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Chicago IL Market Statistics Update - July 28, 2008

Good morning, AR folks!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, July 27, 2008 -

For the last few weeks, Active Listing Inventory has remained fairly stable, while Average Sales Price has been on a slightly up trend, despite this week's 1% drop.  Trends over the past few weeks show little long-term change in Pending Sales and Closed Listings, gaining back the losses we saw last week.

Average Market Time did improve this week, but is still a high 4.5 months, on average.  Total Sales Volume up a bit - due to slightly higher closed sales, combined with a stable Average Sales Price.

Absorption Rate, or average inventory turnover, again increased, by 0.9%, over the last week.  Remaining stubbornly high, as have homes-for-sale inventories, there is nearly 29 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) is actually on a slightly up trend over the last few weeks.

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 28th               5,293                  53                        83                  40

w/e July 21st                5,273                  51                        76                  42

% CHANGE                    +0.4%              +3.9%                  +9.2%              -4.8%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e July 28th              $353,747               133 DAYS                      $29,361,050

w/e July 21st               $357,317               187 DAYS                      $27,156,094

% CHANGE                     -1.0%                      -28.9%                             +8.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e July 28th - LAST 12 MOS - 19.77   LAST 6 MOS - 19.83     LAST 3 MOS - 28.97

w/e July 21st - LAST 12 MOS - 19.58     LAST 6 MOS - 20.05    LAST 3 MOS - 28.71

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e July 28th - 25.60% (UNSOLD - 74.40%) 

w/e July 21st - 25.18% (UNSOLD - 74.82%)

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

Review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com. 

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

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 1 commentDean Moss • July 28 2008 10:37AM

Comments

Thank you Dean,

I look forward to these stats every Monday morning.

Give Lil Buddy a treat for me!

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