C.A.R.’s market snapshot helps prepare you to answer questions about Chicago’s real estate industry, while projecting 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 Jessica Kern, Director of Marketing & Communications or Maria Dickman, Communications Specialist.
MARKET SNAPSHOT – CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.- In November 2016, 1,902 homes sold in the City of Chicago. This is a 15.1 percent increase from November 2015.
- The median sales price in the City of Chicago for November 2016 was $260,000, up 11.1 percent from this time last year.
- The City of Chicago saw listings average 79 days on the market until contract, a 1.3 percent decrease from 80 days in November 2015.
- Check out the November 2016 FastStats.
MARKET SNAPSHOT – CHICAGO PMSA
*The Chicago PMSA Market Snapshot represents the U.S. Census Bureau’s definition of the nine-county Chicago area, including areas that would qualify as metropolitan areas on their own, yet are linked to other cities in close proximity. The Chicago PMSA includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.- In November 2016, 8,093 homes sold in the Chicago PMSA. This is a 16.0 percent increase from November 2015.
- The median sales price in the Chicago PMSA for November 2016 was $215,000, up 10.3 percent from this time last year.
STATE OF THE MARKET
- “The sharp uptick in both single family and condo home sales reflects consumers’ desire to enter the homeownership marketplace as opportunities present themselves, with the anticipated rise in rates and declining inventory boosting activity,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Buyers who’ve been watching from the sidelines and may have been distracted for a multitude of reasons, including the Cubs World Series run and the election, are being spurred into action, and both buyers and sellers are reaping the rewards.”
- Concerning residential real estate, the story has remained consistent. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
- Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Postelection, mortgage rates are up and so are opinions that a trend shift is likely in the near future.
INVENTORY
- City of Chicago inventory is down 11.2 percent, from 9,380 homes in November 2015, to 8,330 in November 2016.
- In the City of Chicago, the month’s supply of inventory is down 14.6 percent, from 4.1 in November 2015 to 3.5 in November 2016.
REAL FORECAST
- The median price forecast indicates moderate annual growth in the Chicago PMSA. Median price increases of 10.6 percent in December, 10.5 percent in January and 10.3 percent in February are forecast.
- Read the REAL Forecast in full.
FORECLOSURES
- In November 2016, 1,618 houses were newly filed for foreclosure in the Chicago PMSA and 1,543 foreclosures were completed. As of November 2016, there are 41,560 homes at some stage of foreclosure — the foreclosure inventory.
- In November, for the Chicago PMSA, the percentage of foreclosed sales among the total sales was 12.4%, the lowest November reading since 2009.