All statistics are pulled from TODAY’S date. These are not specific to the month of June or July but were pulled today and are reflective of this date. I like to keep things current.

The current absorption rate in Westmont, IL 60559 is: 33.93 weeks or 7.84 months.

We’ve always said that a healthy absorption ratet is between 5 & 6 months. Back in February I reported Westmont at 35.29 weeks. So we’re seeing some improvement but I’d love to see more.

Westmont, IL Last Month

• Last month we saw 17 single family homes go under contract with an average market time of 231 days in Westmont. Average List Price when they went under contract was $388,653.
• There are currently 133 ACTIVE listings in Westmont. Average market time is 199 days and the average list price is $461,744.
• 11 properties expired.  Average market time for those expired listings was 251 days and the average list price when they expired was $502,923.
• 0 have sold. Not the best of news but at least we put 17 under contract so let’s anticipate a better number next month.

Westmont, IL Past 3 Months

• Only 1 property to add to the Under Contract list of 17 from above. So 18 single family homes are under contract right now in Westmont, IL. Their average market time was 220 days.
• 26 properties expired in the past 3 months with an average market time of 236 days.
• 24 properties in Westmont have sold at an average market time of 128 days and an average sale price of $348,167. The LP:SP (List Price to Sale Price) ratio was 93%.

Westmont, IL Past 6 Months

• We saw 51 single family homes sell over the past 6 months. Average market time was 151 days. Average Sale Price was $351,287 and the ratio of LP:SP was 94%.
• 45 single family homes in Westmont expired. Average market time on those was 262 days. Avearge list price was $442,240.
• Note the list price and market time on the expired listing versus those sold and under contract. Almost always it will be higher price and longer market time. If we looked at each individual listing I’m sure we would see a number of price reductions as well. All about pricing.

Westmont, IL Past 12 Months

• Over the past year, from today, Westmont has seen 101 single family homes close. The average sale price of those 101 properties was $369,802 and the market times was at an average of 146 days.
• 94% LP:SP. Not bad.
• 113 properties expired. Past six months showed us 45 properties expire and 51 sold. Meaning the six months before that saw 68 expire and 50 sold. Trend is showing the gap between expired and sold closing but we still want to see more sold than expired. The trend also makes sense because the first six months of this year include most of the winter where we will always see more expired and less closed.

Not all bad. I would have liked to have seen a few closed over the past month it being June/July but am encouraged with 18 now under contract. Still very up and down. Take note of the market time on the expired listings versus everything else. Will always be higher as well as the pricing. I mentioned it earlier but it is worth repeating…..it is all about pricing no matter what market we are in. Being in a slow one it takes on an even more important role. Let me know if you have any questions.

Here is a look at current MLS listings in Westmont…click on below to expand the search:

I’m excited about the move. This will in no way, shape or form have any effect on my downtown business. I am still practicing downtown Chicago and made the move to supplement that part of the business with a larger Western Suburban presence.

I live in Naperville so it is easier on the commute as well. Not that us Realtors have set hours….we’re in the car as much as the office no matter where we work.

Nothing has changed as far as marketing a home.  Still a strong online presence, beautiful photos and brochures….just a different sign and phone number.  My website is still up and running and my MLS Search is better than ever.  Let me know if you have any questions.  Hope all is well!

• Free MLS search for all of Northern Illinois. Photos, maps, details, etc.
• Community information. While I’m still in the process (and will be for some time…I”m only 1 man) of completing every community the idea is to provide a snipit on the community along with photos and an MLS search for that specific area. An interactive map is provided to help locate these communities around Chicago.
• Featured Properties. aka: my listings. Huge photos, printable flyers, etc. Only one way to get into this section of the site….ask me to market your home.
• Resource Directory. This is a work in progress like the community section. If I’ve worked with you or have heard from multiple sources that you do good work than you have a great shot at being added. This is to help you find anything real estate related….movers, painters, handymen, attorneys, etc.

I’m proud of the site. It came out great and was worth the wait. I’d love to hear what everyone has to say….good or bad. Hope everyone is doing well!!

Here is a new one I put on the market this week at the North West corner of Diversey and Orchard. It is a mid rise building that was built in the mid 80’s and converted to condos and rehabbed in 2002. The building features storage, on site engineer, garage and outdoor parking.

This unit has been redone even from what the developer did 6 years ago. It is the South East corner tier which is the most desirable in the building. It has a huge covered balcony (not all units in building have one) with stellar views of the city and the tree tops of Lincoln Park. With great views from not only the balcony but the Master Bedroom, Master Bathroom and the Living Room you can enjoy the best skyline in the world (my opinion) from almost anywhere inside. So what have we done? I’m glad you asked. Do you like how I said “WE” when mentioning the work? The current owner has put in new 4 inch wide plank American Cherry floors in the living room and kitchen. They go beautifully with the new American Cherry maple cabinets in the kitchen and the master bath. New thick granite counters in the kitchen and bathroom with under-mount sinks. What I really like is the little details. Like the full granite back-splash that runs from the counter to the upper cabinets or the crown molding that finishes off the cabinets. Cool under-cabinet lighting finishes off the very modern kitchen.

The master bathroom features Limestone floors, the American Cherry cabinets, granite tops, granite surround in the shower and a Thermostatic Valve in the shower. Translation: ensures constant water temperature. You don’t have to wait for the water to get hot. Awesome!

The list goes on with all of the cool things. All you really need to know is that this is a top of the line 1BR/1BA corner unit with wonderful views and terrific finishes. All for $299,900 and if you’d like a garage parking spot it is an extra $30,000. Click on the icon in the map above to get more details and see photos of the unit. As always you can contact me if you need more information or would like to set up a showing. It’s a great unit that the new owner ca be proud of.

This property is currently under contract.

I’ve heard many people in the blogging world tell me not to talk about my listings in my Real Estate Blog. Why? I don’t get it. I talk about my listings when I’m out on the town. I talk about my listings at dinner with my girlfriend. Why not talk about my Real Estate property listings on my Real Estate blog? I have 3 new ones coming up in the next week and another one that has been reduced and given a little face lift. The one I’m currently talking about (or about to start talking about) is a beautiful 3-level Townhome in Lakeview, almost East Lakeview, Chicago. It is between Clark and Broadway half a block North of Wellington. It is on a small private dead end street named Waterloo.

This particular unit is special because of all the townhomes in the complex (25 in all) this one is the end unit facing the street with the largest patio. The patio isn’t only big but is was just redone last summer. The owners got rid of the old deck that was there for a long time and replaced it with a wonderful paver brick patio. Inside the unit there is a living room, dining room and kitchen on the first level. First level has hardwood floors, exposed brick and very cool lumber beams stretching across the ceiling. Gives it a very warm and cozy feeling. Not cozy like small but cozy like I could get used to this cozy. On the second level we have a full bathroom, 3rd bedroom and family room/den. In the family room we have 3 huge floor to ceiling windows overlooking the patio we spoke of. The windows in the entire unit are new 2 years ago. Upstairs on the third and final level is the Master Bedroom, 2nd bedroom and 2nd full bathroom.

All in all this is a very cool unit. It is listed at $489,900 and that includes a parking space. One final thing I’ll say…and one of my favorite aspects of this place….is that you are on this quiet dead end street but in any direction you have streets like Clark and Broadway which offer all the entertainment and shops and things that you would ever need. You’re not too far from Wrigleyville and not too far from Lake Michigan as well. Wonderful location. Click on the icon above to get room sizes and photos. As always you can contact me with questions….or I know I’m not supposed to say it on a Real Estate blog….if you know of anyone that might be interested it is extremely easy to show.

Naperville Detached Single Family Homes

Under Contact: Naperville saw 158 units go under contract in the past month. The average market time for these was 166 days. Median list price was $422,000. Average sales price was $538,667. Looks like the price range with the most under contract was $350,000-$399,900 with 30 units and 120 days on market. Longest market time is the $900,000-999,999 price range at 397 days on market.

Active Listings: In Naperville we have 1,076 properties for sale with an average market time of 195 days. Median list price is $539,900 while the average price is $697,279. The highest property for sale currently in Naperville is listed at $4,350,000. Surprisingly the price range with the most current listings is the $1,000,000-1,999,999 range with 165 properties for sale. Wow. That’s a lot of million dollar properties for sale. Not to mention the 21 other properties listed above $2,000,000. Market time for properties under $700,000 seems to be pretty consistent at roughly 130 days.

Expired Listings: In a “hot” market this is something I wouldn’t normally talk about because the numbers would be so small. But with today’s market here in Naperville I figured it is a great way to show what is going on out there. Over the past month Naperville saw 41 properties expire off the market. Average market time at 286 days.

Sold Properties: This one just blew my mind. In Naperville, a city of close to 150,000 residents, there were only 6 closings in that past month for single family homes. I triple checked to make sure I wasn’t mistaken and it is true. The past two month saw something in the neighborhood of 50 properties but that past month was only 6. I was shocked by this number. Average market time was really good at 95 days for those 6 units. Median sale price at $368,000. I anticipate these numbers to increase significantly in the next month based on what I’m seeing out there today.

• Current Absorption Rate for Naperville Detached Single Family Homes is: 6.81 months.

Naperville Attached Single Family Homes (condos/townhomes)

Under Contract: Currently 76 properties under contract in Naperville. Average market time is 138 days. Median List Price is $196,950 with and Average List Price of $221,134. The $150,000-199,999 price range has the most under contract with 23. Highest attached single family home went under contract listed at $630,000.

Active Listings: There are 508 attached single family homes currently available in Naperville. Most popular price range is the $150,000-199,999 with 150 on market. Average market time for all attached properties is 149 days with a Median List Price of $215,000 and an Average List Price of $282,701. Highest priced attached single family currently available in Naperville is on market for $2,290,000. Any takers?

Expired Listings: 16 units expired over the past month in Naperville. Average market time for those 16 units was 225 days. Median List Price was $212,400.

Sold Properties: Like the Detached Single Family I’m a bit surprised at the numbers for the Attached Single Family that have sold. Only 8. Market time was 166 days average for those 8. Only two price ranges were even represented: $150-199,999 & $500-549,999.

• Absorption Rate for Attached Single Family Homes in Naperville: 6.68 months.

Problem solved. Right? I argued earlier that the tax was unfair to buyers (especially first time buyers) and that it was going to have a negative effect on an already difficult real estate market. So what is wrong with hitting the sellers? Well to begin with they already paid the $7.50 per $1,000 when they purchased. So really doesn’t matter how you split it you’re still going to have to pay it either on the way in or on the way out. So current homeowners looking to move are the guinea pigs that are being hit with this tax twice. Secondly they already pay $1.50 per $1,000 to the county and state when they sell and now this is on top of that. Glad to see they came up with a solution that was fair for everyone…yeah right!!

As long as we keep seeing “The Governor” at Cubs games and Bulls games we’ll be doing just fine. As I’ve said before and I’ll say again…it is easy to complain after the fact. What we really need to do is stay involved when the decisions are being made and voice our collective opinion then. A lot easier to stop thing before they go into effect. Just wanted to update you on the situation. Good news for home buyers is effective April 1, 2008 their transfer tax for purchasing real estate in Chicago remains at $7.50 per $1,000 spent. Any clarification just let me know and I’d be happy to help. I’ll put out a new list of what is the responsibility of the seller and what is the buyers shortly.

Look at these guys. Come November we’re going to be painting a different picture here in Chicago. The drought is over and starting Monday the Chicago Cubs are going to erase failed memories of the past 100 years. 2008 is the year of the Cub. So I decided to get everyone ready for the upcoming season with some cool shots of Wrigley Field for everyone to enjoy. I’m hoping to get to a few games this year and take some cool shots myself. Anybody have some Wrigley stories they’d like to share I’d love to hear them. Let’s keep them clean though. Everyone have a great weekend!!

I’ve been looking at a lot of statistics recently to try to make sense of the current market. I’ve looked at median price vs. average price, market time, inventory and so on and so forth. One of my favorite ways to look at how the market is flowing is Absorption Rates. Now, in the past I would provide this information broken into weeks instead of months. But it looks like most places I look are breaking things into months so I’ve decided to switch and provide the following data into months instead of weeks. Keep in mind that a healthy absorption rate is anything under 6 months. If you’d prefer it one way or another just let me know. As always I’d also be willing to look up this information for your specific neighborhood, community, town village or city. All you need to do is ask. Enjoy!!

Absorption Rates for 10 Chicago Communities as of 03/27/2008:

Type 1 Properties (Detached Single Family Homes)

1. Lincoln Park (DePaul) 12 months
2. Lakeview (Wrigleyville) 7.81 months
3. Edgewater (Andersonville) 5.33 months
4. Lincoln Square (Ravenswood) 9.5 months
5. Logan Square (Bucktown) 12.14 months
6. Near North Side (River North) 8.67 months
7. Near South Side (South Loop) 4 active, 0 sold
8. Near West Side (West Loop) 8 months
9. Uptown (Buena Park) 14 months
10. West Town (Wicker Park) 8.94 months

Type 2 Properties (Attached Single Family/Condos/Townhomes)

1. Lincoln Park (DePaul) 4.36 months
2. Lakeview (Wrigleyville) 4.70 months
3. Edgewater (Ansersonville) 6.87 months
4. Lincoln Square (Ravenswood) 4.52 months
5. Logan Squre (Bucktown) 6.90 months
6. Near North Side (River North) 8.81 months
7. Near South Side (South Loop) 8.15 months
8. Near West Side (West Loop) 7.75 months
9. Uptown (Buena Park) 4.75 months
10. West Town (Wicker Park) 6.07 months

It’s amazing how different each community is. This shows us why it is important to take what we hear in the media with a grain of salt. Just because Las Vegas is doing bad does not necessarily translate into Lincoln Square, Chicago sharing the same fate. One of the beautiful things about the City of Chicago is how different each and every community is. Be sure to look at your own neighborhood to determine how the market is and not what the national averages are. Will keep you sane.