CHICAGO IL REAL ESTATE STATS PACK - February 23, 2009
Good Morning!
Poor economic conditions are creating another kind of tragedy in Chicago - vacant homes and units in large condo buildings - even in the city's more affluent neighborhoods! For those few residents who have closed on their units in such condo buildings, the results are often disastrous!
Please read our post from Sunday at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, February 23rd.
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 22nd 4,106 33 29 31
w/e February 15th 4,107 45 26 37
% CHANGE +-0.0% -26.7% +11.5% -16.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 22nd $283,613 223 DAYS $8,224,777
w/e February 15th $301,754 194 DAYS $7,845,604
% CHANGE -6.0% +14.9% +4.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 22nd - LAST 12 MOS - 14.23 LAST 6 MOS - 18.43 LAST 3 MOS - 26.10
w/e February 15th - LAST 12 MOS - 14.15 LAST 6 MOS - 17.28 LAST 3 MOS - 24.69
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 22nd - 34.18% (UNSOLD - 65.82%)
w/e February 15th - 35.75% (UNSOLD - 64.25%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Just as quickly as the number of Pending Sales and the Average Market Time improved last week, the current week's figures reverses earlier improvements. Indeed, the fix for the Chicago Housing Market is not likely to be a quick, nor a smooth one.
Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve with great frequency. However, an uptick in the Number of Units Sold resulted in an improved Weekly Sales Volume this week.
Absorption Rate, including theoretical time to clear existing listing inventory, continues its march higher, rising a considerable 5.7% within the past week. The Percentage of Sale Within Six Month (180 Days) fell once again, to just over 34% 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 investors awaited Mortgage Rate reaction to President Obama's Housing Plan, average 30-Year Fixed Rate Mortgages remained flat this week, staying at an average rate of 5.34%, for the week ending February 18th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 6.37%.
While they were waiting for the President's Plan to Prevent Foreclosures, many investors delayed their purchase of mortgage bonds.
In addition to the long-awaited Foreclosure Prevention strategy, the economic stimulus plan returned "jumbo conforming" limits back to where they were for most of 2008 - an encouraging move.
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.
Please call us for market trend data and analysis for any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
