CHICAGO IL REAL ESTATE STATS PACK – December 7 2009

CHICAGO IL REAL ESTATE STATS PACK – December 7 2009

Good Morning!

Latest Unemployment Figures from the U.S. Labor Department indicate fewer U.S. Workers are out of jobs. In November the Average Unemployment Rate Nationwide fell to 100% from 10.2% in October. Jobless rates in Chicago and across IL are somewhat higher.

These figures are still the highest level of unemployment in 26 years but an improvement nonetheless.

But will this development indicating a possible resurgence in the economy directly help the Real Estate Market here in Chicago and elsewhere? Perhaps not according to some experts.

See more data and commentary via our post yesterday at BlogChicagoHomes.com.

Here’s our updated Chicago IL Real Estate Stats Pack for last Monday Morning December 7th.

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 7th 3613 39 108 67

w/e November 30th 3667 18 76 34

% CHANGE -1.5 +117.7% +42.1% +97.1%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e December 7th $254921 148 DAYS $27531468

w/e November 30th $225559 161 DAYS $17142484

% CHANGE +13.0% -8.1% +60.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) –

w/e December 7th – LAST 12 MOS – 12.85 LAST 6 MOS – 9.69 LAST 3 MOS – 9.27

w/e November 30th – LAST 12 MOS – 12.55 LAST 6 MOS – 9.68 LAST 3 MOS – 9.43

PERCENT OF HOMES SELLING IN 180 DAYS –

w/e December 7th – 52.11% (UNSOLD – 47.89%)

w/e November 30th – 52.69% (UNSOLD – 47.31%)

SOURCE: MIDWEST REAL ESTATE DATA LLC AREA MARKET SURVEY DATA

OBSERVATIONS

Moderating inventory of Active Listings More attractive numbers of Pending Sales More Listings Sold. Higher Average Sales Price and Sales Volume and lower Average Market Time.

Are good times back for the housing market in the North and Northwest Side of Chicago Neighborhoods we serve frequently?

The likely answer – not quite yet! Last week’s figures were skewed by the short Thanksgiving holiday week. However these continued trends toward improvement might indicate some stability is returning. Let’s monitor week by week.

Absorption Rate – the theoretical time to clear existing homes-for-sale inventory continues to improve. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame fell slightly but is still in excess of 52% – far better than just a couple of months ago!

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

Average 30-Year Fixed Mortgage Rates inched up ever so slightly last week – they jumped but only by 0.01% to 5.01% for the week ending December 2nd according to data reviewed and compiled by Bankrate.com.

One year ago the Average 30-Year Fixed Rate stood at 5.92% according to Bankrate.

In 2010 many low down payment buyers opting for FHA Backed Loans may see the costs and fees for these loans as well as the required minimum down payment and FICO Credit Score go up. Also the allowable seller credit toward closing costs and pre-paid expenses long capped at 6% of the purchase price may be cut in half.

These days high loan default rates has the FHA paying out more on mortgage insurance claims than they are taking in on these premiums. They feel tightening up may ease their reserve crunch. From a buyer and seller perspective however this is likely to simply manifest more delays in FHA Loan Approval and force some on-the-fence buyers to the sidelines.

See our post via BlogChicagoHomes.com for more info. Here’s a link to Holden Lewis’s weekly column via Bankrate.com.

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

Need Custom Market Trends Data for any Chicago Neighborhood or Suburb? Please call or email our Team TODAY!

ENJOY THE HOLIDAY SEASON!

DEAN MOSS & DEAN’S TEAM CHICAGO