CHICAGO IL REAL ESTATE STATS PACK - April 20, 2009
Good Morning!
There is a massive backlog in Cook County Chancery Court to deal with foreclosure cases. This backlog has the effect of giving many distressed home owners the opportunity to negotiate workout arrangements with their lenders.
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 20th.
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 19th 4,276 49 52 54
w/e April 12th 4,222 41 40 43
% CHANGE +1.3% +19.5% +30.0% +25.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 19th $264,512 214 DAYS $13,754,624
w/e April 12th $290,001 245 DAYS $11,600,040
% CHANGE -8.8% -12.7% +18.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 19th - LAST 12 MOS - 15.83 LAST 6 MOS - 22.21 LAST 3 MOS - 23.63
w/e April 12th - LAST 12 MOS - 15.51 LAST 6 MOS - 22.09 LAST 3 MOS - 24.69
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 19th - 27.81% (UNSOLD - 72.19%)
w/e April 12th - 28.09% (UNSOLD - 71.91%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The week-to-week see-saw continues, with Closed Units and Pending Sales posting gains this week that wash out last weeks declines. Unfortunately, the number of Expired Listings climbed this week as well.
While stability pervades the count on Active Listings, the Average Sales Price showed an unwelcome decline. Average Market Time improved, but continues very high in the North and Northwest Side of Chicago Communities we serve most frequently. Sales Volume increased nearly 19% this week versus last.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, again improved, while the downward trend in the percentage of homes sell within a normal six-month marketing time frame is still low.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.
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 dropped very slightly this past week. The Average Rate fell 0.02% - to end at 5.18%, for the week ending April 15th. One year ago, the Average 30-Year Fixed Rate was 6.03%. By historical standards, rates are incredibly low!
Mortgage Applications fell 11% last week, based on data from the Mortgage Bankers Association. Rates virtually unchanged, and less demand in the week leading up to Good Friday and the Easter Holidays may be the culprit here.
However, the drop comes as a bit of a surprise, as lenders began taking applications under President Obama's Making Home Affordable Plan. Under the plan, homeowners with acceptable FICO Credit Scores can refinance their mortgages for up to 105% of the current market value, as determined by appraisal.
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 data on Real Estate Market Trends on any Chicago Neighborhood or Suburb? Call our Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
