Good Evening!
Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, January 31st.
Is the Chicago Real Estate Market beginning to recover?
Although Active Listing Inventory has been stable for several weeks, Pending Sales have remained low, week to week.. Closed Sales picked up, uncharacteristically for mid-month.
Sales Volume, although up considerably versus last week, remains low compared to recent weekly averages. Average Market Time continues high, Average Sales Price - reflective of pricing trends in the Chicago Area as a whole - continues its declining trend.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues its weeks-long march higher, a very disturbing trend. The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame fell considerably over last week. Also troubling!
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 January 31st 3,430 52 61 33
w/e January 24th 3,411 64 40 27
% CHANGE +0.6% -18.8% +48.8% +22.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 31st $234,829 166 DAYS $14,324,569
w/e January 24th $225,619 124 DAYS $9,024,760
% CHANGE +4.1% +33.9% +58.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 31st - LAST 12 MOS - 11.04 LAST 6 MOS - 9.77 LAST 3 MOS - 11.85
w/e January 24th - LAST 12 MOS - 11.03 LAST 6 MOS - 9.54 LAST 3 MOS - 10.58
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 31st - 50.24% (UNSOLD - 49.76%)
w/e January 24th - 55.33% (UNSOLD - 44.67%)
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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