C.A.R. speaking points help prepare you to answer questions about Chicago’s real estate
industry and project confidence and consistency as a voice for Chicago REALTORS®. If you
would like to discuss any of your upcoming media or other public speaking opportunities,
contact Barbara Matthopoulos, Vice President of Communications and Media Relations or
Rebecca Boykin, Senior Public Relations Specialist.
January 2015 Speaking Points
Market Snapshot
- In November 2014, 7,090 homes sold in the Chicago PMSA. This marked an 8.8 percent decrease from November 2013 sales of 7,777 homes.
- The median price in November 2014 was $182,000, up 7 percent from $169,900 in November 2013.
- Listings in November averaged 63 days until sale, a slight increase from 62 days in November 2013.
- Chicago saw an 11.5 percent decrease in year-over-year home sales in November 2014 with 1,632 sales, down from 1,844 in November 2013.
- Median prices are forecast to grow at a slower pace in 2015. On a year-over-year basis, gains will range from 3.7 percent to 8.7 percent for the Chicago PMSA. By December 2015, the median price of homes is forecast to be $199,021 in Chicago PMSA, 8.6 percent higher on an annual basis.
- Foreclosed property sales dropped significantly in 2014, which accounts for a large percentage of the annual decrease in total home sales in 2014. In the Chicago PMSA, the monthly regular sales changed by -7.7 percent to 5.6 percent from a year ago, while foreclosed sales decreased by 14.3 percent to 30.3 percent.
- As we start the new year, continued higher median sales prices and low inventory remain the predominant market trends.
- Potential buyers who make a purchase now can leverage low interest rates before they inevitably begin to climb.
- In winter, buyers may find sellers are more flexible in negotiations due to the tighter market.
- The market is flush with opportunities for sellers with median sales prices continuing to increase and limited competition in the market.
- Our housing recovery is expected to continue moving forward in 2015 on the momentum of millennials and other first-time buyers finding more opportunities to access the market.