CHICAGO IL REAL ESTATE STATS PACK - April 6, 2009
Good Morning!
Welcome to the first day of the 2009 MLB Season, for both the Chicago Cubs and the Chicago White Sox - although the Sox Home Opener this afternoon has officially been postponed because of snow and cold weather!
Around Chicago, many tony suburbs are coming to grips with a problem they have never become accustomed to - substantial numbers of foreclosed and near-foreclosure homes becoming vacant eyesores in their affluent communities. The upscale Chicago Suburbs of Highland Park, Naperville, and Hinsdale have had a sizable increase of vacant homes, with lack of exterior maintenance, within the past year.
Please read our post from Sunday at BlogChicagoHomes.com for more details, and what these towns and villages are proposing to address this problem.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 6th.
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 April 5th 4,279 50 70 84
w/e March 29th 4,287 50 46 36
% CHANGE -0.2% +-0.0% +52.2% +133.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 5th $288,545 207 DAYS $20,198,150
w/e March 29th $301,244 186 DAYS $13,857,224
% CHANGE -4.2% +11.3% +45.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 5th - LAST 12 MOS - 15.78 LAST 6 MOS - 22.15 LAST 3 MOS - 25.22
w/e March 29th - LAST 12 MOS - 15.65 LAST 6 MOS - 21.98 LAST 3 MOS - 26.79
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 5th - 28.04% (UNSOLD - 71.96%)
w/e March 29th - 28.73% (UNSOLD - 71.27%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The jump in Closed Units and Expired Listings is somewhat typical for the end of the month, and the end of the quarter. Indeed, many over-priced listings set to expire at the end of the First Quarter, 2009 have done so. Those properties priced correctly, it would seem, have sold.
Active Listings again stable. Sales Volume up SIGNIFICANTLY - but let's see if this trend continues in the coming weeks. Average Market Time still considerably high in the North and Northwest Side of Chicago Communities we serve most frequently.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, again improved. However, the downward trend in the percentage of homes sell within a normal six-month marketing time frame has continued.
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 have fallen even further from last week's record lows! The Average Rate fell 0.06% - to end at 5.13%, for the week ending April 1st. One year ago, the Average 30-Year Fixed Rate was 6.12%.
All lenders in last week's Bankrate.com survey attributed most of the surge to the high volume of re-fi loans, again up last week! However, many lenders report a considerable increase in new mortgages as well.
The Mortgage Bankers Association reported a 32% increase in mortgage applications last week. If the trend continues, mortgage originations (new loans and re-fi loans) would top $2.78 Trillion in 2009. This would become the fourth-highest volume year on MBA record!
Some lenders are calling the $8,000 First Time Homebuyers Tax Credit much of a bust, although our Chicago Real Estate Team has had many inquiries about it in recent weeks.
See Chris Kissell'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.
For timely trends data on any Chicago Neighborhood or Suburb, please call our Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
