CHICAGO IL REAL ESTATE STATS PACK - November 9, 2009
Good Evening!
Is "The Great Recession" in Housing Over?
In many cities, including parts of Chicago, certain types of properties are showing a bit of a sales resurgence (although, in many parts of Chicago and the Chicago Suburbs, Condo Sales remain sluggish). Interest Rates remain near record lows, and chances of rates heading up in the near term are low.
However, U.S Unemployment has risen to a 26-year high. Housing Units Sold, and their Median Sales Price, are off 20% or more versus Chicago Peak Sales of mid-2006.
So perhaps tough sledding in the real estate market will continue for the foreseeable future.
For more discussion, and comments by Syndicated Real Estate Columnist Don DeBat, please see our post via BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, November 9th.
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 8th 3,794 47 99 31
w/e November 1st 3,804 58 131 72
% CHANGE -0.3 -19.0% -24.4% -56.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 8th $254,536 142 DAYS $25,199,064
w/e November 1st $257,178 139 DAYS $33,690,318
% CHANGE -1.0% +2.2% -25.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 8th - LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62
w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 8th - 49.10% (UNSOLD - 50.90%)
w/e November 1st - 47.09% (UNSOLD - 52.91%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
For the last few weeks, Active Listings Inventory in the North and Northwest Side Neighborhoods we serve in the City of Chicago has remained nearly flat - less than 4,000 units. This week, properties Pending Sale have trended downward - perhaps with the cooler season.
Average Sales Price and Average Market Time - also stable, generally. Sales Volume, predictably, fell this week, in the middle of the month. Units Sold and Listings Expired each fell last week - also usual for mid-month.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell once again last week - it is now just over 9.6 months. Very Encouraging.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to over 49% this past week. Earlier this year, that percentage was just over 30%!
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
No change in Mortgage Rates this past week. Average 30-Year Fixed Mortgage Rates stayed exactly the same for the week ending, 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.
In the weeks before the Fed Tax Credit for First Time Homebuyers was extended, many homebuyers seemed to take a sideline stand. From the point of view of our Chicago Real Estate Team, however, the credit - in effect for first-time and some repeat buyers who contract for homes homes until April 30, 2010 - has not spurred too many buyers to act immediately. Perhaps they feel no urgency now - will sales peak in the Spring, 2010, as the new deadline for the credit approaches? Time 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.
Contact our Team TODAY - via phone or email. We'll research custom Market Trends Data for any Chicago Neighborhood or Suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
