CHICAGO IL REAL ESTATE STATS PACK - May 11, 2009
Good Morning!
Advertised Mortgage Interest Rates are at or near a five-decades-old low! But associated Mortgage Fees and other charges are high, and getting higher.
And tighter underwriting and new appraisal standards make it much harder to get approved for a home loan with less-than-perfect credit, or low down payments.
What is the latest? Please read our post from Sunday at BlogChicagoHomes.com for more info.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 11th.
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 10th 4,270 60 65 37
w/e May 3rd 4,274 66 77 88
% CHANGE -0.1% -9.1% -15.6% -58.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 10th $279,115 175 DAYS $18,142,475
w/e May 3rd $267,108 158 DAYS $20,566,931
% CHANGE +4.5% +7.6% -11.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 10th - LAST 12 MOS - 16.05 LAST 6 MOS - 22.14 LAST 3 MOS - 20.46
w/e May 3rd - LAST 12 MOS - 16.10 LAST 6 MOS - 22.61 LAST 3 MOS - 21.59
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 10th - 26.76% (UNSOLD - 73.24%)
w/e May 3rd- 26.43% (UNSOLD - 73.57%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings here in the North and Northwest Side of Chicago Neighborhoods we serve often have been stable for many weeks now, while Listings Sold have only increased slightly during the normally-vibrant Spring Market. Pending Sales continue sluggish, although this figure is up quite a bit as the weather here in Chicago has warmed over the past few weeks.
Over the past few weeks, Sales Volume has been strengthening a bit, as has the Average Sales Price. Average Market Time, however, remains stubbornly high.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, showed continued improvement this week. The percentage of homes sell within a normal six-month marketing time frame increased slightly this week, but 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 increased just a slight bit this past week - up 0.04%, to 5.27%, for the week ending May 6th. One year ago, the Average 30-Year Fixed Rate was 6.13%.
Home Buyers, Lenders, and Real Estate Brokers and Sales Professionals are getting a bit anxious about the new Home Valuation Code of Conduct - a new, higher standard for residential appraisers which took effect on May 1st.
Under the new rules, lenders and Real Estate Brokers can no longer directly order home appraisals, or potentially "taint" the appraisal numbers hoped for in the Real Estate Contract. Now, all appraisals on home loans backed by giant U.S. Mortgage Guarantors and Investors Fannie Mae and Freddie Mac must be ordered through Appraisal Management Companies. The idea is to created fairer, unbiased appraisals.
The true impact, many fear, is higher-cost appraisals to consumers, a greater number of under-appraisals, as many of the assigned appraisers are out-of-area and unfamiliar with some of the neighborhoods in which they will be working, and more fallen transactions. We will see if under-appraisals become a rampant problem in the coming weeks, as the new HVCC takes hold.
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.
For timely data on Real Estate Market Trends in any Chicago Neighborhood or Suburb, call our Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
