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CHICAGO IL REAL ESTATE STATS PACK - March 30, 2009

Good Morning! 

An old scam is beginning to target a new group - "Reluctant Landlords."  These are home or condo owners who unsuccessfully tried to sell their property, and then turn to trying to rent it.  Unfortunately, Internet scammers are using an old "Check Cashing Fraud" to target their naiveté.

Please read our post from Sunday at BlogChicagoHomes.com  to learn more about this predatory scam, and why it may be working!

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  March 30th.

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 29th                     4,287                   50                      46             36    

w/e March 22nd                    4,249                   44                      49             34

% CHANGE                           +0.9%                +13.6%               -6.1%        +5.9%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e March 29th                  $301,244             186 DAYS                    $13,857,224

w/e March 22nd                 $272,307             197 DAYS                    $13,343,043

% CHANGE                            +10.6%                 -5.6%                         +3.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e March 29th - LAST 12 MOS - 15.65    LAST 6 MOS - 21.98     LAST 3 MOS - 26.79

w/e March 22nd - LAST 12 MOS - 15.12    LAST 6 MOS - 21.26     LAST 3 MOS - 27.35

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e March 29th - 28.73% (UNSOLD - 71.27%) 

w/e March 22nd - 29.60% (UNSOLD - 70.40%)

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

OBSERVATIONS

Encouraging Statistics this week - as Sales Volume, Units Pending Sale, Sales Volume, Average Sales Price, and Market Time all improved this week! 

Small total numbers may make the Expired Listings and Closed Sales less predictive, but, even so, Spring Market Numbers here in the North and Northwest Side of Chicago Communities we serve most frequently are looking a bit better! 

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continued its improvement of last week.  However, the downward trend in the percentage of homes sell within a normal six-month marketing time frame continues.

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

According to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages are the lowest in over 50 years!  The Average Rate fell 0.10% - to end at 5.19%, for the week ending March 25th.   One year ago, the Average 30-Year Fixed Rate was 5.91%

The National Bureau of Economic Research historical data indicate the average rate on a 30-year, fixed-rate, FHA-insured mortgage was 5.15% in December, 1956. That appears to be the last time that rates were at this low level.

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.

Again, re-fi loans were up last week!  The Mortgage Bankers Association reported a 30% increase in mortgage refinance applications last week.

Most mortgage lenders applaud the low rates, and hope they can help spark renewed interest in buying a home.  However, they warn to keep in mind that lending requirements are far more stringent than they were as recently as a year ago, and many with middling credit credentials and low down payments will not qualify for the best lowest rates.

They also re-emphasize that it is unlikely that rates will tumble into the 4 to 4.5% range, as a few would predict.  Many lenders suggest rates may not continue as low for the best-qualified borrowers. 

  • 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.

    Need timely info and trends data on any Chicago Neighborhood or Suburb?  Call our Team TODAY!

  • DEAN MOSS & DEAN'S TEAM CHICAGO

    Posted: Sunday, March 29, 2009 9:03 PM by Dean's Team

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