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June Market Expert Class Handout - Chicago Real Estate Market

June Market Expert Class Handout - Chicago Real Estate Market

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Published by Matt Dollinger
This is the June handout provided to the agents at @properties participating in the Market Expert Class. Slides include city of Chicago real estate statistics, North Side Neighborhood statistics, and trends facing the Chicago Real Estate Market.
This is the June handout provided to the agents at @properties participating in the Market Expert Class. Slides include city of Chicago real estate statistics, North Side Neighborhood statistics, and trends facing the Chicago Real Estate Market.

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Published by: Matt Dollinger on Jun 16, 2011
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06/24/2011

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 Market Expert Class – City – June 2011Overview: Post stimulus package numbers began reporting this month with June 2010 being the firstmonth AFTER the mandatory “Under Contract Date” to qualify for the Home Buyer Tax Credit of 2010.Therefore our numbers for Under Contract Properties (June 2011 compared to 2010) show significantincreases in the amount of properties going under contract for the city of Chicago.Where this is a positive trend, we must be cautious when analyzing these numbers due to the “ebb andflow” momentum created by the tax buyer credit of 2010. Conversely, SOLD numbers for this month(i.e. closed properties) are significantly less than 1 year ago since properties were initially required toclose by June 2010 (then extended to August).Positives to the market include a continual decline in the overall inventory of For Sale properties and asteady decrease in average MSI (Month’s Supply of Inventory).1.
 
Crains Article – Home Price upticks for specific neighborhoods since 20002.
 
Data from CAR Fast Stats – Shows decline in closed properties 2010 vs. 2011 April (AT & DE)3.
 
Change in Property Types (N. Side) – This is a graph pulled from all closed properties inApril/May in 2010 vs. 2011. The results show that home buyers are choosing to invest a higheramount of money in space (sq.ft) for their home.Agent Metrics Trends:
 
2 Year Total trend is decrease across the board (FS, UC, Sold)
 
Decline of almost 30% in For Sale properites for 2 year trend (non Bank Owned)
 
Bank property decrease of almost 8% (due to lack of Bank release)
 
1 Year Trend shows over 25% decrease in inventory and 50% increase in UC
o
 
Effect of post stimulus package
 
Sales to Original Price trends remain constant with 15% difference between two
o
 
DOM difference remains +/- 100 days
 
Sales to List Price (final list price) ratio still shows higher % for those with no price reductions
o
 
DOM difference remains +/- 100 days
 
Months’ supply of Inventory reaches 2 year low in May of 2011 of 7.1
o
 
MSI = #properties ACTV/#properties UC for that month
 
N. Side neighborhoods have followed trends above, with a 63% increase in UC numbers** All Slides will be emailed to current KCM members by end of day
 
Go to ChicagoBusiness.com
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By:Frank Kalman 
June 02, 2011
(Crain's) — The housing rollercoaster ride of the last decade ended badly for most localhomeowners, but residents of Andersonvilleand Uptown can't complain about too much.An index of single-family home prices in the60640 zip code, which includes the two NorthSide neighborhoods, rose 39.3% from theend of 2000 to the end of 2010, according toFiserv Inc. That's the biggest 10-year gainamong all of the 252 local zip codes trackedby Fiserv, a financial services firm thatcalculates the widely followed Standard & Poor's/Case-Shiller Home Price Indices.Prices in once-hot neighborhoods like LincolnSquare, Ravenswood, Irving Park and GarfieldPark gained nearly as much, even aftersustaining double-digit drops in the bust of recent years. The data reflect a familiarpattern of gentrification as buyers, unable toafford homes in places like Lincoln Park andBucktown, sought out less expensive optionsnearby. The influx has driven up prices inplaces such as Uptown and Andersonville. “So many more families are wanting to stay inthe city, and prices in those areas havegotten astronomically high,” says ThaddeusWong, co-founder of local residentialbrokerage @properties.Indeed, neighborhoods like Andersonville and Lincoln Square are a lot less affordable nowthan they were in 2000. Lincoln Square's 60625 zip code had the 13th-highest median homeprice among Chicago-area zip codes, $548,000, while 60640 (Uptown/Andersonville) ranked14th, at $540,000. The highest: Glencoe's 60022, at $952,000, followed by the 60614 zip-code in Lincoln Park, at $945,000. “People that were priced out of neighborhoods (like Bucktown and Wicker Park) were seeingUptown as a sort of fringe — probably a similar dynamic was going on in Garfield Park,” saysPhilip Ashton, an assistant professor of urban planning and policy at the University of Illinoisat Chicago. “In a lot of cases, demand exceeded supply in a lot of targeted neighborhoods.” The influx of young professionals, meanwhile, attracted retailers, further boosting the appealof the neighborhoods. “With all the more commercial (development), it makes the neighborhood more desirable tolive in,” says Jeanne Carava, a broker with Prudential Rubloff Properties who's had listingsnear Andersonville for 15 years. “When the first Starbucks went in (in Andersonville), therewas just a lot more confidence.” Just one zip code outside the city — 60515 in west suburban Downers Grove — made it intothe top 10 local price gainers of the decade, with a 32.5% increase, according to Brookfield,Wis.-based Fiserv. The biggest loser: south suburban Lansing, where prices fell 14.8% overthe 10-year-period.With a high foreclosure rate, a weak job market, a tight lending climate and persistentpessimism among buyers, the broader picture remains gloomy. The Standard's & Poor's/CaseShiller index of Chicago-area single-family home prices fell 2.4% from February to March andwas down 7.6% from the year-earlier level, hitting its lowest point in 10 years.Mr. Ashton of UIC expects prices to continue their slide, predicting that some neighborhoodslike Pilsen and Garfield Park may even fall below 2001 levels."We still got a long way to go for some areas in the city," he says. 
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