Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, October 26, 2008 -
Active Listing Inventory very slightly down from last week in the North and Northwest Side of Chicago Communities we serve most frequently - it has been virtually flat over the last couple of months. Pending Sales showed a welcome rebound - perhaps, as prices become more affordable, and buyers begin to learn their lending options, sales are picking up a bit,
Closed Properties rebounded as well, ahead of the usual end-of-month increase - encouraging! Expired Listings countered last week's decline. Average Sales Price just slightly down - perhaps prices are beginning to form a bottom, but we can't say for sure, as demand has not yet picked up considerably. Average Market Time up once again, which concerns me, especially headed into the colder months here in Chicago, while Sales Volume came back substantially from last week's slide.
Absorption Rate, or theoretical time to clear existing listing inventory, was slightly up once again this week - now 15.26 months. Inventory levels remain high in the Chicago Neighborhoods we serve. The Percentage of Sale Within Six Month (180 Days) continued to improve this week, suggesting right-priced listings do indeed sell within a normal, six-month marketing time frame.
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 October 27th 4,943 36 61 56
w/e October 20th 4,997 29 51 50
% CHANGE -1.1% +24.1% +19.6% +12.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 27th $334,043 181 DAYS $20,376,623
w/e October 20th $338,523 161 DAYS $17,264,673
% CHANGE -1.3% +12.4% +18.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 27th - LAST 12 MOS - 15.89 LAST 6 MOS - 14.31 LAST 3 MOS - 15.26
w/e October 20th - LAST 12 MOS - 16.10 LAST 6 MOS - 14.43 LAST 3 MOS - 15.02
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 27th - 38.29% (UNSOLD - 61.71%)
w/e October 20th - 37.40% (UNSOLD - 62.60%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.
Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!
DEAN & DEAN'S TEAM CHICAGO