I'm trying to get a head start on the day with this earlier-than-usual post!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, July 13, 2008 -
Active Listing Inventory remained stable this week, but Pending Sales increased, countering last week's Fourth of July-week drop-off. Closed Listings and Listings Expiring countered last week's increases - predictably, since we are now mid-month. Total Sales Volume gave up last week's gain. Average Market Time fell this week - but there is no established trend here toward moderation.
Absorption Rate, or average inventory turnover, gave back much of last week's 3.1% improvement - increasing by 2.6%, to 28.19 months of active inventory, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago! Percentage of Sale Within Six Month (180 Days) showed a decent 2.4% gain this past week, however.
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 July 14th 5,237 56 80 64
w/e July 7th 5,161 43 112 161
% CHANGE +1.5% +30.2% -28.6% -60.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e July 14th $335,139 120 DAYS $26,811,150
w/e July 7th $367,809 141 DAYS $41,194,707
% CHANGE -8.9% -14.9% -34.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e July 14th - LAST 12 MOS - 19.16 LAST 6 MOS - 20.01 LAST 3 MOS - 28.19
w/e July 7th - LAST 12 MOS - 18.79 LAST 6 MOS - 20.37 LAST 3 MOS - 27.47
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e July 14th- 25.02% (UNSOLD - 74.98%)
w/e July 7th - 24.44% (UNSOLD - 75.56%)
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
