CHICAGO IL REAL ESTATE STATS PACK - June 22, 2009
Good Morning!
Who do you supposed would be better at acquiring, rehabbing, and then reselling distressed, bank-owned properties - private investors, or city and state agencies? New proposals from lending giant Bank of America would make it easier for the government agencies to get on the fast track!
See further details via our post at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 22nd.
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 21st 4,240 68 83 48
w/e June 14th 4,255 63 63 42
% CHANGE -0.3% +7.9% +31.7% +14.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 21st $291,838 160 DAYS $24,222,554
w/e June 14th $252,691 175 DAYS $15,919,533
% CHANGE +15.5% -8.6% +52.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 21st - LAST 12 MOS - 16.16 LAST 6 MOS - 19.20 LAST 3 MOS - 15.02
w/e June 14th - LAST 12 MOS - 16.26 LAST 6 MOS - 19.99 LAST 3 MOS - 15.72
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 21st - 28.52% (UNSOLD - 71.48%)
w/e June 14th - 27.38% (UNSOLD - 72.62%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Is the Chicago Real Estate Market beginning to see a sustainable turn for the better?
Pending Sales, Closed Sales, Sales Volume, Market Time - all improved versus last week. Active Listings stable, once again.
However, listings are still taking an average of over five months to sell, in the North and Northwest Side of Chicago Neighborhoods we serve. This must still be brought down to show a true real estate turnaround here!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell again this week just over 15 month!! The percentage of homes sell within a normal six-month marketing time frame improved again 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 reversed recent gains over the last few weeks. According to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages again fell 0.19%. They ended the week at 5.76%, for the week ending June 17th. One year ago, the Average 30-Year Fixed Rate was 6.62%.
As rates gave back their higher gains, many Loan Originators saw increased volume from customers desiring to lock in the lowest possible rates in their mortgage refinances, or on their new home loans.
Fear of higher rates, coupled with still-high unemployment and high levels of distressed home inventory, are likely to continue to exert downward pressure on home prices between now and the end of the year, according to Sue Woodward of MN-Based Lakeland Mortgage
See Chris Kissell'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, Contact our Team today!
DEAN MOSS & DEAN'S TEAM CHICAGO
