CHICAGO IL REAL ESTATE STATS PACK - September 14, 2009
Good Afternoon! A bit late for this week's update on Chicago IL Real Estate Market Statistics - but let's catch up!
Those Closing Costs and Fees when you buy your new home! Likely, they will add up to thousands of dollars.
Yet, few complain about these charges, thinking they are just part of the game when you buy a new home, or refinance your current one.
Here in Chicago, however, closing charges are among the lowest in the U.S. See our post via BlogChicagoHomes.com for more, as well as a link to a Bankrate.com survey ranking average closing costs by state.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 14th.
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 13th 4,102 65 54 44
w/e September 6th 4,125 67 101 62
% CHANGE -0.6% -3.0% -46.5% -29.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 13th $253,309 156 DAYS $13,678,686
w/e September 6th $272,092 143 DAYS $27,481,292
% CHANGE -6.9% +9.1% -50.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 13th - LAST 12 MOS - 15.58 LAST 6 MOS - 12.75 LAST 3 MOS - 11.21
w/e September 6th - LAST 12 MOS - 15.69 LAST 6 MOS - 12.93 LAST 3 MOS - 11.13
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 13th - 38.45% (UNSOLD - 61.55%)
w/e September 6th- 37.86% (UNSOLD - 62.14%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Big Drop-offs in Closed Sales, Expired Listings, and Total Sales Volume this past week is no surprise! After all, school is back in session, a new month has turned, and the weather around Chicago will soon start to chill.
However, Active Listings continue stable, and Pending Sales actually held their own despite the four-day, short holiday week.
Average Sales Price see-sawed back down this week - the long-term trend suggests that. Within our Team, the average sales price of listings we sold has fallen has fallen by over 36% since the beginning of 2008, reflecting a broader trend in the Chicago Market we serve as a whole. Average Market Time jumped a bit this past week, and is still high.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, actually jumped a slight bit in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. Perhaps due to the change in seasons?
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to inch closer to benchmark 40%. We hope that stays on track!
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 inched down a slight bit.
According to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages fell by 0.1% last week,. They stood at 5.40%, for the week ending September 9th. One year ago, the Average 30-Year Fixed Rate stood at 6.15%!
The upcoming deadline to receive the FED First Time Homebuyer Tax Credit of $8,000 may be spurring first time homebuyers to buy and close with urgency. In order to qualify for this sizable federal tax credit, a first-time purchase must close no later than Monday, November 30th, unless the deadline is extended by Congress and The President.
Attractively-low Mortgage Rates are attracting current owners looking to refinance their home mortgages as well.
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.
Call us Anytime for Detailed Real Estate Trends for any Chicago Neighborhood or Suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
