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CHICAGO IL REAL ESTATE STATS PACK - November 2, 2009

Good Evening!

Aside from the sluggish Real Estate Market here in Chicago, there are signs that some sectors of the U.S. Economy are beginning to rebound.  However, unemployment is still very high, despite inflation being low.

Thankfully for homebuyers, however, the Federal Reserve Board has no plans to prompt increase of interest rates anytime soon.

For more details on Fed statements after their latest meeting last week, please see our post via BlogChicagoHomes.com. 

Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, November 2nd.

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 November 1st        3,804                   58                  131                72

w/e October 25th          3,887                   59                  68                  12

% CHANGE                    -2.2                   -1.7%             +92.6%         +500.0%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e November 1st     $257,178           139 DAYS                     $33,690,318

w/e October 25th       $243,523           138 DAYS                     $16,559,564

% CHANGE                     +5.6%                 +0.7%                         +103.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 1st - LAST 12 MOS - 13.65   LAST 6 MOS - 10.39  LAST 3 MOS - 9.83

w/e October 25th   - LAST 12 MOS - 14.19   LAST 6 MOS - 10.95   LAST 3 MOS - 10.27

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e November 1st - 47.09% (UNSOLD - 52.91%) 

w/e October 25h  - 45.36% (UNSOLD - 54.64%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

OBSERVATIONS

Don't let the big jump in Sales Closed, Sales Volume and Listings Expired concern you too much!  These wild jumps are very typical for the end of the month - and many listings are set by Realtors to expire the end of each October.

Most of the key numbers continued to be flat last week - Active Listings fairly stable, Market Time still too high.  However, I am encouraged by continuing stability in Pending Sales despite the approach of the dreaded Chicago Winter.  Also, the Average Sales Price in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently jumped over 5.5% last week. 

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly last week - it's now below 10 months.  This is far from the sub-5-month Absorption Rate of a couple of years ago, when the market was far stronger, but the downward trend is very encouraging.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 47.09% 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

Rates seemed flat this past week, as homebuyers were cooling their heels waiting to see whether the Fed First Time Homebuyers Tax Credit was going to be extended, Average 30-Year Fixed Mortgage Rates jumped last week, increasing 0.01% last week to 5.35%, for the week ending November 4th, 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 6.44%, according to Bankrate. 

Will the fact that the Extension was signed today - and extended to include Existing Homebuyers - further impact interest rates?  Perhaps the coming week will tell!

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.

Please contact our Team TODAY - via phone or email - for Market Trends Data in any Chicago Neighborhood or Suburb!

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Friday, November 06, 2009 7:24 PM by Dean's Team

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