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CHICAGO IL REAL ESTATE STATS PACK - January 11, 2010

Good Afternoon!

Considering a Real Estate Professional to help you sell your home?  Chances are, their Real Estate Fees are a bit higher than they used to be.

Why?

Many weaker, discounting agents have left the business in a tough economy.   Homesellers seem to respect the added knowledge and negotiating expertise of those most successful agents who have survived, and are willing to pay a fair market price for their services.

All is not rosy for those Real Estate Pros, however.  Average Sales Prices are way down, as is their average Fee Check on each closed transaction.

Read our post today via BlogChicagoHomes.com for more..

Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, January 10th.

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 January 10th      3,350                  40                    43               29

w/e January 3rd        3,319                  30                    67              154

% CHANGE                +0.9%               +33.3%            -35.8%          -81.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e January 10th     $281,085           147 DAYS                   $12,085,795

w/e January 3rd       $265,304           168 DAYS                   $17,775,368

% CHANGE                       +5.9%              -12.5%                       -32.0%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e January 10th - LAST 12 MOS - 10.94  LAST 6 MOS - 9.08   LAST 3 MOS - 9.80

w/e January 3rd   - LAST 12 MOS - 10.86  LAST 6 MOS -  8.90    LAST 3 MOS - 9.51

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e January 10th - 57.09% (UNSOLD - 42.91%) 

w/e January 3rd - 57.36% (UNSOLD - 42.64%)

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

OBSERVATIONS

Active Listing Inventory was stable last week.  Typically, inventory spikes a bit immediately after the first of the year, with the holidays being over.  Data from the next few weeks will determine if this is a continuing trend, or just a blip on the radar screen.

Most of the other numbers are predictably down in the first business week of 2010.  However, a climb in Pending Sales, and a drop in Average Market Time, is encouraging if the trend continues.   Another surprise - Average Sales Price, in the Chicago North and Northwest Side Neighborhoods we serve extensively, rose nearly 6%!  This rise counters recent trends - again, let's see if it is long or short term. 

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, is slightly inching up, but still far stronger than the one year or greater figure of early, 2009.  The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame remains over 57%, but fell slightly over the 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

Average 30-Year Fixed Mortgage Rates fell by 0.07%, to 5.26%, for the week ending January 6th, according to data reviewed and compiled by Bankrate.com.  One year ago, in January, 2009, the Average 30-Year Fixed Rate stood at 5.33%, also according to Bankrate. 

Historically, the cold-weather months - especially December and January - have been very slow for new home buying.  This year, as rates have moderated for over a year, the rush to refinance seems to have slowed as well.

Since last October, mortgage application volume, for both purchased homes has fallen 41%, according to the Calculated Risk blog.  New home loans now stand at a 12-year low.

One possible explanation?

Perhaps the First Time Homebuyer Tax Credit, which was set to expire last November 30th before being extended on November 6th by the U.S. Congress and President Obama, might have hastened would-be purchasers to close early and receive the credit. 

The extension of the credit, and its expansion to many repeat homebuyers, will give additional families the opportunity to enjoy the benefit of the $8,000 or $6,500 Federal Income Tax Credit.  But did the original looming expiration deadline actually steal some potential sales from 2010?  Too early to see!

For more info,  here's a link to Holden Lewis's column via Bankrate.com.

For Current Trends Data for any Chicago Neighborhood or Suburb . . . call our Chicago Real Estate Team TODAY!

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Wednesday, January 13, 2010 11:23 AM by Dean's Team

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