CHICAGO IL REAL ESTATE STATS PACK - June 29, 2009
Good Morning!
Reverse Mortgages? Will these recently-revived and heavily promoted lending products, which allow Senior Citizens over aged 62 to draw equity out of their homes without repaying until they sell, move away, or die, offer benefits to those who use them, or place them in a financial trap?
See further details and comments via our post at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 29th.
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 28th 4,239 68 77 32
w/e June 21st 4,249 68 83 48
% CHANGE -0.2% +-0.0% -7.3% -7.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 28th $288,439 202 DAYS $22,209,803
w/e June 21st $291,838 160 DAYS $24,222,554
% CHANGE -1.2% +26.3% -8.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 28th - LAST 12 MOS - 16.24 LAST 6 MOS - 18.54 LAST 3 MOS - 14.57
w/e June 21st - LAST 12 MOS - 16.16 LAST 6 MOS - 19.20 LAST 3 MOS - 15.02
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 28th - 28.18% (UNSOLD - 71.82%)
w/e June 21st - 27.52% (UNSOLD - 72.48%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Well, the booming increases in Pending Sales, Closed Sales, and Sales Volume, and the decrease in Average Market Time have not continued at their unchecked pace of the last couple of weeks. Although Pending Sales remained exactly the same this week in the North and Northwest Side of Chicago Neighborhoods we serve frequently, the other indicators fell a bit this past week.
One key number - listings still take a long time to sell here! In order for us to truly report a market turn, this Average Market Time must still be brought down - considerably!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell again this week to just over 14.5 months! The percentage of homes sell within a normal six-month marketing time frame took a slight step back this week.
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 rose a bit last week - by 0.04%. They ended the week at 5.80%, for the week ending June 24th. One year ago, the Average 30-Year Fixed Rate was 6.62%.
As rates creep up, and home sales across much of the U.S. still remain sluggish, many Washington lawmakers are considering new incentives to jumpstart the housing market. From Chris Kissell's post via Bankrate.com, these include -
Near doubling of tax credit. Sen. Johnny Isakson, R-Ga., has introduced a bill that would sweeten the current $8,000 homebuyer tax credit to $15,000. The bill has picked up a slew of co-sponsors, including Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee. Expanded pool of eligible purchasers. Isakson also wants to allow "any buyer of any home" -- including move-up buyers and purchasers at every income level -- to claim the tax credit. Currently, the credit is restricted to first-time purchasers. Two House bills also propose expanding credit eligibility to all homebuyers. Extended tax credit deadline. Various proposals would keep the first-time homebuyer tax credit alive through at least mid-2010. Right now, the credit is scheduled to expire at the end of the year. New refinance tax credit. Rep. Kenny Marchant, R-Texas, has introduced a bill to give a $3,000 tax credit to homebuyers who refinance the mortgage on their primary residence.Read Kissell's updates to see what is enacted, and at what cost.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Please contact our Team TODAY for detailed Real Estate Trends in any Chicago Neighborhood or Suburb,
DEAN MOSS & DEAN'S TEAM CHICAGO
