Here's our Chicago Market Stats Update, based on data compiled Sunday evening, September 27, 2009.
The Autumn in Chicago seems to be bringing a bit of moderation to Active Listing Inventory, Sales Volume, and Average Sales Price - for now. However, Pending Sales jumped this past week - an encouraging trend, or just a blip? The next few weeks will tell the tale!
Average Market Time is still way too high. Expired Listings bounce up and down each mid-month week, but, in reality, may be down long term - fewer home sellers are pricing their properties to sell ridiculously high, and many of properties listed actually sell, and, along with that, fewer expire.
The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell below 11 months in the North and Northwest Side of Chicago Neighborhoods we serve most frequently.. Very encouraging!
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame broke the benchmark 40% level - very good news!. Earlier this year, that number was in the upper 20's! Indeed, we have come quite a long way!
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 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 September 27th 4,056 83 87 42
w/e September 20th 4,125 56 88 32
% CHANGE -1.7% +48.2% -1.1% +31.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 27th $276,006 142 DAYS $24,012,522
w/e September 20th $289,980 178 DAYS $25,518,240
% CHANGE -4.8% -20.2% -5.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 27th - LAST 12 MOS - 15.25 LAST 6 MOS - 12.16 LAST 3 MOS - 10.95
w/e September 20th - LAST 12 MOS - 15.59 LAST 6 MOS - 12.54 LAST 3 MOS - 11.29
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 27th - 40.16% (UNSOLD - 59.84%)
w/e September 20th - 39.27% (UNSOLD - 60.73%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!
Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.
DEAN & DEAN'S TEAM CHICAGO