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®
April 2015 Speaking Points
Market Snapshot
- In February 2015, 5,611 homes sold in the Chicago PMSA. This marked a nearly 1.3 percent decrease from February 2014 sales of 5,683 homes.
- The median price in February 2015 was $175,000, up 12.5 percent from $155,600 in February 2014.
- Listings in February averaged 77 days until sale, a slight increase from 73 days in February 2014.
- Chicago saw a nearly 4 percent increase in year-over-year home sales in February 2015 with 1,448 sales, up from 1,393 in February 2014.
- The median price forecast still indicates steady annual increases in median prices for March, April and May compared to a year ago. For the Chicago PMSA, increases of 9.7 percent in March, 10.2 percent in April and 7.5 percent in May are forecast.
- In February 2015, 2,501 houses were newly filed for foreclosure in the Chicago PMSA and 1,810 foreclosures were completed. As of February 2015, there are 31,966 homes at some stage of foreclosure — the foreclosure inventory.
- Year-over-year Chicago home sales increased for the first time since last summer, marking a strong start to the spring buying season.
- Homebuyers are showing strong interest in purchasing their ideal home before interest rates rise.
- Historically low interest rates enable buyers to better afford homeownership by securing the payment levels that will be affordable for decades.
- Chicago continued to make solid gains in year-over-year home prices to motivate sellers looking to build additional equity.
- As our housing market continues its recovery, all signs show buyers are willing to navigate a shortage in inventory to find the home of their choice in a shorter amount of time.