Good Morning, Boys & Girls -
Here are updated Chicago Real Estate Market Stats for Monday Morning, March 10, 2008.
Properties Pending Sale figures are starting to rise this week - perhaps in anticipation of warmer weather, and the traditionally-hotter Spring market. However, jumps this year are somewhat subdued - but nonetheless welcome. We are also encouraged by the jump in Average Selling Price, but would like to study this for several weeks into the Spring to see if this is a trend. Average Days on Market still high!
Sold Units and Expired Listings typically fall the second week of the month, but very encouraged by Sales Volume, helped this week by a jump in the Average Selling Price. Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another drop - 3.7% - in the three-month Absorption Rate versus the week ending March 2nd. The chances of selling a home within a normal six-month marketing time frame improved very slightly, to 21.65%.
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 March 9th 4,480 72 64 61
w/e March 2nd 4,425 55 75 64
% CHANGE +1.2% +31.9% -14.7% -4.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 9th $340,268 178 DAYS $21,777,205
w/e March 2nd $284,185 144 DAYS $21,313,924
% CHANGE +19.7% +23.6% +2.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 9th - LAST 12 MOS - 13.40 LAST 6 MOS - 24.34 LAST 3 MOS - 43.72
w/e March 2nd- LAST 12 MOS - 12.98 LAST 6 MOS - 24.24 LAST 3 MOS - 45.38
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 9th - 21.65% (UNSOLD - 78.35%)
w/e March 2nd - 21.57% (UNSOLD - 78.43%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com.
Call or write our Team 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
