CHICAGO IL REAL ESTATE STATS PACK - March 2, 2009
Good Morning!
According to an Associated Press/GfK Poll conducted last month, consumer anxiety over possible job loss, loss of retirement income, and the inability to pay ongoing bills, has begun to predominate their lives. Many fear it will be a while before the U.S> Economy, and the Housing Market, will really turn around.
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, March 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 March 1st 4,131 36 49 60
w/e February 22nd 4,106 33 29 31
% CHANGE +0.6% +9.1% +69.0% +93.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 1st $276,777 250 DAYS $13,562,073
w/e February 22nd $283,613 223 DAYS $8,224,777
% CHANGE -2.4% +12.1% +64.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 1st - LAST 12 MOS - 14.44 LAST 6 MOS - 19.67 LAST 3 MOS - 26.37
w/e February 22nd - LAST 12 MOS - 14.23 LAST 6 MOS - 18.43 LAST 3 MOS - 26.10
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 1st - 31.83% (UNSOLD - 68.17%)
w/e February 22nd - 34.18% (UNSOLD - 65.82%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Sales Volume is coming on - is this a trend, or just a blip?
The new First Time Homebuyer's Initiative - an $8,000 credit, with certain conditions, through December 1, 2009 seems to have had a great first week! Our phones have been ringing off the hook with those who have not owned a home within the last three years wanting to take advantage of the program. Some are optimistic that new Economic and Financial Support Initiatives taken by the Obama Administration may have some near-term positive impact. We'll have to wait and see!
Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve. This week, so is Pending-Sold Units, while the usual end-of-the-month surge Closed Units and Expired Listings.
Absorption Rate, including theoretical time to clear existing listing inventory, rose once again this past week. The Percentage of Sale Within Six Month (180 Days) fell considerably, however, to just under 32%.
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
Average 30-Year Fixed Rate Mortgages ticked up slightly this week, up 0.07%, to 5.41%, for the week ending February 25th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 6.41%. Indeed, rates stayed below 5.50%, on average, for the third week in a row.
The last time average rates were this low for three straight weeks was in June, 2003 - in the midst of a big re-finance and buying boom. Back then, however, nearly 2 1/2 times as many people applied for refinance loans versus last week, according to the Mortgage Bankers Association. Also, total mortgage applications have gone down roughly 60% since those heady days nearly 6 years ago.
Today, many are making multiple applications, with different lenders, for their new mortgage or refinance loan, expecting at least one mortgage app turn-down.
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 current Market Trends Data for Any Chicago Neighborhood or Suburb? Call us TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
