Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, November 30, 2008 -
Historically, the period between Thanksgiving and New Years Day is the slowest time on the annual real estate calendar. This week's numbers, showing sizable drop-offs in Pending Units and Sales Volume, bears this out.
Active Listing Inventory showed a slight fall, while Closed Units, properties that went under contract several weeks ago, as well as Expired Listings, showed stability. Average Sales Price fell over 12% this week, indicating the serious downward price correction here in the North and Northwest Side of Chicago Neighborhoods we serve continues.
Average Market Time was unchanged over the past week.
Absorption Rate, or theoretical time to clear existing listing inventory, skyrocketed last week! It now stands at 17.73 months, up 7.5% versus last week. Indeed, it seems as if homes-for-sale inventory is actually INCREASING in some neighborhoods in the City of Chicago.
However, the Percentage of Sale Within Six Month (180 Days) continued stable last week - just over 29% of listings we monitor here closely sell in a normal six-month marketing time frame, but it seems the houses that do sell in a timely manner are priced correctly, and staged properly.
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 December 1st 4,593 18 52 63
w/e November 24th 4,662 40 51 60
% CHANGE -1.5% -55.0% +2.0% +5.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 1st $266,515 157 DAYS $13,858,780
w/e November 24th $303,648 157 DAYS $15,046,048
% CHANGE -12.2% -0.0% -7.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e December 1st - LAST 12 MOS - 15.17 LAST 6 MOS - 14.32 LAST 3 MOS - 17.73
w/e November 24th - LAST 12 MOS - 15.34 LAST 6 MOS - 14.05 LAST 3 MOS - 16.49
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e December 1st - 39.13% (UNSOLD - 60.87%)
w/e November 24th - 39.79% (UNSOLD - 60.21%)
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