Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, October 12, 2008 -
We've survived the worst week for the Dow Jones industrial Average in history - finally, predictions for a higher open today.
After all that happened last week, housing inventories remain high, with home sellers fearful, and many potential buyers confused about how to proceed.
Here in Chicago, a slight drop in Active Listing Inventory may indicate a slight trend toward pulling some unsold inventory off the market for the fall - will need to monitor to see if this becomes a trend. Pending Sales dropped once again this past week - Stock Market Uncertainty might be at play here, and many may have seen potential down payment funds devalued along with stock prices this past week.
Sold and Closed Properties bounced back down from last week, typical for mid-month. Continued bloated inventory, as Active Listing Levels have shown little change over the past several months in the North and Northwest Side of Chicago Communities we serve frequently. Expired Listings countered last week's fall.
Average Sales Price increased this week - an encouraging trend, if it continues. Also encouraging - Average Market Time fell. So did weekly Sales Volume, reflecting the dip in the number of closed transactions this past week.
Absorption Rate, or theoretical time to clear existing listing inventory, up very slightly, to 14.68 months, indicating market weakness is still with us in Chicago. The Percentage of Sale Within Six Month (180 Days) increased this week - slightly, but any improvement here indicates a more vibrant market, and is good news.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.
Communities and clients we serve, reside, or plan to reside, in 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 13th 4,996 33 55 62
w/e October 6th 5,130 43 96 43
% CHANGE -2.6% -23.3% -42.7% +44.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 13th $369,398 150 DAYS $20,316,890
w/e October 6th $351,048 162 DAYS $33,700,608
% CHANGE +5.2% -7.4% -39.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 13th - LAST 12 MOS - 16.06 LAST 6 MOS - 14.25 LAST 3 MOS - 14.68
w/e October 6th - LAST 12 MOS - 16.16 LAST 6 MOS - 14.52 LAST 3 MOS - 14.45
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 13th - 37.18% (UNSOLD - 62.82%)
w/e October 6th - 36.13% (UNSOLD - 63.87%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com.
Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!
DEAN & DEAN'S TEAM CHICAGO