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Chicago IL Market Statistics Update - February 23, 2009

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, February 22, 2009 - 

Just as quickly as the number of Pending Sales and the Average Market Time improved last week, the current week's figures reverses earlier improvements.  Indeed, the fix for the Chicago Housing Market is not likely to be a quick, nor a smooth one.

Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve with great frequency. However, an uptick in the Number of Units Sold resulted in an improved Weekly Sales Volume this week.

Absorption Rate, including theoretical time to clear existing listing inventory, continues its march higher, rising a considerable 5.7% within the past week.   The Percentage of Sale Within Six Month (180 Days) fell once again, to just over 34% this past week.

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.  Updated 2008 stats will be available before the end of the First Quarter, 2009.

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 February 22nd             4,106                   33                      29               31    

w/e February 15th              4,107                   45                      26               37

% CHANGE                        +-0.0%                 -26.7%                +11.5%       -16.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e February 22nd             $283,613             223 DAYS                      $8,224,777

w/e February 15th              $301,754             194 DAYS                      $7,845,604

% CHANGE                           -6.0%                 +14.9%                           +4.8%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e February 22nd - LAST 12 MOS - 14.23    LAST 6 MOS - 18.43     LAST 3 MOS - 26.10

w/e February 15th - LAST 12 MOS - 14.15     LAST 6 MOS - 17.28     LAST 3 MOS - 24.69

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e February 22nd - 34.18% (UNSOLD - 65.82%) 

w/e February 15th - 35.75% (UNSOLD - 64.25%)

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

 

Comment balloon 1 commentDean Moss • February 23 2009 01:51AM

Comments

Maybe some of the older listings are finally being purchased so it looks like (and statistically is) the average days increased.  The numbers are good!

Posted by Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) almost 10 years ago

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