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Mark Latuszek
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312-731-1497
mark@AREGmail.com
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Mark Latuszek
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Mobile Phone:
312-731-1497
mark@AREGmail.com
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SCHILLER PARK

Current monthly statistics.  Come back each month for the latest updates.

 MEDIAN SALES PRICE --  is the price at which half the home sales occur for more and half for less. If there is an odd number of sales, then the median price will be the sales price of the middle sale, even if that middle price is nowhere close to the middle value: for example, you have three sales of $1, $2 and $10 -- the median sales price is $2. If you have an even number of sales, the median price is the middle point between the two middle-most sales. 







ORIGINAL LIST PRICE -- The original price a property was listed at when it was placed on the market.








DAYS ON MARKET (DOM) are the number of days between a listing going on market and accepting an offer. The lower the average days on market figure, typically the stronger the buyer demand and the hotter the market.  Note that this statistic is easily distorted by distressed home sales, which often have a very high DOM; by that minority percentage of listings that sell after multiple price reductions (one property that sells after being on the market for 12 months can sometimes play havoc with an overall average for a neighborhood); and by deals that fall through after offer acceptance (the listings come back on market and perhaps sell quickly, but the DOM clock keeping ticking throughout). Currently, appealing, well-priced new listings often accept offers within 7 to 14 days of coming on market.







PERCENT OF LAST LIST PRICE -- Percentage found when dividing a listing's sales price by its last listed price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

Example:
Using the example from Percent of Original List Price [see below], that same property that was originally listed at $200,000 taken off the market, re-listed at $180,000 a few months later, reduced to $175,000 and sold for $160,000 would have a ratio of $160,000:$175,000 or 91.4%.





PERCENT OF ORIGINAL PRICE -- Percentage found when dividing a listing's sales price by its original list price, then taking the average or median for all sold listings in a given month, not accounting for seller concessions. Calculations are based on sold data.

Example:
A property is listed at $200,000, reduced to $190,000 and taken off the market. Then the same property is listed again at $180,000 a few months later and is further reduced to $175,000. It closes for $160,000. We take the ratio of $160,000:$180,000 or 88.9% instead of $160,000:$200,000 because the property was re-listed as new with a different MLS number.





CONTRACT TO CLOSE DAYS -- The number of days it takes a property to go from listing to a closed sale.





LISTING TO CONTRACT DAYS -- The number of days from when the house was listed for sale on the market, until a contract to purchase was agreed to between the buyer and seller.





MONTHS SUPPLY OF INVENTORY (MSI) Active inventory vs. the last 12 months of homes deemed Under Contract. Also known as absorption rate.

This number reflects the number of months it would take to sell the existing inventory of homes for sale at current market conditions. The lower the MSI, the stronger the demand as compared to the supply and the hotter the market. Typically, below 3-4 months of inventory is considered a "Seller's market", 4-6 months a relatively balanced market, and above 6 months, a "Buyer's market."






HOMES FOR SALE -- The number of home currently listed for sale, or listed as "Active" on the market.  This number is also know as "inventory".





NEW LISTINGS -- The total number of new homes that went up for sale for the first time in a given month.





UNDER CONTRACT -- A count of the properties on which contracts have been accepted in a given month. 





CLOSED SALES -- A count of the actual sales that have closed in a given month. The new owner has taken possession of the property as the sale has been finalized and recorded in the registry of deeds.


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