CHICAGO IL REAL ESTATE STATS PACK - November 16, 2009
Good Morning!
Despite the fact that Mortgage Interest Rates are near historic lows, applications for new home loans are falling - 11.7% seasonally adjusted during the first week in November, versus the prior week.
At the same time, however, mortgage re-financing, by current homeowners seeking a more attractive interest rate, is surging.
The reason for the trend might be tied to the highest Unemployment Rate in 26 years, or falling home values, or the high numbers of distressed properties on the market - foreclosures, short sales, and other distressed properties - creating price competition at the lower range of prices.
For more, please see our post via BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, November 16th.
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 15th 3,776 42 82 35
w/e November 8th 3,794 47 99 31
% CHANGE -0.4 -1.1% -8.9% +12.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 15th $282,077 172 DAYS $27,296,816
w/e November 8th $254,536 142 DAYS $25,199,064
% CHANGE +10.8% +21.1% +8.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 15th - LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62
w/e November 8th - LAST 12 MOS - 13.13 LAST 6 MOS - 9.91 LAST 3 MOS - 9.58
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 15th - 51.09% (UNSOLD - 48.91%)
w/e November 8th - 49.10% (UNSOLD - 50.90%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
This past week has seen continuing stability in the Housing Market in the North and Northwest Side of Chicago Neighborhoods we serve with great frequency. Active Listings Inventor showed little change. Pending Sales - about the same versus last week.
Average Sales Price is up, however, as is, unfortunately, Average Market Time. Sales Volume rebounded a bit over last week. Units Sold and Listings Expired - generally, steady!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, ticked up a very slight amount- it remains just over 9.6 months.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped to over 51% this past week. Earlier this year, that percentage was just over 30%! It's been a long time since the number of homes selling during an Estimated Six-Month Market Time eclipsed 50% here in Chicago!
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
Average 30-Year Fixed Mortgage Rates fell to near historic lows last week - they fell 0.13%, to 5.06%, for the week ending November 18th, 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 6.33%, according to Bankrate.
However, homebuyer interest is still sluggish.
Is High U.S. Unemployment the culprit? Or, perhaps, just a lack of urgency now that the Federal First Time Homebuyers $8,000 Tax Credit has been extended to contracts signed before April 30th, 2010. It has also been expanded to many current homeowners as well - those living in their current homes for five consecutive years out of the last eight years. To these veteran homeowners, a $6,500 Tax Credit is now in place.
See Holden Lewis'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.
Do you need custom Market Trends Data for any Chicago Neighborhood or Suburb! Call or email our Team TODAY!
DEAN MOSS & DEAN'S TEAM CHICAGO
