Good Morning, everyone!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, March 30, 2008 -
We are very encouraged by improving figures for Properties Pending Sale, Sold Units, and Expired Listings last week. Average Sale Price gave back last week's nearly 15% gain, while Sales Volume, of properties that went under contract several weeks ago, nearly doubled! Average Days on Market gave back most of last week's 10% gain.
All the while, Active Listings remained fairly steady this could indicate both fewer units are coming on new to market now, but also that the inventory of Active Listings is being reduced by properties going under contract, or closing. Lower inventory, with declining Average Sales Prices, could be the needed mechanism to bring our Chicago Real Estate Market closer to balance.
Absorption Rate fell substantially last week - down over 20%, to a theoretical market time/inventory of just over 33 months, from a nearly 42 month inventory last week. Still very high, but moving quickly in the right direction - possibly indicating a move to better supply/demand balance on the North and Northwest Sides of Chicago. Percentage of Sale Within Six Month (180 Days) edged up a bit - to 21.35% of listed properties selling within a six month time frame - up a full percent from last week.
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 March 31st 4,709 68 124 36
w/e March 23rd 4,628 59 55 63
% CHANGE +1.8% +15.3% +125.5% -42.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e March 31st $319,715 172 DAYS $39,644,746
w/e March 23rd $371,512 158 DAYS $20,433,193
% CHANGE -13.9% +9.0% +94.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e March 31st - LAST 12 MOS - 14.87 LAST 6 MOS - 25.32 LAST 3 MOS - 33.38
w/e March 23rd - LAST 12 MOS - 14.52 LAST 6 MOS - 26.42 LAST 3 MOS - 41.91
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e March 31st - 21.35% (UNSOLD - 78.65%)
w/e March 23rd - 20.36% (UNSOLD - 79.05%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com.
Have any questions on any Chicago Neighborhood or nearby Chicago Suburb? Call or write and let us know!
DEAN & DEAN'S TEAM CHICAGO
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