Real Estate Market Reports
2008 vs. 2007
Chicago & Suburban AreasINTRODUCTION
This is a report of certain (Sold Properties: average days-on-market for sold properties; median sold price; average sold price. For Sale: supply & average days-on-market, aka: DOM) market data for the counties located in northeastern Illinois:
Cook (includes the City of Chicago), DuPage, Kane, Kendall, Lake, McHenry and Will.
The data which are reported are specific to all single-family—both detached (“houses”) and attached (individual condo units, townhouses etc.)—dwellings.The tables below present certain data (per the “compassMLS”; effective as of 1-1-09) for each county. Data is by county with 2008 data presented first and followed by 2007 data. Data for the “Sold Properties” are contained in these tables. Data specific to “For Sale” (effective as of 1-1-2009) are contained within the “Summary” section (below) of this report and are not contained in any of the tables.
Please be aware that this broad overview of market activity should not—and, cannot—be used, or interpreted to apply, to any one specific property or neighborhood or community in any of these counties. As an example, a decline in either the median or average sold price from one period to another includes (during 2008) increasing numbers of REO and/or Short Sale transactions. Market conditions affect sales activity and prices and the results will vary widely from location to location and sub-markets within a larger market.
As a generalization, market conditions are best characterized as a “buyers’ market”.
Clients may request a “market report” tailored to a specific need and location by contacting me via e-mail at Lee@AppraisalQA.com
SUMMARY
Sold PropertiesSales Activity (“# Units” in the tables below): Sales activity throughout the 7 counties during 2008 saw a notable decline in comparison to 2007.
What follows is the percentage decline in sales volume (# sold) for each county between these two years: Cook, -26.7%..........DuPage, -25.4%..........Kane, -28.4%..........Kendall, -25.5%..........Lake, -26.8% …......McHenry, -27.1%.........Will, -26.3%.
Average Marketing Time (“Avg. MT” in the tables below) for each of the counties in 2008 was between 5 and 6 months. During 2007, you will observe that the average was approximately 4 (or, for certain counties, slightly in excess of 4 full months) months. Lengthening marketing time is an indicator of slowing market activity.
Median Sold Price: For each county, the 2008 median sold price is less than the 2007 median sold price.
The percentage decline for each county for these two years:
Cook, -4.9%; DuPage, -2.6%; Kane, -6.5%; Kendall, -1.1%; Lake, -7.7%; McHenry, -11.7%; Will, -6.2%.Average Sold Price: For each county, the 2008 average sold price is less than the 2007 average sold price. The percentage decline for each county for these two years:
Cook, -2.7%; DuPage, -3.2%; Kane, -6.5%; Kendall, -4.1%; Lake, -10.3%; McHenry, -8%; Will, -6%.For Sale Properties
Assuming (and, this is no small assumption)—for the purpose of analysis—that the number of sales during 2008 represents the sales volume for 2009, and comparing these numbers to the number currently (as of 1-1-2009) “For Sale”, indicates markets in over-supply with each (exception: Will) county having a supply of housing that may take more than one full year to absorb.
In very general thinking, a supply that is projected (or, estimated) to be absorbed in, say, approximately a 6-month period might indicate a market that is characterized as being “in-balance”. Note that this is a generalization and not an absolute. Still, the differences are significant.
Further, for the combined 7 counties, current average days-on-market (DOM) is approximately 8 months. Within these counties, such a relatively large average DOM would not be expected to be present in markets characterized as being either “in balance” or having “under-supply” status.
For each county, supply (for sale) status as of 1-1-2009:
Cook: 41,445 for sale vs. 39,768 sold in 2008; average days-on-market = 233 days.
DuPage: 8066 for sale vs. 7890 sold in 2008; average DOM = 247 days.
Kane: 4699 for sale vs. 4059 sold in 2008; average DOM = 237 days.
Kendall: 1551 for sale vs. 1305 sold in 2008; average DOM = 245 days.
Lake: 7111 for sale vs. 5987 sold in 2008; average DOM = 250 days.
McHenry: 3397 for sale vs. 2781 sold in 2008; average DOM = 254 days.
Will: 5869 for sale vs. 5945 sold in 2008; average DOM = 221 days.DATA PRESENTATION
Sold Properties: 2007 & 2008
(per compassMLS)
Cook Cook DuPage DuPage Kane Kane Kendall Kendall Lake Lake McHenry McHenry Will Will Home | Featured Listings | Setting the Right Price | Seller Tips | Real Estate as an Investment | Search for Homes | Market Reports
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