Good Morning!
Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, December 27th.
Active Listing Inventory is still suffering the "Holiday Effect" - few start marketing their properties, and many on the market take a temporary break from marketing - between early December until after the New Year. As you might expect as we approach Christmas and New Years Day, Pending Sales, as well as Closed Sales and Sales Volume, is similarly low - again, likely the time of the season.
Average Market Time fell over the past week, as did the number of Expired Listings. However, these numbers have tended to wash on alternate weeks, and are still, unfortunately, too high!
The Average Sales Price in the Chicago North and Northwest Side Neighborhoods we serve was up considerably last week, but we are unsure this indicates a new trend. This increase in Average Sales Price, despite a fall off in Units Closed & Sold, kept the Sales Volume high for the second to last week in 2009.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, is up once again this week. We are troubled by this - does it indicate a build up in unsold inventory. That can, in turn, drive prices down further, keeping both buyers and sellers waiting on the side lines waiting for a definite price trend, up or down.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to improve - it now approaches 57%!
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 28th 3,475 37 54 25
w/e December 21st 3,508 57 59 38
% CHANGE -0.9 -35.1% -8.5% -34.2%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 28th $289,235 157 DAYS $15,618,690
w/e December 21st $255,529 139 DAYS $15,076,211
% CHANGE +13.2% +12.9% +3.6%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e December 28th - LAST 12 MOS - 11.43 LAST 6 MOS - 9.23 LAST 3 MOS - 9.29
w/e December 21st - LAST 12 MOS - 11.61 LAST 6 MOS - 9.25 LAST 3 MOS - 9.10
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e December 28th - 56.96% (UNSOLD - 43.04%)
w/e December 21st - 55.50% (UNSOLD - 43.87%
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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