CHICAGO IL REAL ESTATE STATS PACK - December 21, 2009
Good Morning!
There are a few Mortgage Insurance Companies - firms who insure mortgage loans with less than 20% down payment - who have relaxed their down payment requirements in some metro market across the U.S. In addition, one prominent national lender - Wells Fargo Home Loans - is allowing less than 20% down loans for some of the mortgages it will hold.
Is this a reflection of renewed confidence in the Real Estate Market, and their feeling that prices have, at minimum, stabilized?
Read further on this via our post yesterday at BlogChicagoHomes.com.
Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, December 21st.
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 December 21st 3,508 57 59 38
w/e December 14th 3,573 50 65 26
% CHANGE -1.8 +14.0% -9.2% +46.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 21st $255,529 139 DAYS $15,076,211
w/e December 14th $288,418 186 DAYS $18,747,170
% CHANGE -21.8% -25.3% -19.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e December 21st - LAST 12 MOS - 11.61 LAST 6 MOS - 9.25 LAST 3 MOS - 9.10
w/e December 14th - LAST 12 MOS - 11.91 LAST 6 MOS - 9.30 LAST 3 MOS - 9.05
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e December 21st - 56.13% (UNSOLD - 43.87%)
w/e December 14th - 55.50% (UNSOLD - 44.50%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
As you might expect as we approach Christmas and New Years Day, Active Listing Inventory has dwindled a bit - some sellers wish to enjoy a bit of "time off" in advance of the holidays - despite the fact real estate does sell this time of year. Expired Listings have jumped this week as well - perhaps some sellers deliberately set their listings to expire before the holidays
On the other side of the ledger, mid-month Closings are down - but will likely spike again next week as sellers and buyers target closing on their homes before the end of the year. Sales Volume works in tandem. Average Market Time fell, but so did Average Sales Price.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, jumped 5%, but is still far better than earlier this year in the Chicago Neighborhoods we serve on the North and Northwest Sides of the city . The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped last week to over 56%!
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 increased for the third consecutive week- they jumped, but only by 0.09%, to 5.13%, for the week ending December 16th, according to data reviewed and compiled by Bankrate.com.
One year ago, the Average 30-Year Fixed Rate stood at 5.43%, according to Bankrate.
Many industry experts are debating whether we have hit the bottom of the Real Estate Slump, or if there is more bottom to find. Some are concerned about what they characterize as a "shadow inventory" in 2010 - homes likely to go into foreclosure, but, at the present time, not on the market, while these homeowners consider short sale, attempt to modify their loans, or, in some cases, do nothing. Moody's Economy predicts home prices, on average, might fall another 10% in some markets.
The Fed plans to curtail its purchase of Mortgage Backed Securities in the Spring, and some economist predict mortgage interest rates might even rise next year should the banks consider increasing its Fed Funds Rate to banks, even in the slightest.
For more info, here's a link to Chris Kissell's column via Bankrate.com.
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
For Up-To-Date Trends Data for any Chicago Neighborhood or Suburb, call or email our Team TODAY!
HAVE A VERY MERRY CHRISTMAS!
DEAN MOSS & DEAN'S TEAM CHICAGO
