"You've Caught the NET!"

head_left_image

Chicago IL Market Statistics Update - October 13, 2008

Good Morning!

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

Comment balloon 1 commentDean Moss • October 13 2008 08:29AM
Chicago IL Market Statistics Update - October 13, 2008
share
Good Morning! 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,… more
COST OF LIVING IN CHICAGO - It Will Likely Go Up in 2009!
share
Good Evening, Everyone! If you live in a big city, or even a medium-sized town, this will be no shock at all to you - In 2009, taxes, fees, and fares seem headed up across Chicago Much of the increase seems driven by the fact the… more
CHICAGO MARATHON, 2008 WON BY KENYAN EVANS CHERUIYOT, RUSSIAN LIDIYA…
share
Morning from Chicago, folks! Here's an update from the 32nd Annual Chicago Marathon running today on a 26. 2 Mile Course through 15 Chicago Neighborhoods! Evans Cheruiyot, who made his marathon debut less than a year ago, made it six… more
AN INCREDIBLE, SCARY STATISTIC - Nearly 1 in 6 U. S. Homeowners are..
share
What an incredible fact - what a terrifying statistic! AN ESTIMATED 16 MILLION OF 75. 5 MILLION HOMEOWNERS NOW OWE MORE THAN THEIR HOUSE IS WORTH! Here are the latest statistics, compiled by Moodys. com Nationally, 16% of U. S… more
CHICAGO NEIGHBORHOOD NEWS - October 10, 2008
share
How ya doing? Here is our Team Member Jennifer Arcand and her take on news from our Lincoln Park, Uptown, Logan Square and West Rogers Park Chicago Neighborhoods and our Western Chicago Suburb of Oak Park IL, for this week: LINCOLN… more
Lil' Buddy's Blog: Let's Talk TRASH! Chicago Trash I Mean!
share
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! City Workers! No matter which city or town you live in, you dogs, the phrase sometimes fails to conjure a great work ethic. Perhaps?.. more
DESPITE CHICAGO SOFT MARKET, Many Real Estate Tax Bills in Chicago,…
share
Good Morning, everyone! This is an anxious time of the year for thousands of homeowners here in Chicago and across Cook County IL - the county in which Chicago is located. Generally, in early October, the second and final installment of… more
COOK COUNTY IL SHERIFF TOM DART Stands Up To Orders of Eviction,…
share
Here in Cook County IL the County that contains the City of Chicago, Sheriff Tom Dart is making a stand against foreclosure evictions despite the risk of legal action against him. In an act of what Dart considers "justice, " the… more
FINALLY SOME GOOD NEWS! Nationally, The Number of Homes Pending…
share
Among the very compelling doom-and-gloom stories out of Wall Street and the U. S. Credit Market comes some good news from the National Association of Realtors! An index compiled by the NAR shows pending sales up in August - over 7% That's… more
B of A $8. 8 BILLION SETTLEMENT May Prevent Thousands of Foreclosures…
share
It appears as if a good part of the old Countrywide Home Loans mess, acquired by the venerable Bank of America when they purchased the sub-prime loan giant earlier this year, may be headed to a somewhat happy ending. During the "Old Days… more