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Chicago IL Market Statistics Update - January 26, 2009

By
Real Estate Agent with Dean's Team - Keller Williams Realty Partners Chicago IL

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, January 25, 2009 - 

Active Listing Inventory again showed stability last week.  Pending Sales up,  and Closed Listings - but the total numbers are small, and may not be predictive of reality accurately.  I am concerned, however, that these raw numbers are so small.  showed stability this past week.  Expired Listings fell - normal for the middle of the month.

Average Sales Price and Total Dollar Volume crashed back to earth this past week.  One year ago, Sales Volume stood at $11,121,833 - current is 40% lower than the w/e January 28, 2008!   One year ago, the Average Sales Price in the Chicago North and Northwest Side Neighborhoods in which we specialize was $317,766 - 8.7% higher than today!   Average Market Time fell compared to last week, but is still high, at 155 days on market.

Absorption Rate, including theoretical time to clear existing listing inventory, jumped yet again to nearly 22 months this past week.

The Percentage of Sale Within Six Month (180 Days) fell again this past week - roughly 38.5% of listings in our Chicago Primary Service Area sell in a normal six-month marketing time frame.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.  Updated 2008 stats will be available before the end of the First Quarter, 2009.

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 25th               4,050                   35                      23                34    

w/e January 18th               4,032                   25                      28                58

% CHANGE                         +0.4%               +40.0%                -17.9%          -41.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e January 25th               $290,126             155 DAYS                     $6,672,898

w/e January 18th               $352,257             265 DAYS                     $9,863,196

% CHANGE                           -17.6%                 -41.5%                           -32-3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e January 25th- LAST 12 MOS - 13.96  LAST 6 MOS - 15.46   LAST 3 MOS - 21.74

w/e January 18th - LAST 12 MOS - 13.82     LAST 6 MOS - 14.92   LAST 3 MOS - 20.06

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e January 25th- 38.46% (UNSOLD - 61.54%) 

w/e January 18th - 39.20% (UNSOLD - 60.80%)

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

Comments (1)

Anonymous
Anonymous

Poor numbers mean nothing for the next several weeks.  Buyers are waiting on the sidelines to see what the new administration does.  Enjoy the calm, you are going to be very busy come the Spring.

Jan 26, 2009 03:43 AM
#1