CHICAGO IL REAL ESTATE STATS PACK - May 18, 2009
Good Morning!
Soon, the Obama Administration's First-Time Homebuyer $8,000 Tax Credit may be available at closing, rather than next year as an income tax credit. The proposal for the change comes from Shaun Donovan, new Secretary of the U.S. Department of Housing and Urban Development.
Will this provide first-time homebuyers greater encouragement to buy now? Please read our post from Sunday at BlogChicagoHomes.com for more detail and thoughts.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 18th.
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 17th 4,298 60 45 37
w/e May 10th 4,270 60 65 37
% CHANGE +0.7% +-0.0% -30.8% +-0.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 17th $274,221 184 DAYS $11,079,450
w/e May 10th $279,115 175 DAYS $18,142,475
% CHANGE -1.8% +5.1% -38.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 17th - LAST 12 MOS - 16.21 LAST 6 MOS - 22.14 LAST 3 MOS - 19.78
w/e May 10th - LAST 12 MOS - 16.05 LAST 6 MOS - 22.14 LAST 3 MOS - 20.46
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 17th - 26.61% (UNSOLD - 73.39%)
w/e May 10th - 26.76% (UNSOLD - 73.24%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
It was a stable week for Active Listings and Pending Sales here in the North and Northwest Side of Chicago Neighborhoods we serve often while Listings Sold took a bit of a tumble during this mid-month reading.
Counter to the past several weeks of our readings, Sales Volume and Average Sales Price has fallen this week. Average Market Time remains high.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, improved over 3% over the past week, while the percentage of homes sell within a normal six-month marketing time frame is still too 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 fell this past week - down 0.06%, to 5.21%, for the week ending May 13th. One year ago, the Average 30-Year Fixed Rate was 6.19%.
There has been stability, even a slight downward pressure, on most mortgage rates over the last month or so. Many experts attribute this stability to The Obama Administration and their policy of driving down mortgage rates down by having the U.S. Treasury and Federal Reserve buy mortgage-backed securities at times they feel rates are likely to rise.
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.
Please contact our Team today for timely data on Real Estate Market Trends in any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
