LIL' BUDDY'S BLOG - WHAT'S THE TREND IN CHICAGO REAL ESTATE?
THE CHICAGO REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
My Booking Agent suggested I take a more formal photo for publicity purposes. Here I am with my kerchief and tags - bling, bling!
If you're anything like me (and you are, as long as you have four paws and a tail), you've read a lot of stuff in the papers and online talking about price trends in real estate over the last couple of quarters, and year-to-year. Are we really going through a severe Buyer's Market, or are things not quite as bad as we've been led to believe.
Hmmm! I mean . . . grrrrrr! Here are a few of the hard facts, compiled with help of the Chicago Association of Realtors, and the Multiple Listing Service of Northern Illinois -
ACTV LISTINGS NO. CLOSED AVG. MARKET TIME AVERAGE SALES PRICE
04/01/07-06/30/07 2,084* 1,612 135 DAYS $344,302
01/01/07-03/31/07 2,540** 1,032 136 DAYS $340,974
04/01/06-06/30/06 2,036*** 1,805 91 DAYS $355,229
* SINGLE-FAMILY, CONDO, AND 2-4 FLAT LISTINGS THROUGHOUT CHICAGO AS OF 06/26/2007
** SINGLE-FAMILY, CONDO, AND 2-4 FLAT LISTINGS THROUGHOUT CHICAGO AS OF 03/27/2007
*** SINGLE-FAMILY, CONDO, AND 2-4 FLAT LISTINGS THROUGHOUT CHICAGO AS OF 06/25/2006
What do the numbers say? In the last few months, listed inventory, number of homes sold, average market time, and average sales price of single-family homes, condos, and two-to-four-unit buildings seems to have stabilized. Year-to-year, however, the numbers tell a different story -
Listed Inventory - UP 2.4%
Number of Properties Closed - DOWN 11.2%
Average Market Time - UP 46.7%
Average Sales Price - DOWN 3.1%
As of this yesterday evening, July 18, 2007, there were 5,166 total active listings (including those under Attorney Review or Home Sale Contingency) in the North Side Communites we serve most heavily - North of Addison Street, West of Ashland Avenue. Between July 1, 2006 and June 20, 2007, 5,524 total listings were sold. On average, dividing 5,524/12 months, 460 residential and small multi-family properties sell in these North Side Neighborhods each month, over the past year. Theoretically, it would take 11.23 months on market, or nearly 337 days, to clear all listed inventory. This figure, called the Absorbtion Rate was roughly 3.5 months this time in a year ago, in 2006.
Our Team had a big pow-wow (or, as I call it, a "bow-wow,") to interpret these numbers. Here are our thoughts, summarized -
The Real Estate Market is stabilizing somewhat, but, in many cases, buyers have the upper hand.
The best-staged properties sell the fastest
Those "testing the waters" at a too-high price have increased market time, and an eventual lower selling price
Buyers can save some money versus 2006, but well-staged properties still command premium dollars
Dean, Sue, Kathy, Jeff, Marc and Iwona can customize these figures for your specific neighborhood, if you'd like. Just send me a bark, and I will have one of our humans call you, or shoot you an email.
I've gotta go - off to another book signing. My latest book, Being Little, Furry, and Cute . . . and Loving It!, is about to hit the shelves in bookstores nationwide!
YOUR ACE REPORTER ON FOUR PAWS,
BUDDY HOLLY MOSS
