CHICAGO IL REAL ESTATE STATS PACK – July 27 2009

CHICAGO IL REAL ESTATE STATS PACK – July 27 2009

Good Morning!

Here is the good news then the bad news here in Chicago:

Outstanding levels of homes for sale have fallen! However the average level of inventory for sale across the Chicago Metro Area is still a high 18-plus months and the Unemployment Rate across the Chicago Area is over 10%. These facts coupled with a sizable number of homeowners at least one month behind in their mortgage payments may stall the housing market recovery here.

See more thoughts and opinions in our post today via BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for Monday Morning July 27th.

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 July 26th 4251 52 78 29

w/e July 19th 4279 67 85 29

% CHANGE -0.7% -22.4% -8.2% +-0.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e July 26th $270012 177 DAYS $21060996

w/e July 19th $287737 133 DAYS $24457645

% CHANGE -6.2% +33.1% -13.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e July 26th – LAST 12 MOS – 16.33 LAST 6 MOS – 16.27 LAST 3 MOS – 13.03

w/e July 19th – LAST 12 MOS – 16.41 LAST 6 MOS – 16.98 LAST 3 MOS – 13.48

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e July 26th – 31.51% (UNSOLD – 68.49%)

w/e July 19th- 30.39% (UNSOLD – 69.70%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

Recent fluctuations in key market indicators – Available Inventory Average Market Time and Sales Price and Total Weekly Sales Volume – tell me we have yet to set a pattern for renewal in the North and Northwest Side of Chicago Neighborhoods we frequently serve.

Although inventory appears to have stabilized over the last few weeks Pending Sales have over the last few weeks trended pretty flat while Average Sales Price has gone down (predictably with the high number of Short Sales and Bank-Owned Foreclosures on the market today). Total Sales Volume appears to see-saw each week while Average Market Time has jumped considerably – to nearly six months – since the last time we took a reading seven days ago.

There is a bit of good news however. The Absorption Rate – the theoretical time to clear existing homes-for-sale inventory has improved steadily over the last few months and now sits at just over 13 months in our marketing area. Not a victory by any means – but far better than the 18-month-plus figures we were seeing earlier in 2009!

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

According to Bankrate.com statistics average 30-Year Fixed Rate Mortgages fell precipitously were again virtually unchanged over the past week. They ended the week at 5.55% for the week ending July 15th – down only 0.03% from the previous week. One year ago the Average 30-Year Fixed Rate had just spiked to 6.77%.

In testimony before Congress Federal Reserve Board President Ben Bernanke issued a stay-the-course policy toward keeping interest rates attractive will stay put as the risk of fueled inflation at least in the short term is low.

However banks still feel that the bottom of the housing market has not yet been tested in many areas of the country so they continue to keep their underwriting standards for new and refinance home mortgages high. Many economists and other experts feel this policy needs to be loosened somewhat for the housing market and the economy in general to rebound.

See Holden Lewis’ post via Bankrate.com for more potentially far-reaching mortgage news from the past week –

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

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

DEAN MOSS & DEAN’S TEAM CHICAGO