CHICAGO IL REAL ESTATE STATS PACK – December 22 2008

CHICAGO IL REAL ESTATE STATS PACK – December 22 2008

Good Morning!

Mortgage refinances took off as mortgage rates have fallen to near-historic loans in the past two weeks. However not everyone who wants to refinance today can get a loan. And those who are able to refinance into a lower rate and lower monthly payment are truly hanging on to the money they save each month.

Read more about this via our post today at BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for Monday Morning December 22nd.

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 22nd 4296 25 34 53

w/e December 15th 4390 32 31 46

% CHANGE -2.1% -21.9% +9.7% +15.2%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e December 22nd $359865 140 DAYS $12235410

w/e December 15th $351027 172 DAYS $10881837

% CHANGE +2.5% -18.6% +12.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e December 22nd – LAST 12 MOS – 14.66 LAST 6 MOS – 14.26 LAST 3 MOS – 17.90

w/e December 15th – LAST 12 MOS – 14.75 LAST 6 MOS – 14.21 LAST 3 MOS – 17.47

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e December 22nd – 40.66% (UNSOLD – 59.34%)

w/e December 15th – 40.24% (UNSOLD – 59.76%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

Falling numbers for Active Listing Inventory and Just Sold (Pending) seem normal for the week before Christmas – they have slowed. Closed Properties shows many scheduling their usual end-of-month closings early in advance of Christmas Week. Expired Properties may be following the same pattern although comparative numbers are small. All numbers predictable given the time of year – only a couple of weeks before Christmas and the Chicago Real Estate Market appears to be slowing perhaps a bit more than usual this year.

Another increase in Average Sales Price this week – if it keeps up this is indeed an encouraging sign.

Absorption Rate including theoretical time to clear existing listing inventory continues weak. There is nearly 18 months in the North and Northwest Side of Chicago Neighborhoods we frequently serve.

The Percentage of Sale Within Six Month (180 Days) continues weekly improvement – just over 40% of listings we monitor here closely sell in a normal six-month marketing time frame. We feel this has occurred as more sellers correctly price their properties to sell quickly rather than "testing the waters" at unrealistic price levels.

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.

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 continued to drop last week – down 0.38% to 5.42% for the week ending December 17th according to Bankrate.com. One year ago the Average 30-Year Fixed Rate was 6.21%.

Rates continue their tumble with help from the Federal Reserve Board. The Fed lowered it’s benchmark Fed Funds Rate to a maximum of 0.25% last Tuesday – a historic low. Rates tumbled below 5% almost immediately but didn’t stay that way past Wednesday. By week’s end the average 30-year fixed rate was still very attractive but not near the incredible sub-5% low of Tuesday and early Wednesday.

Hoping to take advantage of low rates thousands of homeowners are calling loan officers to inquire about refinancing their current home loan. "We have noticed a marked pickup in re-fi inquiries many of them born of misunderstanding about what the government’s policy on the 4.5 percent rate is" says Dan Dowling President of United Mortgage Capital Corp. near Orlando FL.

Many mortgage professionals predict sub-5% loans especially on home purchase loans (not necessarily on re-fi loans) will return soon. When the Federal Reserve Board slashed its Fed Funds Benchmark Rate on Tuesday it also promised to "employ all available tools" to stimulate the economy and keep home prices from continuing to fall. The Fed also reiterated its plans to buy Mortgage-Backed Securities. This is likely to push mortgage rates downward as well.

See Holden Lewis’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.

Please call us ANYTIME for specific market trends information within any Chicago Neighborhood or Suburb.

Happy Holidays to You and Your Family!

DEAN MOSS & DEAN’S TEAM CHICAGO