Welcome to the Working Week, Everyone -
Here are updated Chicago Real Estate Market Stats for the week ending January 27, 2008. In summary, fewer new listings than I would anticipate for this time of the year, sluggish pending sale figures, and continued high time on market.
Absorption Rate here on the North Side of Chicago now approaches, in aggregate, 35 months, and probablity of sale within 180 days marketing time frame - just better than 1 in 4!
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 27th 4,306 36 35 40
w/e January 20th 4,200 45 38 70
% CHANGE +2.5% -20.0% -7.9% -42.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 27th $317,766 188 DAYS $11,121,833
w/e January 20th $352,377 134 DAYS $13,390,350
% CHANGE -9.8% +40.3% -16.9%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
LAST 12 MOS - 11.51 LAST 6 MOS - 19.43 LAST 3 MOS - 34.71
PERCENT OF HOMES SELLING IN 180 DAYS - 25.40% (UNSOLD - 74.60%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
Write or call with any questions! And - send your buyers and investors to Chicago (listing referrals welcome, too, of course - we'll just have to work even harder and stronger for these sellers)!
DEAN & DEAN'S TEAM CHICAGO