CHICAGO IL REAL ESTATE STATS PACK – August 3 2009

CHICAGO IL REAL ESTATE STATS PACK – August 3 2009

Good Morning!

In the Second Quarter 2009 the U.S. Commerce Department says GDP though fallen only dropped at a 1.0% annualized rate – down from 6.4% during the Fourth Quarter 2008.

Is the recession – likely the deepest since the 1930’s and The Great Depression – coming to an end?

We share a few thoughts via our post yesterday @ BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for Monday Morning August 3rd.

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 August 2nd 4228 56 103 79

w/e July 26th 4251 52 48 29

% CHANGE -0.5% +7.7% +114.6% +172.4%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e August 2nd $287208 150 DAYS $29582424

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

% CHANGE +6.4% -15.3% +39.0%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e August 2nd- LAST 12 MOS – 16.34 LAST 6 MOS – 15.67 LAST 3 MOS – 12.75

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

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e August 2nd – 32.17% (UNSOLD – 67.83%)

w/e July 26th- 30.39% (UNSOLD – 69.70%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

Happy Days – are they here again?

This week a number of the Benchmark Indicators we review here went very favorable – Closed Sales Pending Sales Sales Volume Average Sales Price and Average Market Time – all posted considerable improvement!

Indeed the Chicago Market may be coming back a bit – but here in the North and Northwest Side of Chicago Neighborhoods we serve many foreclosures and short sale properties dot the streets and landscape especially in more modest priced Chicago Neighborhoods. Also Active Listing Inventory remains high and the number of properties placed under contract each week still low.

But is the overall news encouraging? Perhaps – but unlikely overwhelmingly!

The Absorption Rate – the theoretical time to clear existing homes-for-sale inventory is now below 13 months here and the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame is continuing to rise steadily week by 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

According to Bankrate.com statistics average 30-Year Fixed Rate Mortgages were again virtually unchanged over the past week. They ended the week at 5.56% for the week ending July 29th – up only 0.01% from the previous week. One year ago the Average 30-Year Fixed Rate had just spiked to 6.70%.

Across the country according to statistics compiled by the National Association of Realtors home sales gained ground for the third straight month in June – rising 3.6%. However home resales are still off 21.8% nationally since June 2008 although most Chicago Neighborhoods have posted far more modest fall offs with some Chicago Neighborhoods – Lincoln Square and North Center near our office on the North Side of Chicago – actually showing Unit Sales Gains!

A strong percentage of today’s sales it seems comes from the first-time home buyer market – those who can benefit from the $8000 First-Time-Buyer Tax Credit available to those who close on their houses by December 1st. Others seek distressed property – foreclosures short sales and the like – in far-less-than-perfect condition.

Every buyer is definitely looking for a bargain and those home sellers who don’t understand this new reality often have their homes sit unsold for days weeks and months.

See Chris Kissell’s 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.

Call Dean’s Team TODAY for Real Estate Trends and Data for any Chicago Neighborhood or Suburb!

DEAN MOSS & DEAN’S TEAM CHICAGO