Chicago Real Estate Market Update For September 2013

Generally the housing market starts to slow in Chicago in the fall, however, both July and August figures were up over last year and the market didn’t seem to slow this year as last year.  So here’s your Chicago Real Estate Market Update for September 2013.  Overall:

• The city of Chicago saw a 31.1 percent year – over – year home sales increase in July 2013, with 2,838 single – family home and condo sales.
• The median price of a Chicago home in July 2013 was $250,000, up 2.5 percent compared to July 2012.
• Chicago condo prices also saw double digit gains in July, posting a 13.8 percent jump to $280,000.
• Average market time in the city was 48 days, down 30.4 percent compared to 69 days last July.
• In the nine county Chicago metro region, July home sales totaled 11,897, up 36. 1 percent from July 2012.
• The median July home sale price in the Chicago area was $201,075, up 18.3 percent from July 2012.
• Market time throughout the area continued to drop in July, with listings averaging 61 days until sale  – a 36.5 percent drop compared to 83 days in July 2012.
• The monthly average commitment rate for a 30 year, fixed rate mortgage for the North Central region was 4.35 percent in July 2013, up from 4.09 percent in June (Federal Home Loan Mortgage Corp.).

Shay’s Summary

• The Chicago real estate market is improving, especially in the condo arena that was hard hit across most areas of the city.
• That condos are moving at a strong pace and that prices are increasing means that both buyers and sellers are feeling confident enough with the economy to make significant lifestyle decisions and investments again.
• The slight increases in interest rates over the past few months have done little to slow interest in homeownership which is a strong indicator that the economy and housing market are both recovering.
• Market improvements are now edging into some of the city’s underserved neighborhoods.  As the availability of inventory continues to decrease, we hope to see buyers look into some of the areas that aren’t performing as well, as an alternative.
• Analysis suggests that the level of foreclosed properties may return to prerecession levels by the end of the year and thus provide some incentive for additional listings.

For more detailed information on the Chicago Real Estate market for September 2013 click here.