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.
Chicago Association of REALTORS® March 2015 Speaking Points
Market Snapshot- In January 2015, 5,619 homes sold in the Chicago PMSA. This marked a 5.2 percent decrease from January 2014 sales of 5,925 homes.
- The median price in January 2015 was $176,000, up 8 percent from $ 163,000 in January 2014.
- Listings in January averaged 72 days until sale, a slight decrease from 71 days in January 2014.
- Chicago saw an 8.3 percent decrease in year-over-year home sales in January 2015 with 1,295 sales, down from 1,412 in January 2014.
- The median price forecast still indicates steady annual increases in median prices for February, March and April compared to a year ago. For the Chicago PMSA, the median price is forecast to rise by 9.4 percent in February, 7.8 percent in March and 7.6 percent in April.
- In January for the Chicago PMSA, the percentage of foreclosed sales (e.g. REOs) among the total sales was 22.6 percent with 4,170 regular sales. This is barely a change (0.7 percent) from last year. A total of 1,400 foreclosed properties were sold, 19.6 percent less than last year.
- Median sales prices are strong on shorter than average market times heading into the spring buying season, offering homeowners an incentive to sell now.
- Despite the tight inventory, families and professionals have demonstrated a focused desire to purchase a home.
- Chicago’s housing market landscape will largely depend on an increase in the number of homes for sale to help existing home sales resurge.
- Credit opportunities received a boost thanks to several new initiatives to make lending more accessible to consumers.
- Mortgage interest rates remain near historic lows to lure potential buyers.