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Chicago IL Market Statistics Update - December 29, 2008

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

Comment balloon 1 commentDean Moss • December 29 2008 08:57AM

Comments

REALTOR Corey DavenportDean,

I am sure you can appreciate that this year, I am working harder than ever to develop referral relationships.  And.. you and I have an opportunity to do each other a favor; we are both in the same business with the same interest and have clients who come and go--possibly from central Illinois to your area and vice-versa.

While, we can't control who is moving, or where they are going to live next, I sure would like it if there were someone out there in the real estate business, in your area, with whom I could build a working relationship with.

That way if a seller is moving to your area, I could recommend you. Also, I could recommend you if my buyer had to sell in your area prior to buying a home here. And, of course, you could do the same for me if your people had business in my area.

If this sounds like a fair trade, go ahead and add me as an associate in your contact book. I should mention that I pay brokers 30% for all closed referrals to Central Illinois.

Central Illinois is Home to Caterpillar, Kraft Food, Carle Hospital, Decatur Memorial Hospital, University of Illinois, Millikin University, Archer Daniels Midland and so much more.

You can visit me online at www.coreydavenport.com

Posted by Corey Davenport (Corey Davenport Real Estate Services) over 9 years ago

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