CHICAGO IL REAL ESTATE STATS PACK - August 31, 2009
Good Morning!
A new Disclosure Law for Home Mortgage Loans, the Mortgage Disclosure Improvement Act of 2008, was just enacted the end of last month. It was designed to provide borrowers with advance notice on any changes in loan terms prior to closing on a new home or mortgage refinance. However, in some instances, it might cause closing delays, as well as a bit of creative gamesmanship!
How? Read our post today, via BlogChicagoHomes.com for details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 31st.
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 30th 4,168 71 110 30
w/e August 23rd 4,210 60 65 33
% CHANGE -1.0% +18.0% +69.2% -9.1%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 30th $255,729 156 DAYS $28,130,190
w/e August 23rd $270,836 127 DAYS $17,604,340
% CHANGE -5.6% +22.8% +59.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 30th - LAST 12 MOS - 16.07 LAST 6 MOS - 13.72 LAST 3 MOS - 11.54
w/e August 23rd - LAST 12 MOS - 16.18 LAST 6 MOS - 14.26 LAST 3 MOS - 11.83
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 30th - 35.90% (UNSOLD - 64.10%)
w/e August 23rd- 34.86% (UNSOLD - 65.14%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
A continued downtrend in Active Listings - perhaps as many distressed, highly-discounted properties are beginning to sell - is very encouraging. Pending Sales, as well as Closed Transactions - those presumably under contract a month or so ago - are up, and that is a very good sign!
However, Average Market Time remains very high, and the Average Sales Price fell over 5% last week, perhaps indicative of the many lower-priced homes which actually sell.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues optimistically downward! The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to improve, over the last several weeks, as well.
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 were nearly flat last week, increasing by only 0.01%. They stood at 5.53%, for the week ending August 26th. One year ago, the Average 30-Year Fixed Rate was a high - 6.60%! Indeed, rates are still, historically, very low.
The rebound we have seen recently in the housing market? Low rates are critical - but others attribute the $8,000 First Time Homebuyer Tax Credit, due to expire at the end of November. Some speculate the credit may be extended, because of its success
See Chris Kissell'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 us anytime for Detailed Real Estate Trends in any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
