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Chicago IL Market Statistics Update - December 22, 2008

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 21, 2008 - 

Falling numbers for Active Listing Inventory and Just Sold (Pending) seem normal for the week before Christmas - they have slowed.  Closed Properties shows many scheduling their usual end-of-month closings early, in advance of Christmas Week. 

Expired Properties may be following the same pattern, although comparative numbers are small.  All numbers predictable given the time of year - only a couple of weeks before Christmas, and the Chicago Real Estate Market appears to be slowing, perhaps a bit more than usual, this year.

Another increase in Average Sales Price this week - if it keeps up, this is, indeed, an encouraging sign.

Absorption Rate, including theoretical time to clear existing listing inventory, continues weak. There is nearly 18 months in the North and Northwest Side of Chicago Neighborhoods we frequently serve.

The Percentage of Sale Within Six Month (180 Days) continues weekly improvement - just over 40% of listings we monitor here closely sell in a normal six-month marketing time frame.  We feel this has occurred as more sellers correctly price their properties to sell quickly, rather than "testing the waters" at unrealistic price levels.

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.

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.

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 December 22nd          4,296                   25                         34               53    

w/e December 15th           4,390                   32                         31               46

% CHANGE                         -2.1%                -21.9%                  +9.7%         +15.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e December 22nd       $359,865              140 DAYS                    $12,235,410

w/e December 15th        $351,027              172 DAYS                    $10,881,837

% CHANGE                     +2.5%                    -18.6%                            +12.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e December 22nd  - LAST 12 MOS - 14.66   LAST 6 MOS - 14.26    LAST 3 MOS - 17.90

w/e December 15th - LAST 12 MOS - 14.75     LAST 6 MOS - 14.21   LAST 3 MOS - 17.47

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e December 22nd  - 40.66% (UNSOLD - 59.34%) 

w/e December 15th - 40.24% (UNSOLD - 59.76%)

 SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Review our Chicago IL Real Estate Stats Pack Archive via 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 • December 22 2008 07:45AM
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