CHICAGO IL REAL ESTATE STATS PACK – November 17 2008

CHICAGO IL REAL ESTATE STATS PACK – November 17 2008

Good Morning Everyone!

Does it make sense to consider refinancing your home mortgage loan today?

For a sizable number – the answer may be yes and the best rate and terms may be a lot closer than you think!

Read more via our post today at BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for Monday Morning November 17th.

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 17th 4711 41 43 74

w/e November 10th 4753 30 52 71

% CHANGE -0.9% +36.7% -17.3% +4.2%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 17th $285697 144 DAYS $12284971

w/e November 10th $301970 149 DAYS $15702440

% CHANGE -5.4% -3.44% -21.8%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e November 17th – LAST 12 MOS – 15.38 LAST 6 MOS – 13.94 LAST 3 MOS – 15.90

w/e November 10th – LAST 12 MOS – 15.44 LAST 6 MOS – 14.01 LAST 3 MOS – 15.47

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e November 17th – 39.94% (UNSOLD – 60.06%)

w/e November 10th – 39.37% (UNSOLD – 60.63%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

Active Listing Inventory showed a slight drop this week in line with the season. However there was a healthy climb in Pending Sales although total numbers here continue to be small and we are not sure of a trend here. Average Sales Price again fell quite a bit – over 5%. Indeed average prices for single-family homes condos and two-to-four-unit apartment buildings have noticeably fallen this year in the North and Northwest Side of Chicago Neighborhoods we serve.

Sales Volume again fell significantly in concert with the Number of Units Sold and the Average Sales Price. Average Market Time and Expired Listings this past week were fairly stable.

Absorption Rate or theoretical time to clear existing listing inventory continues its increasing trend over the last couple of months. It now stands at nearly 16 months. Homes-for-sale inventory remains high in most Neighborhoods in Chicago. The Percentage of Sale Within Six Month (180 Days) continued its positive trend established several weeks ago. Not great – but now roughly 40% of correctly-priced listings sell in a normal six-month marketing time frame.

Here are archived annual Chicago Neighborhood Statistics including Units Sold and Price Trends Data for 1992 through 2007 courtesy of The Chicago Association of Realtors.

RATE & MARKET WATCH

Average 30-Year Fixed Mortgage Rates fell by a modest 0.05% to 6.39% for the week ending November 12th according to Bankrate.com. This is in contrast to the violent up-and-down average rate swings over the last few weeks. One year ago the Average 30-Year Fixed Rate was 6.32%.

Optimism that President-Elect Barack Obama "will be successful in bringing about the changes needed to improve the economy" according to an Associated Press-GfK poll released last week.

According to Dick Lepre however a Senior Loan Officer at Residential Pacific Mortgage in San Francisco it would be fantasy to think the Obama Administration could turn the housing market around overnight.

"I think that it is better to first back a step up and recognize that the president has relatively little to do with the economy" Lepre says. "The economy is controlled by a coming together of business labor and capital" says Lepre.

See Chris Kissell’s post via Bankrate.com for more detailed analysis and rate comparisons versus last week.

For daily news hot information and trends view our Real Estate Update newsletter via our Web Center – dean-team.com.

For specific trends on any Chicago Neighborhood or Suburb – just give us a call!

DEAN MOSS & DEAN’S TEAM CHICAGO