CHICAGO IL REAL ESTATE STATS PACK - September 21, 2009
Good Morning!
Just as with Conventional Mortgage Loans, the Federal Housing Authority (FHA) is now tightening its loan underwriting standards. In recent years, FHA has taken an ever-growing share of home buyers with less-than-perfect credit, who have as little as a 3.5% down payment saved.
The move is designed to build the FHA's reserves against defaulting loans, and to reduce their exposure from defaults going forward. All tolled, it could further the limit of modest-income, modest-credit buyers to purchase a new home. See our post via BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, September 21st.
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 20th 4,125 56 88 32
w/e September 13th 4,102 65 54 44
% CHANGE +0.6% -13.8% +63.0% -27.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 20th $289,980 178 DAYS $25,518,240
w/e September 13th $253,309 156 DAYS $13,678,686
% CHANGE +14.5% +14.1% +86.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 20th - LAST 12 MOS - 15.59 LAST 6 MOS - 12.54 LAST 3 MOS - 11.29
w/e September 13th - LAST 12 MOS - 15.58 LAST 6 MOS - 12.75 LAST 3 MOS - 11.21
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 20th - 39.27% (UNSOLD - 60.73%)
w/e September 13th- 38.45% (UNSOLD - 61.55%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The See-Saw Action in Closed Sales, Total Sales Volume, and Average Sales Price continues! The only trends that seem to continue - stability on Active Listings, an Average Sales Price above $250M, and near-six-month Average Market Times.
Pending Sales are not robust, but encouragingly high - greater than 50 each week, on average, in the North and Northwest Side of Chicago Neighborhoods our Team serves frequently. Sales Volume bounced back after a decline last week. Likely, volume will drop each week as the Chicago weather turns cold, and Autumn turns into Winter - sooner than we would all like.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, edged up slightly once again - not a major worry here.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame is very close to 40% - a significant benchmark. Earlier this year, that number was in the upper 20's, and very weak!
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 very slightly,
According to Bankrate.com statistics, average 30-Year Fixed Rate Mortgages fell by 0.2% last week,. They stood at 5.38%, for the week ending September 16th. One year ago, the Average 30-Year Fixed Rate stood at 6.16%. By historic standards, interest rates remain very attractive.
The continued moderation in average rates comes despite Federal Reserve Board Chairman Ben Bernanke's prediction that the recession may be nearly over. During weaker economic times, rates tend to stay lower because inflation is in check, and demand to borrow money overall is down. As the economy recovers, the demand to borrow rises.
However, although many experts predict an end to the recession, few are excited about a fast rebound. This might be keeping average rates in check.
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 Market Trends Data in any Chicago Neighborhood or Suburb? Call us Anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
