Good Morning!
Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, December 20th.
As you might expect as we approach Christmas and New Years Day, Active Listing Inventory has dwindled a bit - some sellers wish to enjoy a bit of "time off" in advance of the holidays - despite the fact real estate does sell this time of year.
Expired Listings have jumped this week as well - perhaps some sellers deliberately set their listings to expire before the holidays
On the other side of the ledger, mid-month Closings are down - but will likely spike again next week as sellers and buyers target closing on their homes before the end of the year. Sales Volume works in tandem. Average Market Time fell, but so did Average Sales Price.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, jumped 5%, but is still far better than earlier this year in the Chicago Neighborhoods we serve on the North and Northwest Sides of the city . The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped last week to over 56%!
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 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 21st 3,508 57 59 38
w/e December 14th 3,573 50 65 26
% CHANGE -1.8 +14.0% -9.2% +46.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 21st $255,529 139 DAYS $15,076,211
w/e December 14th $288,418 186 DAYS $18,747,170
% CHANGE -21.8% -25.3% -19.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e December 21st - LAST 12 MOS - 11.61 LAST 6 MOS - 9.25 LAST 3 MOS - 9.10
w/e December 14th - LAST 12 MOS - 11.91 LAST 6 MOS - 9.30 LAST 3 MOS - 9.05
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e December 21st - 56.13% (UNSOLD - 43.87%)
w/e December 14th - 55.50% (UNSOLD - 44.50%)
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
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