Happy New Week, Everyone -
Here are updated Chicago Real Estate Market Stats for the week ending February 25, 2008.
Total Active Listings increased this week - perhaps more sellers are listing their properties in advance of the Spring selling season - but not a substantial jump. Properties Pending Sale still sluggish. Sales Volume up this week to just better than average levels over the last 4 weeks, and Average Sales Price about the same, washing a considerable drop last week. The Average Market Time still very high.
Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain stubbornly high. In aggregate, a over a four-year theoretical supply of properties for sale exists in the North and Northwest Side of Chicago areas we serve. The chances of selling a home within a normal six-month marketing time frame dipped to 22.02%, very close to last week's 22.92% figure - still very high!
Extremely high inventory, and weakened demand, continues to impact the Real Estate Market on the North and Northwest Sides of the City 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 EXPIREDw/e February 24th 4,404 58 43 41
w/e February 17th 4,349 60 30 42
% CHANGE +2.6% -3.3% +43.3% -2.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e February 24th $333,106 159 DAYS $14,323,570
w/e February 17th $333,057 163 DAYS $ 9,991,728
% CHANGE +-0.0% -2.5% +43.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e February 24th - LAST 12 MOS - 12.83 LAST 6 MOS - 22.79 LAST 3 MOS - 48.14
w/e February 17th - LAST 12 MOS - 12.48 LAST 6 MOS - 22.67 LAST 3 MOS - 48.55
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e February 24th - 22.02% (UNSOLD - 77.99%)
w/e February 17th - 22.92% (UNSOLD - 77.08%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
Remember, our Chicago IL Real Estate Stats Pack Archive is viewable via our Team Blog Center - BlogChicagoHomes.com.
Contact us if you have any questions about the Chicago Real Estate Market, and trends within any Chicago Neighborhood, or suburb nearby.
DEAN & DEAN'S TEAM CHICAGO
Dean
It is picking up.
Sincerely
Tom braatz