CHICAGO IL REAL ESTATE STATS PACK - June 1, 2009
Good Morning!
Here in IL - Sales Taxes and Personal Income Tax Rate remain unchanged, despite considerable last-minute budget wrangling in the IL Legislature before the midnight deadline last night, May 31st. A "Makeshift Budget" avoided feared tax increases - but for how long?
See our post at BlogChicagoHomes.com for more detail from Chicago Tribune Reporters.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 1st.
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 31st 4,306 41 87 52
w/e May 24th 4,297 71 60 24
% CHANGE +0.2% -42.3% +45.0% +116.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 31st $282,974 154 DAYS $24,618,738
w/e May 24th $300,158 162 DAYS $18,009,480
% CHANGE -5.7% -4.9% +36.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 31st - LAST 12 MOS - 16.44 LAST 6 MOS - 21.39 LAST 3 MOS - 18.04
w/e May 24th - LAST 12 MOS - 16.31 LAST 6 MOS - 22.04 LAST 3 MOS - 18.82
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 31st - 26.65% (UNSOLD - 73.35%)
w/e May 24th - 26.61% (UNSOLD - 73.51%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Continued encouraging figures this week, as we seem to be experiencing a bit of a rebound in the Chicago IL Real Estate Market. Active Listings Inventory continues stable, while Units Sold and Sales Volume continues to increase - representing properties going under contract within the last 45-60 days.
Pending Sales fell back this week - that will impact late June through July closed transactions. Average Market Time has continued to improve. Expired Listings, however, have taken their typical end-of-month bounce upward. A true trend here in the Chicago Neighborhoods we serve. Not sure, at this point.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to improve but remains high, at just over 18 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 edged up, but is still historically low, tied to long Average Market Times across this swath of the City of Chicago.
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 shot up considerably last week, and are expected to go even higher within the coming week. Average rates climbed 0.21%, to 5.45%, for the week ending May 27th. One year ago, the Average 30-Year Fixed Rate was 6.02%.
And . . . these rate indexes approximate the rates received by a lender's strongest loan applicants, with top FICO Credit Scores, and attractive down payments. Those less pristine - in other words, the majority - will see even higher rates!
Skyrocketing rates for Mortgage-Backed Securities, as well as bond yields, are the culprit for the precipitous rise, say many experts. Investors are also edgy over the expected bankruptcy filing of General Motors on Monday, June 1st, and it's likely wide-ranging implications.
There is also continued fear that Home Foreclosure Rates will continue to rise as adjustable rate loans continue to reset over the next couple of years, and unemployment continues to likely climb. In this environment, lenders fear, higher perceived credit risk will translate to higher rates for money loaned.
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.
Need detailed Real Estate Trends in any Chicago Neighborhood or Suburb? Contact our Team today!
DEAN MOSS & DEAN'S TEAM CHICAGO
