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Chicago IL Market Statistics Update - December 21, 2009

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

Good Morning!

Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, December 20th.

As you might expect as we approach Christmas and New Years Day, Active Listing Inventory has dwindled a bit - some sellers wish to enjoy a bit of "time off" in advance of the holidays - despite the fact real estate does sell this time of year.  

Expired Listings have jumped this week as well - perhaps some sellers deliberately set their listings to expire before the holidays 

On the other side of the ledger, mid-month Closings are down - but will likely spike again next week as sellers and buyers target closing on their homes before the end of the year.  Sales Volume works in tandem.  Average Market Time fell, but so did Average Sales Price.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, jumped 5%, but is still far better than earlier this year in the Chicago Neighborhoods we serve on the North and Northwest Sides of the city .  The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped last week to over 56%!

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 December 21st       3,508                   57                    59               38

w/e December 14th       3,573                   50                    65               26

% CHANGE                       -1.8                 +14.0%           -9.2%           +46.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e December 21st       $255,529            139 DAYS              $15,076,211

w/e December 14th       $288,418            186 DAYS                   $18,747,170

% CHANGE                     -21.8%                -25.3%                          -19.6%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e December 21st - LAST 12 MOS - 11.61  LAST 6 MOS - 9.25  LAST 3 MOS - 9.10

w/e December 14th   - LAST 12 MOS - 11.91  LAST 6 MOS -  9.30    LAST 3 MOS - 9.05

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e December 21st - 56.13% (UNSOLD - 43.87%) 

w/e December 14th - 55.50% (UNSOLD - 44.50%)

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)

Mark Lebkuchner / Home Loan Specialist
Warwick, RI

I'm always willing to work a little harder this week considering how most of the competition is taking it easy.  We have 16" fresh powder on the ground in RI.....what a day to snap some priceless pictures of your listings.  

Dec 21, 2009 04:57 AM