CHICAGO IL REAL ESTATE STATS PACK - September 7, 2009
Good Morning, folks! Enjoy the Labor Day Holiday!
The IRS Credit for Fist Time Homebuyers - currently $8,000, not required to be repaid - has saved thousand of homeowners across the U.S., and 13 buyers our Team has served - considerable money this year.
However, some taxpayers are taking the credit when they are not qualified to do so, and the IRS warns they will find you, and sock you with penalties, interest, even possible fines and jail time. Read our post today, via BlogChicagoHomes.com for details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 7th.
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 September 6th 4,125 67 101 62
w/e August 30th 4,168 71 110 30
% CHANGE -1.0% -5.6% -8.2% +106.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 6th $272,092 143 DAYS $27,481,292
w/e August 30th $255,729 156 DAYS $28,130,190
% CHANGE +6.4% -8.3% -2.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 6th - LAST 12 MOS - 15.69 LAST 6 MOS - 12.93 LAST 3 MOS - 11.13
w/e August 30th - LAST 12 MOS - 16.07 LAST 6 MOS - 13.72 LAST 3 MOS - 11.54
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 6th - 37.86% (UNSOLD - 62.14%)
w/e August 30th- 35.90% (UNSOLD - 64.10%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings numbers continue their downward trend this week, while Pending Sales, as well as Closed Transactions, fell a bit. The fall in Closings at the end of the month is unusual, but the gross closed numbers are not significantly high to indicate any long-term trend, in my opinion.
Average Sales Price bounced back up a bit last week - let's see if it will continue. Average Market Time still very high.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues downward in the North and Northwest Side of Chicago Neighborhoods we serve most frequently! The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to approach 40%. Hitting that target would be a significant benchmark, one not seen here in over 18 months!
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
This past week, Average Mortgage Rates fell to their lowest levels since May, but their still a bit off their lows of earlier this year.
According to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages fell by 0.12% last week,. They stood at 5.41%, for the week ending September 2nd. One year ago, the Average 30-Year Fixed Rate was a high - 6.55%!
From a long-term perspective, rates are historically low! If you calculate since early 2000, the Bankrate.com Average 30-year Mortgage Interest Rate averaged 6.42%. That's more than 1 full percentage point higher than the average today!
Despite the rate falloff, however, many hoped for an average 4.5% Mortgage Interest Rate after the FED began buying Mortgage Backed Securities last January. This has not happened, nor, in the opinion of experts, is it likely to.
See Holden Lewis's post via Bankrate.com for further discussion.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Need Detailed Real Estate Trends for any Chicago Neighborhood or Suburb - quickly? Please . . . let us know!
DEAN MOSS & DEAN'S TEAM CHICAGO
