Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, September 28, 2008 -
How will the just-approved Financial Bailout by Congress impact the housing market? Of course, no one knows exactly, but the housing market response is likely to come slowly. Inventory is still very high in the Chicago Neighborhoods and Suburbs we serve, and loan requirements will likely continue stringent, at least in the short term.
Stability continues with Active Listings, and same stability for Pending Sales for single family homes, and small multi-family properties in the North and Northwest Side of Chicago Neighborhoods. Units Closedincreased and Expired Listings fell last week - countering last week's moves, but, again, total quantities small here.
Average Sales Price see-sawed up 8.6% this week. Average Market Time stable, but remaining at a high plus-five-month level. Based on increases in Units Sold and Average Sales Price, Sales Volumeincreased again this week - but recent up and down movement in Total Volume figure does not give us confidence this is an established trend.
Absorption Rate, or theoretical time to clear existing listing inventory, climbed slightly to 14.76 months, still definitive of a strong Buyer's Market here, while the Percentage of Sale Within Six Month (180 Days) continued its improving trend.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.
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 September 29th 5,146 51 75 54
w/e September 22nd 5,142 49 59 65
% CHANGE +0.1% +4.1% +27.1% -16.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e September 29th $346,559 156 DAYS $25,991,925
w/e September 22nd $319,037 158 DAYS $18,823,186
% CHANGE +8.6% -1.3% +38.1%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e September 29th - LAST 12 MOS - 16.48 LAST 6 MOS - 14.50 LAST 3 MOS - 14.76
w/e September 22nd - LAST 12 MOS - 16.35 LAST 6 MOS - 14.32 LAST 3 MOS - 14.53
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e September 29th - 35.85% (UNSOLD - 64.15%)
w/e September 22nd - 36.25% (UNSOLD - 63.75%)
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
