December 2014 Market Speaking Points | Chicago Association of REALTORS®

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, Sr. Director of Communications or Rebecca Boykin, Senior Public Relations Specialist.

Market Snapshot

  • In October 2014, 9,146 homes sold in the Chicago PMSA. This marked a 3.3 percent decrease from October 2013 sales of 9,462 homes at a time when more homes were available for sale.
  • The median price in October 2014 was $185,000, up 5.7 percent from $175,000 in October 2013.
  • The time it took to sell a home dropped year-over-year in October with listings averaging 61 days until sale, a 1.6 percent decrease compared to 62 days in September 2013.
  • Chicago saw an 8.6 percent decrease in year-over-year home sales in October 2014 with 2,082 sales, down from 2,279 in October 2013 when more homes were on the market.
  • The sales forecast for November, December and January indicate that the sales in the Chicago PMSA will catch up in the next three months. Annually, the three-month average forecasts point to a change from 0.9 percent to 1.2 percent for the Chicago PMSA. On a monthly basis, the three-month average sales are forecast to decrease by 10.7 percent -14.3 percent for the Chicago PMSA.
  • In October 2014, 3,514 houses were newly filed for foreclosure in the Chicago PMSA. This is down 10 percent from October 2013, and up 52.3 percent from September 2014.
  • In October, 3,134 foreclosures were completed, down 52.3 percent from last October.
  • The foreclosure inventory of homes for sale is 32,261 in the Chicago PMSA.

State of the Market

  • This holiday housing market favors buyers and sellers.
  • Annual median sales prices continued trending higher than last year on shorter sales times, creating an incentive for sellers looking to build equity.
  • Sellers considering putting their home on the market can find motivation from short average market times.
  • For buyers, this time of year leaves less competition for their ideal home with fewer homes on the market.
  • Buying a home now provides families and individuals enough time to deduct home purchase costs on their taxes for the current year.