"You've Caught the NET!"

head_left_image

Chicago IL Market Statistics Update - May 26, 2008

Good Morning! 

Enjoy your Memorial Day Holiday, and please take some time to remember the meaning of today.  Many in service of our country have sacrificed their lives to make sure we continue to live free!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, May 25, 2008 -

Active Listing Inventory fairly stable from last week.  Although Units Pending Sale ("Just Sold"), was fairly flat compared to last week as well, the number of Sold Units increased by nearly one-third.   Expired Listings were up as well - unsure if this is a trend, or an indication that too-highly-priced listings fail to sell in this market.   Average Sales Priceseems to be roller-coastering up and down over the last few weeks, while Sales Volume showed a very significant, nearly 50% increase, week-to-week, due to more Sold Units.   Average Market Time still stubbornly high.

Absorption Rate, or average inventory turnover, stable versus last week, but still continues high, in aggregate, on the North and Northwest Sides of Chicago.  Currently, the area Absorption Rate continues just under 29 months.

Percentage of Sale Within Six Month (180 Days) got slightly worse this week, and is still very low - reflecting continued-high Average Market Time figures. 

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 May 25th              5,193                  64                      81                   46

w/e May 18th              5,203                  64                      61                   40

% CHANGE                  -0.2%            +-0.0%            +32.8%              +15.0%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e May 25th            $375,939              161 DAYS                      $30,451,110

w/e May 18th            $333,397              148 DAYS                      $20,337,240

% CHANGE                 +12.8%                     +8.8%                         +49.7%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e May 25th- LAST 12 MOS - 18.06    LAST 6 MOS - 24.97     LAST 3 MOS -  28.56

w/e May 18th - LAST 12 MOS - 18.00      LAST 6 MOS - 25.88     LAST 3 MOS - 28.66

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e May 25th- 21.43% (UNSOLD - 78.57%) 

w/e May 18th - 22.65% (UNSOLD - 77.35%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA 

Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com. 

Call us anytime for current trends in any Chicago Neighborhood or Chicago Suburb! 

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 0 commentsDean Moss • May 26 2008 08:38AM

Comments

This blog does not allow anonymous comments