CHICAGO IL REAL ESTATE STATS PACK - August 17, 2009
Good Morning!
Declining Home Ownership Across the U.S. Is this a temporary adjustment, or a new, lasting trend.
The American Population is getting older - and older age segments tend to rent more. Further, is a growing view that owning a home might be a risky investment, coupled with tighter loan underwriting rules that might keep the goal of home ownership from many with modest means and blemished credit scores, really changing home purchase and ownership trends?
Some experts say yes - but have far-from-dire predictions. 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 17th.
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 16th 4,224 69 79 47
w/e August 9th 4,236 67 76 47
% CHANGE -0.2% +3.0% +3.9% +-0.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 16th $275,537 168 DAYS $21,767,423
w/e August 9th $256,903 158 DAYS $19,524,628
% CHANGE +7.3% +6.3% +11.5%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 16th - LAST 12 MOS - 16.12 LAST 6 MOS - 14.59 LAST 3 MOS - 11.98
w/e August 9th - LAST 12 MOS - 16.21 LAST 6 MOS - 15.23 LAST 3 MOS - 12.37
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 16th - 35.76% (UNSOLD - 64.24%)
w/e August 9th- 32.95% (UNSOLD - 67.05%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The Benchmarks Are Fluctuating!
On the surface, Pending Sales, Closed Sales, and Active Listings have improved this week. However, each week, they seem to see-saw up and down at the same rate, not really improving long-term.
Active Listings have remained fairly stable for some weeks now, and Pending Sales very low, in the North and Northwest Side of Chicago Neighborhoods in which we focus much of our Team's work. Average Sales Price and Total Sales Volume shot up again this week, but the variance week-to-week indicates distressed properties - short sales, foreclosures - still represent the weight that are keeping rebound in check. Average Market Time - continues high.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to improve - it is now below 12 months - a far cry from the over-18-month AR of earlier in 2009. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to each week. A 40% figure here could foretell an improving, faster-turning real estate market in Chicago.
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 0.02% last week. They increased to 5.67%, for the week ending August 12th. One year ago, the Average 30-Year Fixed Rate was a comparatively-daunting figure - 6.74%!
Talk this week among Mortgage Professionals have revolved around Adjustable Rate Mortgages, or ARMS. They have fallen out of favor as the U.S. Credit Crunch created havoc - and far higher house payments - for those who had adjustable rates set artificially low initially, only to find them skyrocket into the stratosphere earlier this year.
However, ARM's are making a comeback, fueled by the fact that average rates for these adjustable products are often nearly 3/4 point lower than their fixed-rate brethren.
See Holden Lewis's post via Bankrate.com for more details an the resurgence of the ARM.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call our Team anytime for Real Estate Trends Data for any Chicago Neighborhood or Suburb,
DEAN MOSS & DEAN'S TEAM CHICAGO
