CHICAGO IL REAL ESTATE STATS PACK - July 6, 2009
Good Morning!
Simply walking away from your home and mortgage! This is often triggered by a severe drop in a home's market value, often leaving the owner considerably negative in home value versus outstanding mortgage amount. This process is often referred to as "being underwater."
But can today's homebuyers handle the moral and ethical questions of walking away from their home? Attitudes seem to be changing, and the answers might surprise you! See our post today at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, July 6th.
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 July 6th 4,188 47 91 82
w/e June 28th 4,239 68 77 32
% CHANGE -1.2% -30.9% +28.2% +156.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 6th $252,762 191 DAYS $23,001,342
w/e June 28th $288,439 202 DAYS $22,209,803
% CHANGE -12.4% -5.4% +3.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 6th - LAST 12 MOS - 16.06 LAST 6 MOS - 17.78 LAST 3 MOS - 14.12
w/e June 28th - LAST 12 MOS - 16.24 LAST 6 MOS - 18.54 LAST 3 MOS - 14.57
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 6th - 28.91% (UNSOLD - 71.09%)
w/e June 28th - 28.18% (UNSOLD - 71.82%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Despite the wild numbers swings common at the end of the month, especially mid-year at June 30th, there are some encouraging statistics this week.
For the second week in a row, Active Listings have fallen a bit, and Closed Sales were up. Are buyers finally beginning to clear out homes-for-sale inventory, especially properties in distress? Not so fast folks - properties Pending Sale fell nearly 31% last week, in the North and Northwest Side of Chicago Areas we serve frequently.
Average Sales Price is down, but so is Average Market Time, although the Market Time number still remains very high here. Sales Volume - up a bit over last week.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to improve, week after week, although it is still at a painful 14.12 months! The percentage of homes sell within a normal six-month marketing time frame improved slightly this past 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 returned to drop mode last week - average rates fell by 0.10%. They ended the week at 5.70%, for the week ending July 1st. One year ago, the Average 30-Year Fixed Rate was 6.53%.
Big News This Week - The Obama Administration expanded the number of potential underwater homeowners who will be eligible for his Making Housing Affordable Program.
Previously, homeowners with Fannie Mae or Freddie Mac-based loans had to have a mortgage balance of no more than 105% of the home's current market value. Changes to the program increase this number to 125% of the home's current value.
This important modification could spark refinance activity, especially among those homeowners in the hard-hit housing states of Nevada, California, Arizona, and Florida. See Holden Lewis' post via Bankrate.com for more potentially far-reaching mortgage news from the past week -
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call our Team TODAY to get detailed Real Estate Trends in any Chicago Neighborhood or Suburb,
DEAN MOSS & DEAN'S TEAM CHICAGO
