"You've Caught the NET!"

head_left_image

Chicago IL Market Statistics Update - May 12, 2008

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, May 11, 2008 -

Active Listing Inventory continues to increase as the weather gets warmer !  Units Pending Sale ("Just Sold") gave back last week's gains, and has not produced a steady, predictable pattern of increase this spring - that concerns us a bit!   Sold Units and Sales Volume, as well as Expired Listings, came back down to earth last week - a completely mid-month period.    Average Market Time shot back up again next week, and continues at an unacceptably high level.

Absorption Rate, or average inventory turnover, gave back about a point of last week's 5.1% improvement, but is still on a long-term improvement track, it appears, at just north of 27 months.     Percentage of Sale Within Six Month (180 Days) improved by 4% this week, but, again, is still very low, reflecting the continued-high Average Market Time on the North and Northwest Sides of Chicago.

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 May 11th              5,109                  56                      63                    41

w/e May 4th                5,024                  74                     117                   74

% CHANGE                  +1.7%              -24.3%                 -46.2%              -44.6%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e May 11th            $373,271                 174 DAYS                  $23,516,075

w/e May 4th              $330,673                 147 DAYS                  $38,688,840

% CHANGE                 +12.9%                     +18.4%                         -39.2%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e May 11th- LAST 12 MOS - 17.41    LAST 6 MOS - 25.41     LAST 3 MOS -  27.20

w/e May 4th - LAST 12 MOS - 16.86      LAST 6 MOS - 24.98     LAST 3 MOS - 26.97

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e May 11th- 22.47% (UNSOLD - 77.53%) 

w/e May 4th - 21.60% (UNSOLD - 78.40%)

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

Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com. 

Have any questions on any Chicago Neighborhood or Chicago Suburb?  Call or write and let us know!

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 0 commentsDean Moss • May 12 2008 08:43AM
Chicago IL Market Statistics Update - May 12, 2008
share
Good Morning! Here's the latest Stat Summary on the Chicago Real Estate Market based on data pulled yesterday evening, May 11, 2008 - Active Listing Inventory continues to increase as the weather gets warmer Units Pending Sale (… more
DON'T CALL - EMAIL! The Solution to That Sloppy Co-Broker!
share
Hello, you lovely AR Community! Hope you enjoyed Mother's Day, with your moms and families, today! You know, I just had one of those light bulbs go off in my head, in reaction to a very sloppy Buyer's Agent who sold one of my condo listings… more
UNDERWATER HOMEOWNERS Could Benefit From Fannie Mae's New Program!
share
Happy Mother's Day, all you Ma's! We hope the day is bright and sunny where you are today. Here, in Chicago it's raining like crazy, and kind of chilly! Within the next couple of month's, national loan funder Fannie Mae will introduce… more
TIMELY CHICAGO MAIL DELIVERY - Criticized for Decades - Now…
share
Hope you're enjoying your weekend, folks! I'm sure you've heard the stories of a letter or bill arriving days or weeks after it was sent. (This happens about once a month with me - when my tenants' rent checks are due! ) Here in the City… more
BACK-UP OFFERS! How Do You Handle Them?
share
Good Morning, folks! It's beautiful here in Chicago today! Hope it's nice where you are! You men (and sons) - in case you've forgotten - Sunday, May 11th, is Mother's Day. Quick, head to Walgreen's and buy your card - or pay the… more
Lil' Buddy's Blog - Just About $117, 000 - That's What A Mom is Worth…
share
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG! Sorry I am a bit late on my post today! I host a Friday Morning Tele-Conference for Chicago Dogs who have an Active Real Estate… more
"INTERNET EVERYWHERE! " WiMax is Coming to Chicago by Year's…
share
Hey folks! While you're tucked away in your little beds - here I am, writing! Incredible technology news this week, in which Chicago is at the forefront. As you may have heard, telecommunications and cellular service provider Sprint Nextel this… more
GUEST BLOGGER OF THE DAY - RICH BIRA, FIRST CAPITAL MORTGAGE, CHICAGO…
share
FED RATE CUTS DO NOT ALWAYS EQUAL LOWER MORTGAGE RATES! (Rich Bira our Preferred Lending Partner at First Capital Mortgage, Chicago IL serving all Chicago Neighborhoods and suburbs, has been handing financing for many of our clients for over… more
HAVE A FICO SCORE UNDER 680? It's Going to be Tougher, More Expensive…
share
Most real estate practitioners today agree there are two main ingredients in the current real estate market sluggishness in many places - 1. High levels of home inventory - sometines exceeding 48 months in many locations. 2. Fewer qualified buyers… more
Chicago IL Market Statistics Update - May 5, 2008
share
Good Morning! Here's the latest Stat Summary on the Chicago Real Estate Market based on data pulled yesterday evening, May 4, 2008 - Active Listing Inventory continues to creep upwards in previous weeks - very slowly! Units Pending Sale ("… more