Good Morning!
Here's our Chicago Market Stats Update, based on data compiled Sunday evening, June 28, 2009.
Well, the booming increases in Pending Sales, Closed Sales, and Sales Volume, and the decrease in Average Market Time have not continued at their unchecked pace of the last couple of weeks.
Although Pending Sales remained exactly the same this week in the North and Northwest Side of Chicago Neighborhoods we serve frequently, the other indicators fell a bit this past week.
One key number - listings still take a long time to sell here! In order for us to truly report a market turn, this Average Market Time must still be brought down - considerably!
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell again this week to just over 14.5 months! The percentage of homes sell within a normal six-month marketing time frame took a slight step back this week.
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 June 28th 4,239 68 77 32
w/e June 21st 4,249 68 83 48
% CHANGE -0.2% +-0.0% -7.3% -7.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 28th $288,439 202 DAYS $22,209,803
w/e June 21st $291,838 160 DAYS $24,222,554
% CHANGE -1.2% +26.3% -8.3%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 28th - LAST 12 MOS - 16.24 LAST 6 MOS - 18.54 LAST 3 MOS - 14.57
w/e June 21st - LAST 12 MOS - 16.16 LAST 6 MOS - 19.20 LAST 3 MOS - 15.02
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 28th - 28.18% (UNSOLD - 71.82%)
w/e June 21st - 27.52% (UNSOLD - 72.48%)
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
Thanks for the data. It'll be interesting to see what happens after summer is over.
This is a well written post and consumers will find it useful.Good luck.
Well, at least it is good to have the right information, even if it isn't rosy, thanks for posting. I didn't realize our inventory levels were that high.
Just when things are looking up. The real numbers hit. Close to 15 months to sell a property--that is brutal.