Good Morning!
Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, January 3rd.
Active Listing Inventory has drawn down, and Expired Listings way up - typical for the first day of the year. Let's see if inventory builds toward the end of the month of January, and continues building as Spring, 2010 approaches. Fewer people made an offer to purchase a new home over the holidays, as you might expect.
Therefore, Pending Sales are down, but I am a bit concerned that the spike in Listings Sold was not higher. Many buyers attempt to close before the end of the year, while others wait until the new year, for Income Tax Purposes.
Average Market Time remains high, while the Average Sales Price in the North and Northwest Side of Chicago Neighborhoods we serve frequently has see-sawed over the last few weeks. Sales Volume increased respectably, but I would have expected an even stronger end-of-year increase when the market was stronger.
Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continues to climb moderately - despite a fall in prices exceeding 18% in many Chicago Neighborhoods over the past 24 months, unsold inventory is still piling up. It did moderate in mid-2009, but, for some reason, appears to be climbing back up with the year's end.
The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame continues to improve - it now over 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 January 3rd 3,319 30 67 154
w/e December 27th 3,475 37 54 25
% CHANGE -4.5% -18.9% +24.1% +516.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e January 3rd $265,304 168 DAYS $17,775,368
w/e December 27th $289,235 157 DAYS $15,618,690
% CHANGE -8.3% +7.0% +13.8%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e January 3rd - LAST 12 MOS - 10.86 LAST 6 MOS - 8.90 LAST 3 MOS - 9.51
w/e December 27th - LAST 12 MOS - 11.43 LAST 6 MOS - 9.23 LAST 3 MOS - 9.29
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e January 3rd - 57.36% (UNSOLD - 42.64%)
w/e December 27th - 56.96% (UNSOLD - 43.04%)
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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