CHICAGO IL REAL ESTATE STATS PACK - October 26, 2009
Good Morning!
Here in Chicago, and in surrounding Chicago Suburbs, home sales have increased for the third month in a row, for the month ending September 30, 2009.
However, median sales prices are way down - over 22% from two years ago. And that number, fueled by low-priced distressed properties, swept up by investors and first-time homebuyers, that proves most troubling to home sellers, and to Chicago Housing Market observers.
For more details on Freddie's plans, please see our post via BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, October 26th.
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 October 25th 3,887 59 68 12
w/e October 18th 3,888 53 72 27
% CHANGE +-0.0% +11.3% -5.6% -55.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 25th $243,523 138 DAYS $16,559,564
w/e October 18th $244,262 157 DAYS $17,586,864
% CHANGE -0.3% -12.1% -5.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27
w/e October 18th - LAST 12 MOS - 14.20 LAST 6 MOS - 11.03 LAST 3 MOS - 10.20
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 25th - 45.36% (UNSOLD - 54.64%)
w/e October 18th - 44.50% (UNSOLD - 55.50%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Most of the key numbers were flat this past week, although Expired Listings show their usual mid-month drastic dip. I am somewhat encouraged, however, by a seemingly-positive trend in Pending Sales, although at far lower prices than even one year ago.
Active Listings remain stable in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. Average Sales Prices were level as well during the past week. Once again, however, Average Market Time fell - good news!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, edged back up a bit this week, but not enough to cause alarm. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 45.3% 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
For the second week in a row, Average 30-Year Fixed Mortgage Rates jumped last week, increasing 0.02% last week to 5.34%, for the week ending October 21st, according to data reviewed and compiled by Bankrate.com. One year ago, the Average 30-Year Fixed Rate stood at a nearly one full percentage point higher, at 6.32%, according to Bankrate.
Why the jump once again?
It is possible some first-time buyers have given up hope of getting the Fed $8,000 First-Time Homebuyer Tax Credit, due to expire on November 30th. Although it is still possible to wrap up a deal and close on it by the end of next month, longer processing times versus last year may have forced a few first-time buyers back to the sidelines, until the possible continuation or expansion of the program is made more clear by Congress.
See Chris Kissell's post via Bankrate.com for more more info.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Reach out to our Team TODAY - via phone or email - for Market Trends Data in any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
