Market Conditions in 60613>Question Details

Amy, Home Seller in Chicago, IL

Average Days on Market- Chicago

Asked by Amy, Chicago, IL Fri Nov 7, 2008

What's the average days on the market for a 2 bedroom, 2.5 bath Condo in Lakeview/Wrigleyville? We're just around 90 days and we're trying to determine if we should take our place off the market soon and try again next spring.

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2
Amy,

There are more variables that need to be clarified before answering your question. What is your exact location? What is your price point? What is your finish quality? I don't think you will be well-served by proffering this information in this public venue, but answers to these questions are relevant to establishing a sense of where you are with respect to marketing your home.

At the same time it is important to recognize that things are selling in this market but that these sales are typically related to price. Consumers appear to want not only a fair value deal, but a good deal. What this means is anybody's guess, but it often seems intertwined with the seller experiencing pain.

Back to your question - should you keep your place on the market during the holidays? I wouldn't. There's a chance that a relo consumer will come into town. But the period between Thanksgiving and following the winter holidays (roughly the beginning of January) is fallow in the Chicago market. Perhaps you might experience greater traction with respect to your listing by removing it from the market in about 10 days and coming back after the new year with a real estate professional who provides a full complement of marketing services (online, print, brochures, signage, presentation, and negotiation) to enhance the likelihood of selling your home.

One thing to bear in mind is that now that the election is over and there's talk of concrete steps to enhance the economy we may see a freeing up of credit. This bodes well for prospective buyers (and should serve you well if you are going to turn around and make a purchase). With credit being available and rates likely to go down a bit and stay down for at least two quarters, I anticipate an uptick in activity.

I hope you find this information of use. As far as 90 days on the market, bear in mind that some 30 of those days have been after Wall Street hurtled toward the precipice and slammed on the brakes just before a complete meltdown. The good news is that things will get better.

Please feel free to check out my profile and to contact me for additional information.

All the best,

Thomas McCarey
Accredited Buyer's Representative
Member - The Institute for Luxury Home Marketing
The Real Estate Lounge Chicago with @properties
0 votes Thank Flag Link Fri Nov 7, 2008
using the last 3 months, the average market time for a Lakeview Condo with 2 br/2 - 2.5 baths, has been 92 days, with an average sale price of $399,000.
0 votes Thank Flag Link Fri Nov 7, 2008
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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