CHICAGO IL REAL ESTATE STATS PACK - June 8, 2009
Good Morning!
Effective May 1st, a new Home Valuation Code of Conduct went into effect. It provides more stringent oversight for Residential Real Estate Appraisers, and, according to the measure's proponents, will make the appraisal process more impartial. But will it work?
See some thoughts and opinions via our post at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 8th.
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 June 7th 4,291 58 79 70
w/e May 31st 4,306 41 87 52
% CHANGE -0.3% +41.5% -9.2% +34.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 7th $264,756 154 DAYS $20,915,724
w/e May 31st $282,974 154 DAYS $24,618,738
% CHANGE -6.4% +-0.0% -15.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 7th - LAST 12 MOS - 16.39 LAST 6 MOS - 20.68 LAST 3 MOS - 16.55
w/e May 31st - LAST 12 MOS - 16.44 LAST 6 MOS - 21.39 LAST 3 MOS - 18.04
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 7th - 27.07% (UNSOLD - 72.93%)
w/e May 31st - 26.65% (UNSOLD - 73.35%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Big jumps in Pending Sales, but at a lower Average Sales Price and lower Total Sales Volume. Active Listings Stable! Is this an indication that some of the lower-priced listings - perhaps those in distress, including Short Sale Properties and Foreclosures - are fueling renewed strength in the Chicago IL Real Estate Market?
Expired Listings in the North and Northwest Sides of Chicago Neighborhoods we serve were up last week, while Market Time held steady. The Expired spike may have been due to the traditionally high number of expired listings on the first day of each new month.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly this week, to roughly 16.5 months - an encouraging decline of 8.3%!
The percentage of homes sell within a normal six-month marketing time frame improved as well.
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 again climbed last week. Average rates climbed another 0.20%, on top of last week's 0.21% climb, to end the week at 5.65%, for the week ending June 3rd. One year ago, the Average 30-Year Fixed Rate was 6.26%.
10-Year T-Bill Rates continued to rise last week, while Mortgage-Backed Securities, in comparison, fell - driving up average mortgage rates. Should this trend continue, even higher rates are likely. This could have a somewhat dampening effect on a hoped-for Housing Market Turnaround in the near term.
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
