CHICAGO IL REAL ESTATE STATS PACK - May 4, 2009
Good Morning!
A silver lining for the Real Estate Market in Chicago, elsewhere?
The respected S&P/Case Shiller Index of Home Prices is still reporting year-over-year average home price declines, in Chicago, as well as 19 other Major Metro Areas across the U.S. But the PACE of these declines has apparently slowed.
Encouraging? Perhaps! Please read our post from Sunday at BlogChicagoHomes.com for more details and index figures.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 4th.
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 May 3rd 4,274 66 77 88
w/e April 26th 4,315 55 44 31
% CHANGE -1.0% +20.0% +75.0% +183.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 3rd $267,108 158 DAYS $20,566,931
w/e April 26th $245,721 190 DAYS $10,811,724
% CHANGE +8.7% -16.8% +90.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 3rd - LAST 12 MOS - 16.10 LAST 6 MOS - 22.61 LAST 3 MOS - 21.59
w/e April 26th - LAST 12 MOS - 16-07 LAST 6 MOS - 22.81 LAST 3 MOS - 22.91
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 3rd - 26.43% (UNSOLD - 73.57%)
w/e April 26th - 26.78% (UNSOLD - 73.22%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Very interesting, positive data across the board this past week!
Active Listings down just a bit, but strong rebounds in Pending Sales, Listings Sold, and Sales Volume. At the same time, Average Sales Price and Average Market Time figures each improved by considerable percentages. Expired Listings spike consistent with the end of the month here in Chicago.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, showed another slight improvement. The only discouraging number - the percentage of homes sell within a normal six-month marketing time frame fell once again, by more than a slight percentage.
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 stayed flat this past week - unchanged at 5.23%, for the week ending April 29th. One year ago, the Average 30-Year Fixed Rate was 6.16%.
Sellers of new and existing condo developments have begun to feel the sting of tighter lending rules for Federally-Guaranteed Loans. As of July 1st, Federal Loan Guarantor and Investor Freddie Mac will stop guaranteeing loans in condo developments where less than 70% of the units have been sold or are under contract. Freddie's competitor Fannie Mae has had such guidelines in place since March 1st.
This news is especially troubling for developers of new or newly-converted units who are having a tough time finding buyers due to tight financing.
Existing condo or townhouse communities, experiencing a high rate of distressed homeowners facing short sale or foreclosure, and behind on their condo assessment payments, may find it difficult to have new buyers financed as well. A long-standing Fannie Mae and Freddie Mac rule requires no more than 15% of project owners be more than 30 days in arrears in their assessment payments.
They also will not guarantee loans in condo communities where more than 10% of the available units are owned by one entity, or more than 20% of the available project or building square footage is used for non-residential purposes or retailing.
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.
Need timely data on Real Estate Market Trends in any Chicago Neighborhood or Suburb! Please call our Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
