DECEMBER PROPERTY SALES FOR CITY OF CHICAGO MARKET ACTION REPORT |
| December 2016 |
| City: Chicago | | Brittany Cummings | Real Estate Broker | (630) 936-2930 | BritCummings@gmail.com | www.BrittanyCummings.com |
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| Property Type: Single Family Home, Townhome, Condo | Price $0.00 to $999,999,000.00 |
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| Trending Versus*: |
| Trending Versus*: |
Market Profile & Trends Overview | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYear |
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Median List Price of all Current Listings | $265,000 | | | | |
| | | Average List Price of all Current Listings | $526,735 | | | | |
| | | December Median Sales Price | $265,000 | | | | | $274,000 | | | December Average Sales Price | $356,338 | | | | | $360,321 | | | Total Properties Currently for Sale (Inventory) | 6,511 | | | | |
| | | December Number of Properties Sold | 1,915 | | | | | 27,887 | | | December Average Days on Market (Solds) | 48 | | | | | 45 | | | Asking Price per Square Foot (based on New Listings) | $211 | | | | | $238 | | | December Sold Price per Square Foot | $215 | | | | | $217 | | | December Month's Supply of Inventory | 3.4 | | | | | 3.9 | | | December Sale Price vs List Price Ratio | 97.7% | | | | | 97.7% | | |
* LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date |
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Property SalesDecember Property sales were 1,915, down -7.4% from 2,069 in December of 2015 and -0.3% lower than the 1,921 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 27,887 are running 2.2% ahead of last year's year-to-date sales of 27,295. | | PricesThe Median Sales Price in December was $265,000, up 10.2% from $240,500 in December of 2015 and up 1.9% from $260,000 last month. The Average Sales Price in December was $356,338, up 0.8% from $353,351 in December of 2015 and up 5.8% from $336,688 last month. December 2016 ASP was at highest level compared to December of 2015 and 2014. | | Inventory & MSIThe Total Inventory of Properties available for sale as of December was 6,511, down -20.4% from 8,182 last month and down -16.8% from 7,825 in December of last year. December 2016 Inventory was at the lowest level compared to December of 2015 and 2014. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2016 MSI of 3.4 months was at its lowest level compared with December of 2015 and 2014. | | Market TimeThe average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for December was 48, up 9.1% from 44 days last month and down -14.3% from 56 days in December of last year. The December 2016 DOM was at its lowest level compared with December of 2015 and 2014. | | Selling Price per Square FootThe Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The December 2016 Selling Price per Square Foot of $215 was up 4.9% from $205 last month and up 7.0% from $201 in December of last year. | | Selling Price vs Listing PriceThe Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The December 2016 Selling Price vs List Price of 97.7% was up from 97.5% last month and up from 97.2% in December of last year. | | Inventory / New Listings / Sales'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in December 2016 was 1865, down -36.5% from 2,937 last month and up 0.2% from 1,861 in December of last year. | |
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Based on information from Midwest Real Estate Data LLC for the period 1/1/2004 through 12/31/2016. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS's may not reflect all real estate activity in the market. | |
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