CHICAGO IL REAL ESTATE STATS PACK - February 9, 2009
Good Morning!
President Obama's Economic Stimulus Program. Will it pass the U.S. Senate early this week? And what changes will be made by the joint Senate/House Conference Committee, where the actual details of the final bill will be debated?
And, finally - will it help the struggling U.S. Housing Market rebound?
Please read our post from Sunday evening at BlogChicagoHomes.com for more details and a bit of insight.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, February 9th.
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 8th 4,093 32 36 63
w/e February 1st 4,031 38 43 70
% CHANGE +1.5% -15.8% -16.3% -10.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 8th $285,706 171 DAYS $10,285,416
w/e February 1st $232,379 184 DAYS $9.992,297
% CHANGE +22.9% -7.1% +2.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 8th - LAST 12 MOS - 14.11 LAST 6 MOS - 16.75 LAST 3 MOS - 23.75
w/e February 1st - LAST 12 MOS - 13.90 LAST 6 MOS - 16.24 LAST 3 MOS - 23.17
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 8th - 36.22% (UNSOLD - 63.78%)
w/e February 1st - 36.59% (UNSOLD - 63.41%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Stable, Stable, Stable! That's what the Active Listing Inventory remains in the North and Northwest Sides of Chicago Market Area we serve with great frequency. However, Pending Sales continue weak, and Listings Sold and Closed - down considerably over this time last year.
Average Sales Price see-sawed back up this week, but I'm guessing it will stabilize downward within the next few weeks, following the Chicago Market Trend set over the past six months. Total Dollar Volume increased slightly. Although Closed Sales Units fell, the increase in the Average Market Price made up for the units-sold fall off. Average Market Time moderated slightly versus last week, and is still quite high!
Absorption Rate, including theoretical time to clear existing listing inventory, approached the 24 month level this week - no signs of slowing down here, yet. The Percentage of Sale Within Six Month (180 Days) fell again this past week - roughly 36.22% 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
Comparison Level - comparing today's situation to what you had yesterday - also applies in the Real Estate and Mortgage Business. Average 30-Year Fixed Rate Mortgages climbed last week by 0.22% - to an average rate of 5.70, for the week ending February 4th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.78%.
Last fall, homebuyers would have jumped for joy over a sub-6% interest rate. In October, the average rate hovered around 6.75%!
Today, however, as compared to recent weeks when the average rate slipped to 5.0%, or even lower, consumer response is muted. Mortgage apps fell this past week, despite the fact that Average 30-Year Fixed Mortgage Rates have been below the 6% threshold for 11 straight weeks!
Many potential borrowers, it would seem, are holding out for even better rates, in light of the Obama Administration's desire to drive the average 30-Year Rate on new home purchases down around 4.5% within the coming months.
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.
If you would like market trend data and analysis for any Chicago Neighborhood or Suburb, just give us a call!
We'll help you traverse today's turbulent Chicago Real Estate Market.
DEAN MOSS & DEAN'S TEAM CHICAGO
