was 6.77%. Most mortgage experts believe the Federal Reserve Board is responsible for the falling rate trend. When the Fed announced last year it would buy up to $500 Billion in mortgage bonds, the prices of those securities went up. That caused mortgage interest rates to go down.
Last week, some borrowers across the U.S. reported rates as low as 4.5% for a thirty-year fixed rate mortgage loan.
However, as explained earlier in this post, borrowers with challenged credit histories, and low down payments, pay higher fees, and, in some cases, higher interest rates than those with more down and excellent credit. For them, an FHA loan - requiring as little as 3.5% down payment and more modest credit - is the only viable, competitive option.
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 our Team anytime for specific market trends information within any Chicago Neighborhood or Suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
