There was an increase in single-family housing starts in January which at first glance may appear to be good news, however, some analysts are saying this could put pressure on the market if the inventory is already accumulating and the demand is not there.
Current December new homes supply was at 4.9 months in December up from a year ago from 4.1. If sales slow, which is prediected, this could put more pressure on the economy. We’ll keep and eye on February reports and post those if the news is concerning.
Thursday, February 16, 2006
Wednesday, February 15, 2006
Podcast of First Quarter 2006 Market News
Our first quarter 2006 market update for the Chicago residential real estate market can be seen here. It is a general summary of the year end data for the residential real estate market and property listings for Chicago as well as a look at the regional and national trends which are being forecast. The report specifically focuses on the concept of a housing bubble and what that means and how it relates to the new market data.
As always, all of this information is available at www.REMEMBERJIM.com and visit our market report page here which includes free pdf downloads of all of the reports referred to in this audiocast. You can also check out my audio podcast here for a full video and audio review of the recent market statistics.
Download it, store it to your ipod or mp3 and listen to it anytime that's convenient for you. I hope you enjoy this recording and please subscribe. There are lots more to come and they are free!. Also, feel free to call me and ask any of your real estate questions at 773.252.HOME or visit www.REMEMBERJIM.com .
Because your agent matters.
Here is our First Quarter 2006 market update for the Chicago residential real estate market. which we published last month. It is a general summary of the data including National statistics, regional statistics for the East coast, Midwest, Mountain, South and West Regions as well as a detailed review of the Chicago area market and property listings for the quarter. You can check out my video podcast here for a full audio review of the recent market statistics. As always, all of this information is available at www.REMEMBERJIM.com including free pdf downloads of all of the reports referred to in this audiocast. You can also check out my audio podcast here for a full video and audio review of the recent market statistics.
Download it, store it to your ipod or mp3 and listen to it anytime that's convenient for you. I hope you enjoy this recording and please subscribe. There are lots more to come and they are free!. Also, feel free to call me and ask any of your real estate questions at 773.252.HOME or visit www.REMEMBERJIM.com.
Fourth Quarter market stats are available for Chicago here and a full 4thQ report is coming soon once national data are released Jan 25, 2006.
Tuesday, February 14, 2006
Cendant to cut Coldwell Banker, Sotheby's & Century 21 offices
The CEO of Cendant Corp announced today that in an effort to recoup lossed revenue from a decline in their corporate real estate transactions, they were planning on closing some of its real estate brokerages' offices they own including Coldwell Banker, Sotheby's and Century 21. Especially at risk are those offices in the California, Florida and New England market centers.
$50 million is the projected cut, although they did not announce where those offices that were to be cut are located.
$50 million is the projected cut, although they did not announce where those offices that were to be cut are located.
Sunday, February 12, 2006
Market Stats of 379 Cities
If you've recently gambled that Las Vegas housing prices would continue to rise this year, you may be on the losing side of the bet.
According to the latest housing price forecasts from Fiserv Lending Solutions, a provider of mortgage and consumer lending services, Las Vegas real estate will tumble a whopping 8.2 percent in 2006, the largest predicted fall among the 379 metro areas studied.
Home prices on hold
How the five biggest metro areas will perform.
Metro area Median home price Forecast growth (loss) for 2006
New York $395,000 (2.3%) (negative growth)
Los Angeles $438,000 (1.9%) (negative growth)
Chicago $255,000 0.6% (neutral to moderate growth)
Houston $145,000 6.1% (moderate growth)
Atlanta $182,000 4.6% (moderate growth)
Source: Fiserv Lending Solutions
Fiserv forecasts a significant stagnation in housing prices for the United States in 2006 -- median home prices overall will inch up only 1.5 percent this year. And many metro areas will experience drops, including some of the largest, and most expensive, ones such as New York (down 2.43 percent), Los Angeles (down 3 percent) and Washington (down 1.9 percent).
Phoenix, one of the fastest-growing areas the past couple of years, is another town too hot not to cool down. Fiserv predicts an increase of just 3.3 percent.
Some of the metro areas that have lagged over the past few years, however, may play a bit of catch-up. Fiserv forecasts Houston, where the median home price stands at a modest $145,000, to grow by 6.1 percent. San Antonio (median price is $138,000) should do even better, rising 8.3 percent. Memphis, where prices average $129,000, should see a rise of 7.8 percent.
Some of the recently cooler markets in the Northeast are also expected to be among the winners this year. Rochester, New York, where median homes average only $120,000, should see prices rise 8 percent. Neighboring Syracuse will rise 7.8 percent and Scranton, Pennsylvania will increase 7.6 percent.
Price forecasts for 379 metro areas for 2006.
By Les Christie, CNNMoney.com staff writer
February 3, 2006: 10:31 AM EST
NEW YORK (CNNMoney.com) -
For a full link to this article go here for a full breakdown of forecasts for 379 metro areas, ranked by median home price throughout the country.
According to the latest housing price forecasts from Fiserv Lending Solutions, a provider of mortgage and consumer lending services, Las Vegas real estate will tumble a whopping 8.2 percent in 2006, the largest predicted fall among the 379 metro areas studied.
Home prices on hold
How the five biggest metro areas will perform.
Metro area Median home price Forecast growth (loss) for 2006
New York $395,000 (2.3%) (negative growth)
Los Angeles $438,000 (1.9%) (negative growth)
Chicago $255,000 0.6% (neutral to moderate growth)
Houston $145,000 6.1% (moderate growth)
Atlanta $182,000 4.6% (moderate growth)
Source: Fiserv Lending Solutions
Fiserv forecasts a significant stagnation in housing prices for the United States in 2006 -- median home prices overall will inch up only 1.5 percent this year. And many metro areas will experience drops, including some of the largest, and most expensive, ones such as New York (down 2.43 percent), Los Angeles (down 3 percent) and Washington (down 1.9 percent).
Phoenix, one of the fastest-growing areas the past couple of years, is another town too hot not to cool down. Fiserv predicts an increase of just 3.3 percent.
Some of the metro areas that have lagged over the past few years, however, may play a bit of catch-up. Fiserv forecasts Houston, where the median home price stands at a modest $145,000, to grow by 6.1 percent. San Antonio (median price is $138,000) should do even better, rising 8.3 percent. Memphis, where prices average $129,000, should see a rise of 7.8 percent.
Some of the recently cooler markets in the Northeast are also expected to be among the winners this year. Rochester, New York, where median homes average only $120,000, should see prices rise 8 percent. Neighboring Syracuse will rise 7.8 percent and Scranton, Pennsylvania will increase 7.6 percent.
Price forecasts for 379 metro areas for 2006.
By Les Christie, CNNMoney.com staff writer
February 3, 2006: 10:31 AM EST
NEW YORK (CNNMoney.com) -
For a full link to this article go here for a full breakdown of forecasts for 379 metro areas, ranked by median home price throughout the country.
Saturday, February 11, 2006
Federal Reserve Forecast Summary
Here is a conclusion the Federal Reserve made in their lateste report on the economy. For more market stats and full free download of their report, go here
The year 2005 proved to be a healthy
one for the economy with strong gains
in GDP, employment, and housing.
However, oil prices are still high, making
gas prices higher. The outlook for 2006
is for growth to moderate in most sectors,
with the housing industry showing the
largest change. Vehicle sales are expected
to remain relatively constant. The unemployment
rate is forecasted to remain
unchanged, and with moderating energy
prices, inflation is expected to ease.
The year 2005 proved to be a healthy
one for the economy with strong gains
in GDP, employment, and housing.
However, oil prices are still high, making
gas prices higher. The outlook for 2006
is for growth to moderate in most sectors,
with the housing industry showing the
largest change. Vehicle sales are expected
to remain relatively constant. The unemployment
rate is forecasted to remain
unchanged, and with moderating energy
prices, inflation is expected to ease.
Thursday, February 02, 2006
$47.1 Billion Sold in '05
The 4th Quarter market stats are starting to roll in for the Chicago area. Early in January I completed a Market Watch for all of my contacts which can be seen here as well as other news and information. I just received some more market information which I found to be very interesting on total number and total amount sold of condo, townhome and single family residential homes.
2005 End of Year Volume by Board
Total number of sold units in the MLSNI (Northern Illinois) 155,547 units
Total Amount: $47,171,173,465. That's a 3.73% increase from 2004 in total units sold and an increase of $6.56 billion in total value.
Here are a few of the breakdowns:
Chicago Association of Realtors
Total number of sold units 42,372 units
Total Amount: $14,344,796,523
NS Barrington
Total number of sold units 7,399 units
Total Amount: $4,370,437,876
W/S Suburban
Total number of sold units 35,332units
Total Amount: $9,632,943,927
I am going to post the breakdown chart by month on my website here for a chart of this data as well as a month by month breakdown and free dowloads of the report.
As always, I will keep you posted!
Because your agent matters
2005 End of Year Volume by Board
Total number of sold units in the MLSNI (Northern Illinois) 155,547 units
Total Amount: $47,171,173,465. That's a 3.73% increase from 2004 in total units sold and an increase of $6.56 billion in total value.
Here are a few of the breakdowns:
Chicago Association of Realtors
Total number of sold units 42,372 units
Total Amount: $14,344,796,523
NS Barrington
Total number of sold units 7,399 units
Total Amount: $4,370,437,876
W/S Suburban
Total number of sold units 35,332units
Total Amount: $9,632,943,927
I am going to post the breakdown chart by month on my website here for a chart of this data as well as a month by month breakdown and free dowloads of the report.
As always, I will keep you posted!
Because your agent matters
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