Though we’ve been a bit absent lately, we wanted to make sure we stopped by and dropped off some end-of-year data insights to the blog. We’ve been focusing our attention in other areas and have found it increasingly hard to make time to crunch numbers like we used to.
That said, here’s some nice food for thought on the Chicago market over the past year. The good news off the bat is that absorption rates are almost universally better as 2011 winds down than they were in 2010. Kudos to the savvy agents and hungry buyers out there.
Seems appropriate here to call out that every county saw an increase in 2011 for single family homes, except Cook. Kane county saw a close to 8% increase in single family closings:
Cook = -1.44%
Dupage = 5.61%
Kane = 7.94%
Lake = 5.07%
McHenry = 7.38%
Will = 0.82%
Whats more interesting though, is that transaction volume is on par with last year’s numbers, despite there being an decrease in the amount of listings practically across the board. This could be a positive sign that sellers are not willing to sell at the current price and more sellers are staying on the sideline waiting for pricing rebounds. This signals a potential shift the pricing momentum, and bodes well for 2012 upcoming. The role of shadow inventory remains to be seen, but only time will tell.
Click the link for our full aggregation of closed and active listings by county and property type.