CHICAGO IL REAL ESTATE STATS PACK - March 16, 2009
Good Morning!
(ED. NOTE: We apologize for the delay in posting this week's Chicago IL Market Stats. I was knocked out of commission earlier this week with a bad cold! Normal Chicago Stats Posting Schedule - every Monday Morning - resumes next week!)
Will our U.S. Mortgage Interest Deduction be curtailed, in an attempt to bring the massive Federal Deficit in line. Unlikely, according to most - even for those with high income. 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 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 March 15th 4,215 55 30 28
w/e March 8th 4,209 43 31 47
% CHANGE +0.1% +27.9% -3.2% -40.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 15th $317,878 168 DAYS $9,536,340
w/e March 8th $284,632 200 DAYS $8,823,592
% CHANGE +11.7% -16.0% +8.1%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 15th - LAST 12 MOS - 14.98 LAST 6 MOS - 21.02 LAST 3 MOS - 28.67
w/e March 8th - LAST 12 MOS - 14.84 LAST 6 MOS - 20.62 LAST 3 MOS - 28.12
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 15th - 30.22% (UNSOLD - 69.78%)
w/e March 8th - 30.69% (UNSOLD - 69.31%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
A few encouraging signs in the past week!
Units Sold, Sales Volume, Properties Under Contract, and Average Market Time all showed improvement over the past week! Expired Listings showed their usual middle-of-the-month dip.
First-Time Homebuyers are calling in increasing numbers on our listings - although a few are getting skittish over even the most minor inspection issues.
Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve.
However, the escalation in the Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, remains troubling. Also, each week, a smaller percentage of homes sell within 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. 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
Last week, however, the Average 30-Year Fixed Rate Mortgages fell, but just a slight bit - 0.04% - to end at 5.37%, for the week ending March 11th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 6.39%.
According to the Mortgage Bankers Association, Mortgage Apps increased 11.3% last week. Roughly 2/3 of those apps were for re-fi loans, and many borrowers filed more than one application at the same time, hoping for acceptance by at least one of the lenders at which they applied.
Despite Interest Rates being at or near their historic lows, many potential home borrowers are still sitting on the fence - awaiting even lower rates, perhaps as low as 4%. There is not much evidence that rates will fall this low, but the hope of such a fall has many delaying their home purchase decision.
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.
For Market Trends Data for Any Chicago Neighborhood or Suburb, CALL OUR TEAM TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
