Good Morning, AR!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, June 8, 2008 -
Strong rebounds across the board this week - and that is encouraging!
Listing Inventory was stable over the past week, while Properties Pending Sale jumped sharply - over 26%!. The Average Sales Price for Single Family, Condos, and Small Investment Apartment Buildings - two-four units - rebounded as well, although the average was down considerably last week. Average Market Time continues high.
The number of Sold Properties and Expired Property Listings increased for the second week, even though it is mid-month.
Due to the increase in Average Sales Price, Sales Volume increased nearly 40% last week. Let's see if the trend continues next week.
Absorption Rate, or average inventory turnover, was pretty much stable this past week - but is still high in parts of the City of Chicago. The rate currently stands just over 27.2 months, down just 1% since last Sunday.
Percentage of Sale Within Six Month (180 Days) improved nearly 3/4 percent this past week, to 22.57%. It is still very low, however - reflecting continued high average market times.
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 June 9th 5,201 72 105 101 w/e June 2nd 5,186 57 93 88 % CHANGE +0.3% +26.3% +12.9% +14.8% CLOSED PROPERTIES DATA AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME w/e June 9th $372,456 131 DAYS $39,107,880 w/e June 2nd $300,977 128 DAYS $27,990.919 % CHANGE +23.7% +3.1% +39.7% THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) - w/e June 9th - LAST 12 MOS - 18.29 LAST 6 MOS - 23.30 LAST 3 MOS - 27.26 w/e June 2nd- LAST 12 MOS - 18.09 LAST 6 MOS - 24.17 LAST 3 MOS - 27.52 PERCENT OF HOMES SELLING IN 180 DAYS - w/e June 9th - 22.57% (UNSOLD - 77.43%) w/e June 2nd- 21.93% (UNSOLD - 78.07%) SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Call us anytime for current trends in any Chicago Neighborhood or Chicago Suburb!
DEAN & DEAN'S TEAM CHICAGO
Awesome Blog Chicago Homes. Com site Dean -
Your absorption rate is higher than we're experinceing here in NW IN communities- but then you have alot denser population