"You've Caught the NET!"

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, November 23, 2008 - 

Active Listing Inventory  showed a continued seasonal drop this week.  Pending Sales still stable - but we have worked with an increasing number of "bargain hunters" looking for good-condition properties at historically-low prices ahead of the winter.   Average Sales Price again fell quite a bit - over 5%.  Indeed, average prices for single-family homes, condos, and two-to-four-unit apartment buildings have noticeably fallen this year in the North and Northwest Side of Chicago Neighborhoods we serve. 

Closed Units and Units Expired washed last week's unfavorable numbers. 

Sales Volume bounced back strongly this week, and is likely to increase again pre-Thanksgiving, as many attempt to close pending sales before calendar month's end.  Average Sales Price up over 6% - but likely not an ongoing trend, let's continue to monitor.

Absorption Rate, or theoretical time to clear existing listing inventory, continues its increasing trend over the last couple of months.  It now stands at 16.5 months, continuing a recent upward trend, and up 3.7% versus last week.  Homes-for-sale inventory remains high in most Neighborhoods in Chicago.  The Percentage of Sale Within Six Month (180 Days) stabilized this week - nearly 40% of listings we monitor here closely sell in 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 November 24th             4,662                   40                         51               60

w/e November 17th             4,711                   41                         43               74

% CHANGE                          -1.0%                 -2.4%                  +18.6%         -18.9%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e November 24th        $303,648              157 DAYS                   $15,046,048

w/e November 17th        $285,697              144 DAYS                       $12,284,971

% CHANGE                     +6.3%                      +9.0%                             +22.5%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 24th - LAST 12 MOS - 15.34   LAST 6 MOS - 14.05    LAST 3 MOS - 16.49

w/e November 17th - LAST 12 MOS - 15.38     LAST 6 MOS - 13.94   LAST 3 MOS - 15.90

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e November 24th - 39.79% (UNSOLD - 60.21%) 

w/e November 17th - 39.94% (UNSOLD - 60.06%)

 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!

Have a very Happy Thanksgiving holiday!

DEAN & DEAN'S TEAM CHICAGO