Chicago Real Estate Enjoys Busiest March in Five Years

May 03, 2013

Chicago real estate prices risingMarch was a real winner for Chicago real estate with nearly 1,900 existing single-family homes and condominiums sold; this makes it the busiest March since the boom times of 2008, according to the Chicago Tribune. And, while sales are rising, so are prices. Prices have experienced a 9 percent rise from last year, meaning the median home price is up to $187,500. This is the sixth month in a row that median home prices rose on a year-over-year basis within the city, fostering hope that the market will continue to recover.

This rise is contributed to a lack of quality inventory, which means any existing real estate is being scooped up quickly. The days on market has been cut down from an average 97 days in 2012 to 78 days in 2013. The reduction was even greater inside the city, down to 70 days from 93 days last year.

This increased demand doesn’t necessarily spell out a win for new homebuilders and those looking to sell resale properties, though; 76 percent of the home sales in March were of distressed Chicago real estate, and there is still quite a lot of inventory left to soak up. While that is some sobering news for hopeful owners ready to sell, the foreclosure inventory won’t last forever, either, as we continue to reach normalization.

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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