CHICAGO IL REAL ESTATE STATS PACK - February 16, 2009
Good Morning!
As we await President Obama's plans for stabilizing the U.S. Housing and Credit Market, some larger U.S. Banks, including those with a big Chicago Presence - Chase, Bank of America, and Citibank - are imposing a temporary moratorium on home foreclosures. These banks plan to suspend foreclosure activity until the Obama Administration program to help distressed homeowners are finalized.
Please read our post from Sunday 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 16th.
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 15th 4,107 45 26 37
w/e February 8th 4,093 32 36 63
% CHANGE +0.3% +40.6% -27.8% -41.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 15th $301,754 194 DAYS $7,845,604
w/e February 8th $285,706 171 DAYS $10,285,416
% CHANGE +5.6% +13.5% -23.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 15th - LAST 12 MOS - 14.15 LAST 6 MOS - 17.28 LAST 3 MOS - 24.69
w/e February 8th - LAST 12 MOS - 14.11 LAST 6 MOS - 16.75 LAST 3 MOS - 23.75
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 15th - 35.75% (UNSOLD - 64.25%)
w/e February 8th - 36.22% (UNSOLD - 63.78%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Do improvements in Pending Sales and Average Market Price statistics signal a change in our market? It's early to tell, but the nuts and bolts of President Obama's Housing Program this week - likely geared to modify loans and stave off foreclosures - may be a good sign. If it reduces the supply of distressed homes on the market, Real Estate here in Chicago could begin to stabilize. If it has no mid-term impact, the waiting game continues!
Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve with great frequency. Still quite disturbing, however, is the stubbornly high Average Market Time, and another decline in Weekly Sales Volume.
Absorption Rate, including theoretical time to clear existing listing inventory, keeps climbing, and high inventory levels will continue as more properties go to market this Spring, unless Obama Administration action somehow slows the growth of foreclosure and distressed properties. The Percentage of Sale Within Six Month (180 Days) fell to just under 36% this past week.
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. We still await updated 2008 statistics.
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
As stocks fell this week, mortgage rates tumbled! Average 30-Year Fixed Rate Mortgages shed 0.34% - to an average rate of 5.34%, for the week ending February 11th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.96%.
Although interest rates remain low, lending standards are exceedingly high compared with year-ago levels. Income and assets must be thoroughly and accurately documented. Higher down payments or equity, for refinance loans, are required. In many cases, properties are under-appraising!
For their part, however, executives at the biggest banks in the U.S. are contending they are lending money, although they made it clear they don't want the government to MANDATE they lend money to certain, high-risk borrowers. Executives testified this past Wednesday before the U.S. House Financial Services Committee.
Apparently, they do not want to feel compelled to take on riskier business - that most likely to turn bad.
Things apparently have changed from just a few years ago, during the Housing Boom, when lenders were criticized by members of Congress for writing too many risky loans - including Alt-A and Sub-Prime, and Stated Income or "No Doc" Loans - both Adjustable Rate and Interest Only.
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
