CHICAGO IL REAL ESTATES STATS PACK - May 25, 2009
Good Morning! We at Dean's Team Chicago wish you an enjoyable - yet reverent - Memorial Day holiday!
Interest among prospective homebuyers in Foreclosed and Distressed Property is surging, according to a recent survey conducted by Harris Interactive, on behalf on Online Real Estate Companies Trulia and RealtyTrac. Indeed, 55% of all survey respondents indicated interest in Foreclosed Properties nationwide, versus only 47% in November, 2008.
See our post at BlogChicagoHomes.com for more detail and thoughts.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 25th.
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 24th 4,297 71 60 24
w/e May 17th 4,298 60 45 37
% CHANGE +-0.0% +18.3% +33.3% -35.1%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 24th $300,158 162 DAYS $18,009,480
w/e May 17th $274,221 184 DAYS $11,079,450
% CHANGE +9.5% -12.0% +62.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 24th - LAST 12 MOS - 16.31 LAST 6 MOS - 22.04 LAST 3 MOS - 18.82
w/e May 17th - LAST 12 MOS - 16.21 LAST 6 MOS - 22.14 LAST 3 MOS - 19.78
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 24th - 26.49% (UNSOLD - 73.51%)
w/e May 17th - 26.61% (UNSOLD - 73.39%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Very encouraging numbers all around this week, as the Chicago IL Real Estate Market is attempting to rebound, it seems - albeit at far lower prices than during the Real Estate Boom of just a few years ago. Active Listings Inventory continues stable, while figures for Pending Sales, Sold Listings, Sold Volume, and Average Sales Price have all pointed upward.
Average Market Time and Expired Listings figures have dropped in encouraging fashion. Time will tell if this is a trend or simply a weekly blip.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, improved once again this past week, but is still high, at nearly 19 months in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. The percentage of homes sell within a normal six-month marketing time frame continues to be 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 were up slightly last week - up 0.03%, to 5.24%, for the week ending May 20th. One year ago, the Average 30-Year Fixed Rate was 6.02%.
Mortgage Rates have remained steady over the last few weeks. But, in recent weeks, approval times have nearly doubled in some cases, as volume from those seeking home re-financing and loan modification has increased, and loan underwriting standards have gotten more stringent.
Several months ago, getting a loan approved in a normal 30-day time frame was the norm. Today, most lenders are requesting a minimum 45 to 60 days for routine approval, more time for marginal buyers to remove approval conditions from underwriting.
In addition, Property Appraisals are likely to take longer, as lenders will soon be required to order most of their appraisals through an Appraisal Management Company, adding another layer of processing, and added cost, to the appraisal process. The goal of the new Management Company Structure, however, is to separate loan originators from the appraisers they used to directly hire, thus reducing the chance of a "biased" appraisal. Will this work? Stay tuned!
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 detailed Real Estate Trends in any Chicago Neighborhood or Suburb, please contact our Team today!
DEAN MOSS & DEAN'S TEAM CHICAGO
