Happy St. Patrick's Day, everyone!
Properties Pending Sale and Average Sale Price numbers stable this week - let's see if things pick up in the coming weeks with warmer weather. It seems, from our personal experience, listings traffic is beginning to pick up. Average Days on Market still high, but stabilizing as well.
Sold Units actually up strongly this week - many who purchased a month or so ago, wanting to close and do any improvement work as the weather gets warmer. Expired Listings fell once again - typical for mid-month. Sales Volume fell off, but encouraged by stable Average Sales Price.
Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another drop - for the third week in a row - by 2.3% - in the three-month rate versus the week ending March 9th. The chances of selling a home within a normal six-month marketing time frame got slightly worse last week. Statistically, home sellers in this North and Northwest Side of Chicago Benchmark area stand slightly better than a 1 in 5 chance of selling their home within a normal 6-month marketing time frame.
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 16th 4,601 70 57 40
w/e March 9th 4,480 72 64 61
% CHANGE +2.7% -2.8% -10.9% -34.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 16th $340,756 177 DAYS $19,423,105
w/e March 9th $340,268 178 DAYS $21,777,205
% CHANGE +0.1% -0.1% -10.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 16th - LAST 12 MOS - 14.05 LAST 6 MOS - 25.30 LAST 3 MOS - 42.71
w/e March 9th- LAST 12 MOS - 13.40 LAST 6 MOS - 24.34 LAST 3 MOS - 43,72
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 16th - 20.95% (UNSOLD - 79.05%)
w/e March 9th - 21.65% (UNSOLD - 78.35%)
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
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