Good Morning!
Here's our Chicago Market Stats Update, based on data compiled Sunday evening, October 4, 2009.
Wild fluctuations in some of the numbers this past week, consistent with the end of September, and the end of the Third Quarter, 2009.
As you know, big increases in Closed Properties and Expired Listings is typical for month's end. So is the typical end-of-month increase in Sales Volume.
However, the numbers posing greatest concern this week involve the big drop off in Pending Sales, a continued high Average Market Time, and a downward-trending Average Sales Price.
Continued, week-by-week improvements in the Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, now falling to just over 10 months in the North and Northwest Side of Chicago Neighborhoods we serve most frequently, provides a bit of a reason to cheer. The Rate is not near the 5-6 month number of the Chicago Real Estate Boom a few years ago, but it is headed in the right direction.
Also very encouraging - the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to trend upward. Last week's gauger indicated that over 42% of all listed properties do sell during this usual marketing time.
Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.
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 October 4th 3,989 58 140 91
w/e September 27th 4,056 83 87 42
% CHANGE -1.7% -30.1% +60.9% +116.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 4th $263,638 142 DAYS $36,909,320
w/e September 27th $276,006 142 DAYS $24,012,522
% CHANGE -4.5% +-0.0% +53.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e October 4th - LAST 12 MOS - 14.75 LAST 6 MOS - 11.58 LAST 3 MOS - 10.29
w/e September 27th - LAST 12 MOS - 15.25 LAST 6 MOS - 12.16 LAST 3 MOS - 10.95
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e October 4th - 42.28% (UNSOLD - 57.72%)
w/e September 27th - 39.27% (UNSOLD - 60.73%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!
Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.
DEAN & DEAN'S TEAM CHICAGO
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