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CHICAGO IL REAL ESTATE STATS PACK - November 23, 2009

Good Morning!

New FHA Financing Rules for Condominiums might make it easier for many buyers with low down payments. 

These rules now increase the permitted number of FHA-Financed Condos within a qualifying complex, and allow units to sell before the building is near-100% sold.  Beginning next February, the long-standing Right of First Refusal Clause in some condo associations' by-laws, long an impediment to FHA Financing within a building, will no longer be an FHA concern.

Further, also effective in February, FHA Spot Approval will not be required for individual units within a condo building not previously approved. 

See more details on the upcoming changes @ BlogChicagoHomes.com. 

Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, November 23rd.

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        3,725                   35                    84                53

w/e November 22nd        3,776                   42                    82                35

% CHANGE                       -1.4                  -16.7%              +2.4%           +51.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e November 15th      $281,735            172 DAYS                    $23,665,740

w/e November 22nd      $282,077            172 DAYS                    $27,296,816

% CHANGE                      -0.1%                 +-0.0%                          -13.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 15th - LAST 12 MOS - 12.85   LAST 6 MOS - 9.69  LAST 3 MOS - 9.27

w/e November 22nd   - LAST 12 MOS - 13.38  LAST 6 MOS -  10.21    LAST 3 MOS - 9.62

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e November 15th - 52.11% (UNSOLD - 47.89%) 

w/e November 22nd  - 51.09% (UNSOLD - 48.91%)

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

OBSERVATIONS

Stability seems to be the key in most indicator numbers this week.  In the North and Northwest Side of Chicago Neighborhoods we frequently serve,  Active Listings Inventory showed little change.  Pending Sales fell - predictable as the Thanksgiving Holiday approaches. 

Average Sales Price and Average Market Time held about steady, while Sales Volume gave back last week's gain, and a little bit more.   Units Sold figures were flat, while and Listings Expired jumped - perhaps, by design, as the holidays approach. 

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continued its declining trend.  It is now just short of 9.3 months - a very, very encouraging trend. 

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame increased once again last week - it is now over 52%!

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, the market remains weak here in Chicago, and in many areas of the country.  One culprit might be climbing unemployment figures across the U.S.  Potential buyers, fretting over job security, are less likely to purchase a new home.

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.

For custom-calculated Market Trends Data for any Chicago Neighborhood or Suburb, please call or email our Team TODAY!

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Monday, November 23, 2009 6:48 AM by Dean's Team

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