CHICAGO IL REAL ESTATE STATS PACK - June 15, 2009
Good Morning!
Looking for a little help on closing costs and other expenses on your next home purchase?
For some, checking with their employer may pay out - many Chicago Area Employers offer some form of Homebuyer Assistance to their employees. The catch - you have to stay with your employer for an agreed-upon period of time after the purchase, or you might have to pay some of the money they give you back!
See further details via our post at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 15th.
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 14th 4,255 63 63 42
w/e June 7th 4,291 58 79 70
% CHANGE -0.8% +8.6% -20.3% -40.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 14th $252,691 175 DAYS $15,919,533
w/e June 7th $294,756 154 DAYS $20,915,724
% CHANGE -14.3% +13.6% -23.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 14th - LAST 12 MOS - 16.26 LAST 6 MOS - 19.99 LAST 3 MOS - 15.72
w/e June 7th - LAST 12 MOS - 16.39 LAST 6 MOS - 20.68 LAST 3 MOS - 16.55
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 14th - 27.38% (UNSOLD - 72.62%)
w/e June 7th - 27.07% (UNSOLD - 72.93%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Same story as last week! More Pending Sales, but with a lower Average Sales Price and lower Total Sales Volume. Active Listings Continue Stable! In our own Team business, we have seen Average Purchase Prices tumble this year across the North and Northwest Sides of Chicago, the neighborhoods we serve heavily.
Expired Listings and those Sold and Closed fell, typical of mid-month numbers, while Market Time jumped over 13%! This continues to concern me - even at a reduced overall price level, many listings here in Chicago are still taking a very long time to sell.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell again this week, by roughly 5%, 15.7 months - a second weekly drop - encouraging! The percentage of homes sell within a normal six-month marketing time frame improved, for the second straight week, 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
Rates climbed quickly once again last week, according to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages again climbed last week. Average rates climbed another 0.30%, on top of last week's 0.20% climb, and a 0.21% spike two weeks ago. They ended the week at 5.95%, for the week ending June 10th. One year ago, the Average 30-Year Fixed Rate was 6.52%.
Again, 10-Year T-Bill Rates continued to rise last week, driving up average mortgage rates. Those seeking to refinance their current mortgage saw less financial benefit in doing so, according to industry trade group, The Mortgage Bankers Association. Indeed, refinance loans according for a reduced 59.4% of total mortgage loan volume last week, the lowest proportion for refinance loans since last November, when average rates stood at 5.97%.
Lender Brian Koss, Managing Partner of The Mortgage Network in Westford MA, does not see a return to the sub-5.00% Mortgage Rates of several weeks ago - although he sees rate declines and mortgage market volatility as possible in the coming weeks.
Will higher Fixed Rate Mortgages force Adjustable Rate Products (ARM's) back into the fold? We'll have to wait and see!
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
