New Metrostudy Report Shows Improvements to the Chicago Real Estate Market

May 01, 2013

Chicago real estate optimismSlow and steady wins the race, and that is just how the Chicago real estate market is improving, says a new report from Metrostudy. Despite construction levels being well below historical norms and overall growth being relatively subdued, the rate of new home construction grew by 37 percent compared to the first quarter of the previous year. The first quarter of 2013 has seen 811 housing starts, and there continues to be a rising tide of demand for more. The annual rate of new home starts reached 4,013 units in the first quarter, the first time housing starts have reached the 4,000 unit plateau since mid-2009. Most production builders are seeing more traffic who are serious about buying a new home and are willing to pay what builder’s are asking than they have seen in a long time.

It is not all good news, though. There are concerns about the amount of lots that are available for new construction, in that while there are more than 50,000 fully improved home sites available, many are in areas that are far from demand. Other concerns about housing include foreclosures, which are on the rise, and the sluggish recovery in unemployment.

As we move into the summer months of 2013, the overall outlook for the Chicago real estate market remains “cautiously optimistic.”

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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