CHICAGO IL REAL ESTATE STATS PACK - July 20, 2009
Good Morning!
Is anyone's job truly "Recession Proof?"
This economic downturn has left few socio-economic groups unscathed. Even the wealthy have felt the pinch - those with large Real Estate and Equity Holdings have been exposed to considerable losses this time around.
Even professions considered very stable - health care, the law, and government employees have been impacted by cutbacks, layoffs, and pay cuts.
See more thoughts and opinions in our post today via BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, July 20th.
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 19th 4,279 67 85 29
w/e July 12th 4,242 82 66 31
% CHANGE +0.9% -18.3% +28.8% -6.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 19th $287,737 133 DAYS $24,457,645
w/e July 12th $273,441 150 DAYS $18,047,106
% CHANGE +5.2% -11.3% +35.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 19th - LAST 12 MOS - 16.41 LAST 6 MOS - 16.98 LAST 3 MOS - 13.48
w/e July 12th - LAST 12 MOS - 16.34 LAST 6 MOS - 17.59 LAST 3 MOS - 13.89
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 19th - 30.39% (UNSOLD - 69.70%)
w/e July 12th- 28.91% (UNSOLD - 71.09%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Stabilizing Inventory? Lowered Average Market Time? Higher Average Sales Price? Increased Total Weekly Sales Volume? Improvements to Absorption Rate and the Percentage of Homes Selling in a Normal Six Month Time Frame?
All of these numbers seem to be improving - but the past few weeks have seen how much these figures can fluctuate week to week.
Our Team is still concerned about the low volume of Pending Sales each week as well. Until these numbers steadily increase in the North and Northwest Side of Chicago Neighborhoods we serve, the Real Estate Market here is not in rebound mode, in our opinion.
However, we are encouraged that the Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, has improved, slowly, over the last three months, as has the percentage of homes sell within a normal six-month marketing time frame.
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 fell precipitously were virtually unchanged last week. They ended the week at 5.58%, for the week ending July 15th - down only 0.01% from the previous week. One year ago, the Average 30-Year Fixed Rate was 6.42%.
By recent historical standards, therefore - mortgage rates continue to be very attractive.
Although the National Association of Realtors contends many home buyers are out shopping for homes in what they consider to be the most affordable Real Estate Market in 28 years, statistics by the Mortgage Bankers Association throws cold water on the NAR's claims.
According to the MBA, many people are looking at new and resale homes, but few are actually applying for a home loan to buy them. Their Purchase Index, a relative measure of the number applying for loans to purchase a new property, as opposed to refinance loans, tumbled 9.4% from last week. In addition, the Purchase Index is down 14% since the second week of January, six months ago.
The NAR figures indicate 65% of those shopping for a home say they are in the market because of lower home prices . Many are seeking foreclosures and other distressed properties. Many believe home prices have hit their bottom for this cycle, while others fear mortgage rates will soon rise. The Realtors Survey does not predict the number of actual potential buyers in the market, only the relative state of mind and level of interest of those in the market right now.
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 for Real Estate Trends Data for any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
