CHICAGO IL REAL ESTATE STATS PACK - April 27, 2009
Good Morning!
Getting a Home Mortgage Loan today is never assured, as lenders have considerably tightened lending standards, even for those with previously-thought better-than-average credit scores, if they have less-than-20% down payments.
Please read our post from Sunday at BlogChicagoHomes.com for our experiences this past week, as well as stories on the frustrations of other homes buyers and sellers..
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 27th.
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 26th 4,315 55 44 31
w/e April 19th 4,276 49 52 54
% CHANGE +0.9% +12.2% -15.4% -42.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 26th $245,721 190 DAYS $10,811,724
w/e April 19th $264,512 241 DAYS $13,754,624
% CHANGE -7.1% -21.2% -21.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 26th - LAST 12 MOS - 16.07 LAST 6 MOS - 22.81 LAST 3 MOS - 22.91
w/e April 19th - LAST 12 MOS - 15.83 LAST 6 MOS - 22.21 LAST 3 MOS - 23.63
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 26th - 26.78% (UNSOLD - 73.22%)
w/e April 19th - 27.81% (UNSOLD - 72.19%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Continued stability with the Active Listings figure. However, Sales Volume, in step with the Average Sales Price showed yet another drop this past week. Average Market Time fell below 200 days, but continues high in the North and Northwest Side of Chicago Communities we serve most frequently. Pending Sales increased, while Listings Sold and Expired Listings fell, typical for mid-month readings.
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 continues.
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 jumped this past week. The Average Rate increased 0.05% - to end at 5.23%, for the week ending April 22nd. One year ago, the Average 30-Year Fixed Rate was 6.11%. By historical standards, rates continue very low - but only the most qualified home buyers, with strong down payments and high FICO Credit Scores, win the most attractive rates!
Roughly 80% of new Mortgage Applications are submitted by those seeking to re-finance their existing home loan, according to the Mortgage Bankers Association.
Many borrowers, however, are confused and frustrated with the myriad of new fees imposed on their new loans.
Within the last 12 months, Giant U.S. Loan Guarantors and Investors Fannie Mae and Freddie Mac have added fees to compensate for increased lending risk. Lenders pass these fees on to mortgage borrowers.
Here are how these fees can quickly add to the cost of a loan - a borrower who has a credit score of 710 getting a refinance for 90 percent of the home's value has to pay a risk-based pricing fee of 3/4%. For a condominium, that's another 3/4% fee on top of the first fee.
Borrowers holding a separate home equity line of credit will pay another fee of 0.5% of the loan amount.
To work an example, a borrower who has a FICO Credit Score of 710 who re-finances a $90,000 loan on a condo, while keeping a Home Equity Line of Credit intact, would pay risk-based pricing fees of 2.50% of the loan amount, or $2,250. These fees come in addition to any lender origination fees, the appraisal charge, the fee for a complete credit check, and any other lender and title-company imposed costs.
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 data on Real Estate Market Trends in any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
