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 December 2016, 1,953 homes sold in the City of Chicago. This is a 5.9 percent decrease from December 2015.
- The median sales price in the City of Chicago for December 2016 was $260,000, up 8.3 percent from this time last year.
- The City of Chicago saw listings average 82 days on the market until contract, a 11.8 percent decrease from 93 days in December 2015.
- Check out the December 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 December 2016, 8,132 homes sold in the Chicago PMSA. This is a 3.6 percent decrease from December 2015.
- The median sales price in the Chicago PMSA for December 2016 was $215,000, up 8.3 percent from this time last year.
STATE OF THE MARKET
- “The predominant trends that we’ve witnessed over the past few months continued into the winter break, and the market behaved exactly as we’d expect,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “The increase in rates coupled with a significant reduction in inventory due to the holidays, are helping to drive prices up as buyers get serious about purchasing a new home. In January, the homes that were pulled off the market for the holidays will return, and the busy season should begin in earnest.”
- Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
- The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.
INVENTORY
- City of Chicago inventory is down 12.1 percent, from 8,005 homes in December 2015, to 7,033 in December 2016.
- In the City of Chicago, the month’s supply of inventory is down 17.1 percent, from 3.5 in December 2015 to 2.9 in December 2016.
REAL FORECAST
- The median price forecast indicates moderate annual growth in the Chicago PMSA. Median price increases of 8.2 percent in January, 8.1 percent in February, and 8.4 percent in March are forecast.
- Read the REAL Forecast in full.
FORECLOSURES
- In December 2016, 1,806 houses were newly filed for foreclosure in the Chicago PMSA and 1,357 foreclosures were completed. As of December 2016, there are 42,345 homes at some stage of foreclosure — the foreclosure inventory.
- In December, for the Chicago PMSA, the percentage of foreclosed sales among the total sales was 13.3%, the lowest December reading since 2008.