Chicago IL Market Statistics Update - January 12, 2009

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

Good Morning!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, January 11, 2009 - 

Active Listing Inventory showed a very slight increase this past week, as some sellers whose listings expired at the end of 2008 re-listed them very shortly after the holidays.  Expired Listings fell to more normal levels this past week, and, although sample numbers are small, Properties Pending Sale should a healthy increase.  

While Average Market Time stayed practically unchanged from last week, Average Sales Price and Total Dollar Volume tumbled - unsure if this will be a lasting trend in 2009 in the Chicago North and Northwest Side Neighborhoods we serve most frequently. 

Absorption Rate, including theoretical time to clear existing listing inventory, jumped significantly - 1.4% - within the past week. There is now a very high 19.4 months of inventory in our prime Chicago service area.

The Percentage of Sale Within Six Month (180 Days) fell this past week - just under 40% of listings we monitor here closely sell in a normal six-month marketing time frame.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.  Updated 2008 stats will be available before the end of the First Quarter, 2009.

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

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

w/e January 11th               4,015                   23                      31                48    

w/e January 4th                 3,987                   20                      46               243

% CHANGE                         +0.7%              +15.0%                -32.6%       -80.2%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e January 11th               $256,009             147 DAYS                $7,936,279

w/e January 4th                 $294,421             144 DAYS               $13,543,366

% CHANGE                           -13.0%                 +2.1%                           -41.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e January 11th- LAST 12 MOS - 13.75   LAST 6 MOS - 14.47    LAST 3 MOS - 19.40

w/e January 4th - LAST 12 MOS - 13.64     LAST 6 MOS - 14.09   LAST 3 MOS - 18.60

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e January 11th- 39.82% (UNSOLD - 60.18%) 

w/e January 4th - 40.43% (UNSOLD - 59.57%)

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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