Analysis: There are currently 289 Condos for sale in the Chicago neighborhood of Streeterville and there are 155 additional units that have accepted sales contracts. The ratio of homes under contract to those that are available is 54% which I consider a very healthy market.
460 Condos have closed in the last 6 months which represents 50% more units than closed last year during the same 6 month period last year. There is currently 3.77 months of inventory.
Analysis: There are currently 119 single family homes on the market in Oak Park, IL and 105 homes that have accepted contracts. There is an 88% ratio of homes that are active (for sale) to those that are under contract (have accepted contracts). This ratio points to a strong local real estate market where inventories will continue to shrink.
45 homes are being sold each month in the village and inventories are at a low 2.62 months. This means that if no homes were to come on the market it would take around 2 1/5 months to clear out all of the current inventory. It is a strong sellers market here and home prices will continue to rise as long as these continue to persist.
31% more homes closed in the last 6 months of 2013 versus the same period in 2012. Which again points to an improving market.
Looking at Chicago foreclosure listings were down 1% in the last 30 days. Foreclosure listings made up 12.4% of the total number of properties listed in the MLS during the last 30 days. This compares with 13.4% in the the 30 days preceding.
Short sales were also down 3% during the same period and stood at 19% of the total listings. Distressed properties made up 31.4% of the total listings.
On the sales side, foreclosures made up 18.2% of the total closed sales in the last 30 days and short sales made up another 21%. All in all distressed sales made up 39.2% of total sales up from 34.4% of sales in the preceding 30 day period.
Speaking to some of the big time REO brokers I expect that this trend will reverse over the next several months as banks start to let go of more inventory that was help up do to the robo signing scandal.
The average list price of Chicago homes for sale is currently strongest at the high end (homes priced above $394,000) and weakest at the low end. The low end homes are most affected by foreclosures and average list prices have dropped 4.1% over the last year.
Over the same period however the median closed sales price for low end homes has actually risen. Again this is likely due to forecloses being so aggressively priced that they attract multiple bidders and drive up the end sales price.
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