While many reports are coming out about the Chicago real estate market with various results, our records show there is an increasing spread between what sellers are seeking (listing price) and what they ultimately settle on.
In 2006, in the nearly $260 million in Charles Rutenberg Realty sales, the average property sold for 97.46% of the listed price. In 2007 that figure dropped slightly to an average of 96.22% for January through May. In June, however, the figure dropped to 91.14% and in July it dropped again to 84.35%!
As we move into the future this figure will move back up as sellers realize the new market is real and adjust their asking prices but, until then, there will be much anguish in the sales process as buyers and sellers seek to meet each others expectations.