CHICAGO IL REAL ESTATE STATS PACK – October 19 2009

CHICAGO IL REAL ESTATE STATS PACK – October 19 2009

Good Morning!

Have you heard of those Credit Repair Companies advertised on TV radio or on the Internet? Often times they’re not all they are cracked up to be!

One red flag – those who GUARANTEE Fast Results or those who require a large up-front fee. The Federal Trade Commission prohibits both practices!.

For more details on Freddie’s plans please see our post via BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for Monday Morning October 19th.

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 October 18th 3888 53 72 27

w/e October 11th 3925 62 58 37

% CHANGE -0.9% -14.5% +24.1% -27.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e October 18th $244262 157 DAYS $17586864

w/e October 11th $252672 185 DAYS $14654976

% CHANGE -3.3% -15.1% +19.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e October 18th – LAST 12 MOS – 14.20 LAST 6 MOS – 11.03 LAST 3 MOS – 10.20

w/e October 11th – LAST 12 MOS – 14.47 LAST 6 MOS – 11.28 LAST 3 MOS – 10.24

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e October 18th – 44.50% (UNSOLD – 55.50%)

w/e October 11th – 43.32% (UNSOLD – 56.68%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

This past week Sales Volume and Closed Properties showed improvement although we are far from convinced the week-by-week see-saw for these numbers is coming to an end.

Active Listings continue to moderate typical for this time of year in the North and Northwest Side of Chicago Neighborhoods we serve most frequently. Once again this week however Average Sales Prices fell and encouragingly so did Average Market Time.

Pending Sales gave back last week’s gain a curious see-saw this time of the year as well.

Absorption Rate – the theoretical time to clear existing homes-for-sale inventory continues to improve as does the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame. During the past week 44.5% of all listed properties sell during this average marketing time frame – a considerable improvement over the same numbers earlier this year.

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

Reversing a six-week trend Average 30-Year Fixed Mortgage Rates jumped last week increasing 0.10% last week to 5.32% for the week ending October 14th according to data reviewed and compiled by Bankrate.com. One year ago as the pre-election Economic Meltdown was monopolizing the headlines the Average 30-Year Fixed Rate stood at a staggering 6.74% according to Bankrate.

The reason for the rate jump? Optimism from four of the five economists surveyed by the National Association of Business Economics that the Economic Recession may finally be ending.

However the outlook for an improvement in the Unemployment Rate appears grim in the opinion of Jay Brinkmann Chief Economist of the Mortgage Bankers Association speaking at their convention in San Diego CA last week. He predicts the jobless rate to peak nationally at 10.2% in the Second Quarter 2009 then begin to decline very slowly bottoming out in late 2012 at around 8%.

Here in IL the Unemployment Rate beats the national average with last month’s figure weighing in at a hefty 10.5%!

If homeowners or prospective homebuyers can’t find jobs or fear they will lose their current job they often come face-to-face with mortgage delinquency or foreclosure. Even those not losing their jobs but with fear they might put off the buying decision for their first home or their move-up home. Because he feels unemployment will likely remain high for some time Brinkmann doesn’t expect much improvement in mortgage default over the next year.

He cites some recent historical statistics –

In 2008 the median price of a home resale nationally was $198100. Mr. Brinkmann expects the median price to fall to $172200 for 2009. Beginning next year he expects median home prices to begin to rise albeit gradually to $185500 in 2012. to put it another way the Mortgage Bankers Association Economist feels it will be at least four years for prices on resale homes to recover to the level they stood in 2008.

See Holden Lewis’s post via Bankrate.com for more more info.

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

Call our Team ANYTIME for Market Trends Data in any Chicago Neighborhood or Suburb!

DEAN MOSS & DEAN’S TEAM CHICAGO