CHICAGO IL REAL ESTATE STATS PACK - February 2, 2009
Good Morning!
Despite receiving billions of dollars from the Fed since last year, the biggest banks in the U.S have not increased their consumer and business lending, and credit remains frozen across the country. Thus, the housing market and business recovery is stalled, for now.
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, February 2nd.
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 February 1st 4,031 38 43 70
w/e January 25th 4,050 35 23 34
% CHANGE -0.5% +8.6% +87.0% +105.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 1st $232,379 184 DAYS $9.992,297
w/e January 25th $290,126 155 DAYS $6,672,898
% CHANGE -19.9% +18.7% +49.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 1st - LAST 12 MOS - 13.90 LAST 6 MOS - 16.24 LAST 3 MOS - 23.17
w/e January 25th - LAST 12 MOS - 13.96 LAST 6 MOS - 35.46 LAST 3 MOS - 21.74
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 1st - 36.59% (UNSOLD - 63.41%)
w/e January 25th - 38.46% (UNSOLD - 61.54%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory again continues to be stable, while Closed Listings and Listings Expired showed their usual end-of-month spikes. As listings expire from the MLS, however, many are in distressed or pre-foreclosure status, even though their asking prices appear very low. Under normal or slightly depressed market conditions, many of these Expired Listings would have attracted offers and perhaps even sold. This year, however, even those listings seemingly priced below market tend to linger. Pending Sales up just a slight bit.
Average Sales Price took a huge tumble this week, perhaps indicating a substantial downward trend. Total Dollar Volume bounced back to nearly $10 Million, as a high number of properties sold late last year finally made it to the closing table as January came to a close. Average Market Time jumped to 184 days on the market last week - still very high!
Absorption Rate, including theoretical time to clear existing listing inventory, crashed the 23 month level this week - excruciatingly high in the North and Northwest Side of Chicago Neighborhoods we primarily serve. The Percentage of Sale Within Six Month (180 Days) fell again this past week - roughly 36.6% of listings - slightly over one- third - 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 dropped last week by 0.11% - to an average rate of 5.48, for the week ending January 28th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.64%.
Although homes-for-sale inventory rates have fallen in many areas of the country, the ratio of foreclosures to total sales is at a record high. The National Association of Realtors estimates that 45% of for-sale inventory across the U.S. is either already in foreclosure, or in imminent danger of being foreclosed upon.
The "Calculated Risk" Real Estate Blog sees a big "shadow inventory," as they call it - homeowers wanting to sell, but waiting in the background, and off the market, as long as area inventories are high, foreclosures rising, and prices depressed. In the author's opinion, this inventory in the background is likely to keep available homes supplies high for the foreseeable future.
Also ominous - the so-called "roll rate" - the number of past-due mortgages likely to go into the foreclosure process during the coming 90 day period - is more than double what it was in early 2006. At that time, roughly 14% of all homeowners were headed to likely foreclosure within the next three months. Today, that roll rate figure is nearly 33%.
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.
The Real Estate Waters are turbulent today! You need help and counsel interpreting the trends numbers, and determining a proper listing price when you sell your home, and a likely-accepted offering price when you buy. For market trend data and interpretation for any Chicago Neighborhood or Suburb, just give us a call!
DEAN MOSS & DEAN'S TEAM CHICAGO
