Good Evening!
Here's our Chicago Market Stats Update, based on data compiled Sunday evening, November 1, 2009.
Don't let the big jump in Sales Closed, Sales Volume and Listings Expired concern you too much! These wild jumps are very typical for the end of the month - and many listings are set by Realtors to expire the end of each October.
Most of the key numbers continued to be flat last week - Active Listings fairly stable, Average Market Time still too high. However, I am encouraged by continuing stability in Pending Sales despite the approach of the dreaded Chicago Winter. Also, the Average Sales Price in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently jumped over 5.5% last week.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly last week - it's now below 10 months. This is far from the sub-5-month Absorption Rate of a couple of years ago, when the market was far stronger, but the downward trend is very encouraging.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 47.09% this past week.
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 November 1st 3,804 58 131 72
w/e October 25th 3,887 59 68 12
% CHANGE -2.2 -1.7% +92.6% +500.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e November 1st $257,178 139 DAYS $33,690,318
w/e October 25th $243,523 138 DAYS $16,559,564
% CHANGE +5.6% +0.7% +103.4%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83
w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e November 1st - 47.09% (UNSOLD - 52.91%)
w/e October 25h - 45.36% (UNSOLD - 54.64%)
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
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