CHICAGO IL REAL ESTATE STATS PACK - August 24, 2009
Good Morning!
Here in the Chicago Area, Units Sold of Single Family Homes and Condominiums seem to have rebounded - but Median Sales Price is way down versus one year ago. In the City of Chicago, sales continue sluggish, as Unit Sales continue to slide, and Median Home Prices are down over 18% from this time in 2008.
Read our post today, via BlogChicagoHomes.com for more insight and statistics.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 24h.
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 23rd 4,210 60 65 33
w/e August 16th 4,224 69 79 47
% CHANGE -0.3% -13.0% -17.7% -29.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 23rd $270,836 127 DAYS $17,604,340
w/e August 16th $275,537 168 DAYS $21,767,423
% CHANGE -1.7% -24.4% -19.1%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 23rd - LAST 12 MOS - 16.18 LAST 6 MOS - 14.26 LAST 3 MOS - 11.83
w/e August 16th - LAST 12 MOS - 16.12 LAST 6 MOS - 14.59 LAST 3 MOS - 11.98
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 23rd - 34.86% (UNSOLD - 65.14%)
w/e August 16th- 35.76% (UNSOLD - 64.24%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Mid-month numbers ticked down last week!
While Active Listings were stable - no big influx of homes-to-market usually comes to Chicago in mid-August - most other numbers fell - Pending Sales, Closed Transactions, Sales Volume, and Average Sales Price. Listings Expired also fell - typical for mid-month. Encouragingly, Average Market Time tumbled - hopefully, a positive trend!
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell once again! The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame retrenched, just a bit, 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 increased 0.15% last week. They increased to 5.52%, for the week ending August 19th. This drop was the largest one-week decline in over two months, and also underscores the current stability of the interest rate marketplace. One year ago, the Average 30-Year Fixed Rate was a comparatively-high 6.66%!
This past week, investors fled the stock market for the relative security of bonds - but that trend, as well as market interest rates, can turn on a dime.
Although much mortgage activity in recent weeks involves mortgage refinances by current homeowners, a growing number are first-time homebuyers, wanting to take advantage of the Fed's $8,000 First-Time Buyer Tax Credit. The credit is only for those buying for the first time - as defined by the Fed, no home ownership within the past three years - and expires on November 30th.
As a logistical matter, most buyers would need to schedule their qualifying home closings in advance of Tuesday, November 24th. Thanksgiving Day in the U.S. falls on Thursday, the 26th, and many title companies and related businesses are closed the Friday after Thanksgiving - the 27th. Deadline Day - November 30th, may quickly book up at Title and Escrow Companies where most home purchases are closed and funded.
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.
For Detailed Real Estate Trends in any Chicago Neighborhood or Suburb, call our Team anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
