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Chicago IL Market Statistics Update - June 16, 2008
Good Morning, AR! 
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, June 15, 2008 -
Indicators continue to see-saw over the last few weeks - but the pattern still suggests high unsold listing inventory, low number of units pending sale, lengthy market time, moderating average sale price and still-lackluster home-sales volume.
The comparison between Listing Inventory and Properties Pending Sale continues to confound me!  The number of Listed Properties continues fairly steady, while Pending Sales and Closed Properties show large fluctuations week to week. 
Typically, sold properties are marked "Pending" on the MLS Computer only after they successful pass a five-day Home Inspection and Attorney Review period.  Our Team's experience indicate many sales are failing during this initial five-day period, often because some buyers use this period to attempt to negotiate a lower sales price based on inspection issues.  Many sellers, already forced to sell at a discounted price versus their original expectations, refuse to negotiate further, and the sale falls through. 
Absorption Rate, or average inventory turnover, bounced up just over 5% since last week!  The theoretical level of home inventory in the City of Chicago areas we serve jumped to just over 28.7 months within the past week.
Percentage ... more

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