CHICAGO IL REAL ESTATE STATS PACK - March 23, 2009
Good Morning!
Are Average 30-Year Fixed Home Mortgage Rates heading below 5% long-term? According to many experts - Not Likely! Please read our post from Sunday at BlogChicagoHomes.com to find out why not.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, March 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 March 22nd 4,249 44 49 34
w/e March 15th 4,215 55 30 28
% CHANGE +0.8% -0.2% +63.3% +21.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 22nd $272,307 197 DAYS $13,343,043
w/e March 15th $371,878 168 DAYS $9,536,340
% CHANGE -26.8% +17.3% +39.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 22nd - LAST 12 MOS - 15.12 LAST 6 MOS - 21.26 LAST 3 MOS - 27.35
w/e March 15th - LAST 12 MOS - 14.98 LAST 6 MOS - 21.02 LAST 3 MOS - 28.67
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 22nd - 29.60% (UNSOLD - 70.40%)
w/e March 15th - 30.22% (UNSOLD - 69.78%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Sales Volume, and Units Sold and Closed jumped this past week - increasing last week's closed Sales Volume nearly 40%! This, despite the fact Average Sales Price tumbled over 26%!
Pending Sales dipped, while Expired Listings rose - but total numbers were small. Active Listing Inventory increased nearly one percent over the past week.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, improved a bit. However, there is a continuing downward trend in the 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 - 0.08% - to end at 5.29%, for the week ending March 18th, according to Bankrate.com. One year ago, the Average 30-Year Fixed Rate was 5.98%.
Keep in mind, however, rates dropped further on Thursday, March 19th, as the U.S. Federal Reserve Board announced plans to purchase more Mortgage Backed Securities - thus driving down the Freddie Mac Average Rate to below 5.00% - likely reflected in next week's numbers.
The Mortgage Bankers Association reported a 21% increase in mortgage application activity last week, mainly due to increased refinance activity. Much activity was due to refinancing.
Also last week, the Fed announced clearer guidelines of its Making Home Affordable Mortgage Program, geared to help approximately 9 Million struggling homeowners stay in their homes. The guidelines, as published on Bankrate.com, restrict program eligibility to -
Owner-occupied primary residences. Conforming loans owned or securitized by Fannie Mae and Freddie Mac. Homeowners current on their mortgages. Mortgages that don't exceed 105 percent of the property's current market value.See Holden Lewis's post via Bankrate.com for more detailed information, 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 our Team TODAY for Market Trends Data for Any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
