CHICAGO IL REAL ESTATE STATS PACK - August 10, 2009
Good Morning!
Are home buyers becoming more frugal?
Indeed, many today are buying smaller homes, with far fewer upgrades, and greater concern about the neighborhood and community in which the home is located, rather than the exhaustive list of luxury features the home has been built with.
A true shift in homebuyer attitude? Read our post today, via BlogChicagoHomes.com. Form your own opinion!
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 10th.
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 August 9th 4,236 67 76 47
w/e August 2nd 4,228 56 103 79
% CHANGE +0.2% +19.6% -26.2% -40.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 9th $256,903 158 DAYS $19,524,628
w/e August 2nd $287,208 150 DAYS $29,582,424
% CHANGE -10.6% +5.3% -34.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 9th - LAST 12 MOS - 16.21 LAST 6 MOS - 15.23 LAST 3 MOS - 12.37
w/e August 2nd - LAST 12 MOS - 16.34 LAST 6 MOS - 16.67 LAST 3 MOS - 12.75
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 9th - 32.95% (UNSOLD - 67.05%)
w/e August 2nd- 32.17% (UNSOLD - 67.83%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Some encouraging signs return this week!
Pending Sales, Active Listings, and Market Time have been stable, or improving, over the last few weeks. Fluctuations in Expired Listings, Closings, and Sales Volume all typical of mid-month. A bit concerned about the fall of Average Sales Price, but not really surprising, as distressed properties and foreclosed homes populate many of the North and Northwest Side of Chicago Neighborhoods in which we work.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to improve, albeit slowly, while the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame is rising each 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 increased 0.09% last week. They increased to 5.65%, for the week ending August 5th. One year ago, the Average 30-Year Fixed Rate had just spiked to 6.74%.
Mortgage rates have fallen in a narrow range - between 5.55% and 5.70% - since the beginning of July. It is very rare for rates to be so stable for so long.
The biggest mortgage news of last week involved the demise and FDIC Takeover of Taylor, Bean & Whitaker. The lender, working mainly through its network of Independent Loan Originators, was a top-15 lender nationwide, and the third-biggest originator of FHA Loans. The takeover left many borrowers in process scrambling for a new source of home financing, and many Loan Brokerage Companies offered to step in and fill the breach.
See Holden Lewis's post via Bankrate.com for more details on this high-impact story.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
For Real Estate Trends Data for any Chicago Neighborhood or Suburb, Call Dean's Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
