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CHICAGO IL REAL ESTATE STATS PACK - March 9, 2009

Good Morning!  

Despite an over-$1 Trillion infusion of Federal Money in recent months, U.S. Credit Markets still appear frozen to many Businesses and Consumers.  The result:  less money for mortgages, business loans, and consumer installment loans.  Thus, U.S. Economic Rebound continues to founder!    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 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 March 8th                    4,209                   43                      31              47    

w/e March 1st                     4,131                   36                      49              60

% CHANGE                         +1.9%                 +19.4%              -36.7%       -21.7%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e March 8th                  $284,632             200 DAYS                      $8,823,592

w/e March 1st                   $276,777             250 DAYS                    $13,562,073

% CHANGE                           +2.8%                 -20.0%                           -34.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e March 8th - LAST 12 MOS - 14.84    LAST 6 MOS - 20.62     LAST 3 MOS - 28.12

w/e March 1st - LAST 12 MOS - 14.44     LAST 6 MOS - 19.67     LAST 3 MOS - 26.37

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e March 8th - 30.69% (UNSOLD - 69.31%) 

w/e March 1st- 31.83% (UNSOLD - 68.17%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

OBSERVATIONS

The up-and-down see-saw of Sales Volume seems to be showing our Real Estate Market in Chicago has not yet hit bottom.

But there are a few encouraging signs we at Dean's Team Chicago are beginning to see.

First-Time Homebuyers, eager to take advantage of the new $8,000 direct tax credit taking effect under President Obama's Economic Stimulus Program, have purchased two of our more modest-priced houses over the last week.  Indeed, both houses sold for less than the owners paid for them less than three years ago, but each had high interest, and, for the first time in over a year, multiple bids!

Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve. Units Pending Sale lifted a bit, while the figures for Expired Listings and Closed Sales took their typical fall as we approached mid-month.  Absorption Rate, including theoretical time to clear existing listing inventory, continues its troubling increase.   The Percentage of Sale Within Six Month (180 Days) also unfortunately fell.

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 U.S. Stock Prices, according to The Dow, fell to 12 year lows, one might predict that Interest Rates might follow.  Last week, however, the Average 30-Year Fixed Rate Mortgages remained unchanged, at 5.41%, for the week ending March 4th, according to Bankrate.com.   One year ago, the Average 30-Year Fixed Rate was 6.32%

To get rates this low, The Fed has been buying Mortgage Backed Securities for several months now.  However, for some, these attractive rates don't seem low enough! 

According to many in mortgage industry, some clients say they are holding out for even lower rates - down to around 4%.   Despite heavy lobbying from the National Association of Realtors, the Federal Reserve Board and the U.S. Treasury have, to this point, resisted even more aggressive action to force rates even lower.

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.

Call us TODAY for Market Trends Data for Any Chicago Neighborhood or Suburb?

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, March 08, 2009 11:33 PM by Dean's Team

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