Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, May 11, 2008 -
Active Listing Inventory continues to increase as the weather gets warmer ! Units Pending Sale ("Just Sold") gave back last week's gains, and has not produced a steady, predictable pattern of increase this spring - that concerns us a bit! Sold Units and Sales Volume, as well as Expired Listings, came back down to earth last week - a completely mid-month period. Average Market Time shot back up again next week, and continues at an unacceptably high level.
Absorption Rate, or average inventory turnover, gave back about a point of last week's 5.1% improvement, but is still on a long-term improvement track, it appears, at just north of 27 months. Percentage of Sale Within Six Month (180 Days) improved by 4% this week, but, again, is still very low, reflecting the continued-high Average Market Time on the North and Northwest Sides of Chicago.
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 May 11th 5,109 56 63 41
w/e May 4th 5,024 74 117 74
% CHANGE +1.7% -24.3% -46.2% -44.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 11th $373,271 174 DAYS $23,516,075
w/e May 4th $330,673 147 DAYS $38,688,840
% CHANGE +12.9% +18.4% -39.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 11th- LAST 12 MOS - 17.41 LAST 6 MOS - 25.41 LAST 3 MOS - 27.20
w/e May 4th - LAST 12 MOS - 16.86 LAST 6 MOS - 24.98 LAST 3 MOS - 26.97
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 11th- 22.47% (UNSOLD - 77.53%)
w/e May 4th - 21.60% (UNSOLD - 78.40%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, 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 Chicago Suburb? Call or write and let us know!
DEAN & DEAN'S TEAM CHICAGO