Good Afternoon, folks!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled Easter Evening, March 23, 2008 -
Properties Pending Sale showed a decline this week, while Average Sale Price increased, as did total Sales Volume. This might indicate slight market pickup, if the trend continues, as right-priced, well-presented properties might sell. Average Days on Market dropped about 10% last week. The question here - will this positive trend continue as the weather warms this spring?
Sold Units washed last week's gains.. Expired Listings showed a considerable increase - let's see if this continues as the end of March approaches. Sales Volume up considerably, in tandem with the Average Sales Price, despite the decrease in number of Sold Units.
Absorption Rate and Percentage of Sale Within Six Month (180 Days) remain high, although there was another drop - by 1.9% - in the three-month rate versus the week ending March 13th. The chances of selling a home within a normal six-month marketing time frame improved a little last week. Statistically, home sellers in this North and Northwest Side of Chicago Benchmark area stays 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 23rd 4,628 59 55 63
w/e March 16th 4,601 70 57 40
% CHANGE +0.6% -15.7% -3.5% +57.5%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 23rd $371,512 158 DAYS $20,433,193
w/e March 16th $340,756 177 DAYS $19,423,105
% CHANGE +9.0% -10.7% +5.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 23rd - LAST 12 MOS - 14.52 LAST 6 MOS - 26.42 LAST 3 MOS - 41.91
w/e March 16th - LAST 12 MOS - 14.05 LAST 6 MOS - 25.30 LAST 3 MOS - 42.71
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 23rd - 20.36% (UNSOLD - 79.05%)
w/e March 16th - 20.95% (UNSOLD - 79.64%)
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.
Have any questions on any Chicago Neighborhood or nearby Chicago Suburb? Call or write and let us know!
(EDITOR'S NOTE: Sorry about the delay on these Chicago Stats today - had difficult getting on AR for my usual Monday morning post! Was it me, or was AR Server on the fritz?)
DEAN & DEAN'S TEAM CHICAGO
