Good Morning! We hope you had a very Merry Christmas!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 28, 2008 -
This week's sample is small, and, for that reason, not scientific. But a couple of things jump out here.
First of all, Active Listing Inventory has been stable the last few weeks, despite declines in Just Sold (Pending) inventory and Average Sale Price. This might indicate that only those properties at the lowest price ranges are selling this time of year here in the Chicago North and Northwest Side Neighborhoods we serve most frequently. Closed Properties shows many scheduling their usual end-of-month closings early, in advance of Christmas, but Sales Volume is way down, partly due to the time of year, but also due to the continuing-low Average Sale Prices.
We would expect Expired Properties to bounce strongly next week, as many agents' Listing Agreements typically expire at year's end. Average Market Time jumped sharply this past week, but I would expect some moderation to the norm (although a high norm) that we've been seeing the last few months here.
Absorption Rate, including theoretical time to clear existing listing inventory, continues to worsen. There is now nearly 19 months of inventory in our North and Northwest Side of Chicago Neighborhoods service area.
The Percentage of Sale Within Six Month (180 Days) continues weekly improvement - nearly 41% of listings we monitor here closely sell in a normal six-month marketing time frame. Hopefully, the trend toward pricing listings correctly to sell them quicker and for a higher percentage of asking price - the downward-revised asking price, on average - will continue into 2009.
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.
In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.
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 December 28th 4,234 17 32 43
w/e December 21st 4,296 35 34 53
% CHANGE -1.4% -51.4% -5.9% -18.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 28th $236,412 235 DAYS $7,565,184
w/e December 21st $359,865 140 DAYS $12,235,410
% CHANGE -34.3% +67.9% -38.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e December 28th - LAST 12 MOS - 14.47 LAST 6 MOS - 14.56 LAST 3 MOS - 18.71
w/e December 21st - LAST 12 MOS - 14.66 LAST 6 MOS - 14.26 LAST 3 MOS - 17.90
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e December 28th - 40.82% (UNSOLD - 59.18%)
w/e December 21st - 40.66% (UNSOLD - 59.34%)
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!
Enjoy your New Year's Celebration - SAFELY!
DEAN & DEAN'S TEAM CHICAGO