July 2015 Speaking Points

C.A.R. speaking points help 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. July 2015 Speaking Points Market Snapshot
  • In May 2015, 10,684 homes sold in the Chicago PMSA. This is a 7.0 percent increase from May 2014.
  • The median price in the Chicago PMSA for May 2015 was $222,000, up 7.2 percent from this time last year.
  • Chicago PMSA saw listings average 57 days on the market, a slight decrease from May 2014’s 59 days.
  • Chicago saw a 10.1 percent increase in year-over-year home sales in May 2015, with 2,700 sales, compared to the previous May’s 2,453.
  • The median price forecast still indicates continuous steady growth in median prices for June, July, and August, compared to one year ago. For the Chicago PMSA, increases of 8.0 percent in June, 7.62 percent in July and 7.4 percent in August are forecast.
  • In May 2015, 2,050 houses were newly filed for foreclosure in the Chicago PMSA, and 1,608 foreclosures were completed. As of May 2015, there are 33,895 homes at some stage of foreclosure – the foreclosure inventory.
State of the Market
  • In May, sales increased more dramatically on a monthly basis compared to a yearly basis due to seasonal effects.
  • Climbing year-over-year median prices and home sales, as well as a decrease in number of days on the market until sale, are the predominant market trends.
  • Homebuyers are motivated to find a home while interest rates remain relatively low.
  • Inventory, while lower than last year, is at its highest in recent months.
  • The market is flush with opportunities for sellers, as homes are selling faster, and for higher prices.
  • The ratio of foreclosed property sales over regular property sales continue to decrease, while foreclosed properties experience larger increases in sale price compared to regular sales prices.