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Chicago IL Market Statistics Update - July 21, 2008

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

Good morning, AR folks!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, July 20, 2008 -

Some hopeful numbers this past week! 

While Active Listing Inventory continued stable over the past couple of weeks, Average Sales Price actually took an upturn, up a respectful 6.6%.  The number of Pending Sales and Closed Listings each see-sawed once again this week, falling somewhat since the last time we checked the stats one week ago.  

Average Market Time way up this week.  This might be an aberration, but, in any event, remains high.  Total Sales Volume stable versus last week, expected for a mid-month reading.

Absorption Rate, or average inventory turnover, again increased, by 1.8%, over the last week.  There is 28.71 months of active inventory, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago!   Percentage of Sale Within Six Month (180 Days) was stable between the last two stats check readings.

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 July 21st                5,273                  51                        76                   42

w/e July 14th                5,237                  56                        80                   64

% CHANGE                    +0.7%              -8.9%                    -5.0%             -34.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e July 21st                $357,317               187 DAYS                  $27,156,094

w/e July  14th               $335,139               120 DAYS                    $26,811,150

% CHANGE                     +6.6%                       +55.8%                             +1.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e July 21st - LAST 12 MOS - 19.58   LAST 6 MOS - 20.05     LAST 3 MOS - 28.71

w/e July 14th - LAST 12 MOS - 19.16     LAST 6 MOS - 20.01    LAST 3 MOS - 28.19

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e July 21st- 25.18% (UNSOLD - 74.82%) 

w/e July 14th - 25.02% (UNSOLD - 74.98%)

 SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - 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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