CHICAGO IL REAL ESTATE STATS PACK - April 13, 2009
Good Morning!
Baseball, 2009 starts at Wrigley Field in Chicago today, as the Chicago Cubs meet the Colorado Rockies - weather permitting, of course. The Cubs are off to a strong, 4-2 start. Will it continue during the first home stand of the season? Let's see!
On June 1st, a new law in Chicago and Cook County IL will require notaries verifying the signatures of home sellers of single-family homes, condos, and small apartment buildings to obtain a thumbprint from the seller. The new step is geared to curtail skyrocketing mortgage fraud throughout the county that contains the City of Chicago. But will the new law work?
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, April 13th.
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 12th 4,222 41 40 43
w/e April 5th 4,279 50 70 84
% CHANGE -1.3% -18.0% -42.9% -48.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 12th $290,001 245 DAYS $11,600,040
w/e April 5th $288,545 207 DAYS $20,198,150
% CHANGE +0.5% +18.4% -42.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 12th - LAST 12 MOS - 15.51 LAST 6 MOS - 22.09 LAST 3 MOS - 24.69
w/e April 5th - LAST 12 MOS - 15.78 LAST 6 MOS - 22.15 LAST 3 MOS - 25.22
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 12th - 28.09% (UNSOLD - 71.91%)
w/e April 5th - 28.04% (UNSOLD - 71.96%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
This week, Closed Units and Expired Listings fell roughly as much as they gained last week. This shows continued stability in home closings - albeit at depressed levels - within the last few weeks. Weak numbers for the Spring, 2009 market.
Active Listings continued stable. Sales Volume gave back last week's gains, showing an overall stable trend over the last couple of months. Average Market Time continues very 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 last week, while the downward trend in the percentage of homes sell within a normal six-month marketing time frame has slowed somewhat.
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 ticked up very slightly this past week. The Average Rate increased 0.07% - to end at 5.20%, for the week ending April 8th. One year ago, the Average 30-Year Fixed Rate was 5.96%.
Action by the FED has kept rates historically low, and many qualified buyers have begun to consider purchasing new homes, and existing homeowners taking steps to re-finance their current higher-rate loan.
However, there seems to be less competitive pressure to decrease mortgage rates even further. Fewer lenders compete in today's depressed market, and those fewer who do remain are offering less competitive rate cuts versus the boom market of a couple of years ago.
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 timely trends data on any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
