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CHICAGO IL REAL ESTATE STATS PACK - February 1, 2010

Good Afternoon!

Despite recent declines in Homes For Sale Inventory, and moderation in Mortgage Interest Rates and Median Home Prices, Chicago is not out of the woods yet - likely, the Real Estate Market here will remain sluggish.

Why?

Unemployment, in Chicago and across IL, remains  very high!  So does the percentage of homeowners here either delinquent in their house payments, or at some stage of foreclosure.  Until the prospects for job growth improve, and the universe of foreclosures and short sales drops, supply and demand will not be balanced in Chicago.  Marked Real Estate Market improvement will not lastingly occur.

Read our post today via BlogChicagoHomes.com for further insight..

Here's our updated Chicago IL Real Estate Stats Pack for last Monday Morning, February 1st.

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 31st       3,430                  52                    61               33

w/e January 24th       3,411                  64                    40               27

% CHANGE                +0.6%               -18.8%            +48.8%          +22.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e January 31stt    $234,829           166 DAYS                   $14,324,569

w/e January 24th     $225,619           124 DAYS                    $9,024,760

% CHANGE                     +4.1%             +33.9%                       +58.7%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e January 31st - LAST 12 MOS - 11.04   LAST 6 MOS - 9.77   LAST 3 MOS - 11.85

w/e January 24th   - LAST 12 MOS - 11.03  LAST 6 MOS -  9.54    LAST 3 MOS - 10.58

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e January  31st - 50.24% (UNSOLD - 49.76%) 

w/e January 24th - 55.33% (UNSOLD - 44.67%)

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

OBSERVATIONS

Is the Chicago Real Estate Market beginning to recover?

Although Active Listing Inventory has been stable for several weeks, Pending Sales have remained low, week to week..  Closed Sales picked up, uncharacteristically for mid-month.   Sales Volume, although up considerably versus last week, remains low compared to recent weekly averages. Average Market Time continues high, Average Sales Price - reflective of pricing trends in the Chicago Area as a whole - continues its declining trend.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues its weeks-long march higher, a very disturbing trend. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame fell considerably over last week.  Also troubling!

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 once again last week - by 0.02%, to 5.13%, for the week ending January 27th, according to data reviewed and compiled by Bankrate.com.  One year ago, in January, 2009, the Average 30-Year Fixed Rate stood at 5.48%, also according to Bankrate. 

Many suggest the continued low mortgage rates, combined with the expanded Fed Tax Credit for First Time and some Move-Up Homebuyers may breath life into the housing market this Spring.  This might be especially true for less expensive properties - most of which sell to those not needing to sell their current home in order to buy. 

 Will the trend continue?  We'll monitor activity as the Chicago Weather warms to find out.  For more info,  here's a link to Chris Kissell's column via Bankrate.com.

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

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, January 31, 2010 8:17 PM by Dean's Team

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