In a nutshell, where is the Chicago real estate market today?

Statistics about the real estate marekt are bandied about everywhere, but when my clients ask, they really want to know what’s going on LOCALLY.

The statistics I’m quoting here are based on my selling area- part of Chicago, which is a segment of the Midwest Real Estate Data MLS System.

 Anne’s Market Area

Anne Rossley's Market Area

 

Median Sales Price

Over Time

98.5% of the Market High

$347,325 (April, 2015) vs. $352,500 (October, 2008)

 

 

Market Time (Days)

All properties

Market time doesn’t significantly differ between price points or property types (condo vs. house)

73 DAYS

Chicago (total): 84 days

 

 

Property Units Closed

# Units Closed is Very Strong but not at the 2008 “frenzy” level

15,795 closed in March, 2015

18,427 closed in January, 2008

 

Month’s Supply – Inventory

At current sales pace, how long will it take to sell all properties on the market?

Stable Market:  6 months

Today:  3.8 months

February, 2010:  15.1 months

Chicago Total (March, 2015): 4.6 Months

 

 

Sales Price

As % of FINAL List Price

Buyers are NOT throwing lowball offers at sellers.

They’re waiting until the price is right, and then they’re paying close to list price.

98%  !!

Chicago Market: 97.9%

If you have a question about the Chicago Real Estate Market, email me today!  Anne@Rossley.com

Reach out to me on LinkedIn!  Anne Rossley on LinkedIn

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