CHICAGO IL REAL ESTATE STATS PACK - January 26, 2009
Good Morning!
As mortgage distress and potential foreclosure draws near, many fearful homeowners have fallen prey to unscrupulous Foreclosure Rescue Companies promising easy relief. Most of the time, these promises are simply fraudulent!
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 26th.
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 25th 4,050 35 23 34
w/e January 18th 4,032 25 28 58
% CHANGE +0.4% +40.0% -17.9% -41.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 25th $290,126 155 DAYS $6,672,898
w/e January 18th $352,257 265 DAYS $9,863,196
% CHANGE -17.6% -41.5% -32-3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 25th- LAST 12 MOS - 13.96 LAST 6 MOS - 15.46 LAST 3 MOS - 21.74
w/e January 18th - LAST 12 MOS - 13.82 LAST 6 MOS - 14.92 LAST 3 MOS - 20.06
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 25th- 38.46% (UNSOLD - 61.54%)
w/e January 18th - 39.20% (UNSOLD - 60.80%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory again showed stability last week. Pending Sales up, and Closed Listings - but the total numbers are small, and may not be predictive of reality accurately. I am concerned, however, that these raw numbers are so small. showed stability this past week. Expired Listings fell - normal for the middle of the month.
Average Sales Price and Total Dollar Volume crashed back to earth this past week. One year ago, Sales Volume stood at $11,121,833 - current is 40% lower than the w/e January 28, 2008! One year ago, the Average Sales Price in the Chicago North and Northwest Side Neighborhoods in which we specialize was $317,766 - 8.7% higher than today! Average Market Time fell compared to last week, but is still high, at 155 days on market.
Absorption Rate, including theoretical time to clear existing listing inventory, jumped yet again to nearly 22 months this past week.
The Percentage of Sale Within Six Month (180 Days) fell again this past week - roughly 38.5% 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 rose last week, 0.31% - to an average rate of 5.59, for the week ending January 21st, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.57%.
Bond traders hearing President Obama's Inaugural Speech feared inflation, as a result of the new President's proposed package for Economic Stimulus. Fear of inflation increase bond yields, which in turn fuel mortgage interest rates.
Recent low rates have resulted in increasing processing times for new and refinance loans. Many lenders advise their clients to get an extended 60 or 90 day Rate Lock, rather than the old-standby 30-day lock. When rates drop, many borrowers break their lock and re-apply, adding to loan processing delays.
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 market trend data and interpretation for any Chicago Neighborhood or Suburb? Let us know!
DEAN MOSS & DEAN'S TEAM CHICAGO
