Nov
08

Metrostudy Shows Another Strong Quarter for 2013

November 08, 2013

Chicago real estate analysisA new report from the experts at Metrostudy confirm that the road to recovery is still on track, as Chicago real estate has enjoyed another strong quarter of growth in the third quarter of 2013. While the numbers speak strongly toward recovery, it is a slow and steady process rather than instant spikes of activity.

All told, Metrostudy shows that there were 1,649 units of Chicago new homes started in the third quarter of 2013, which is an increase of 55.9 percent over second quarter 2013. In addition, the number of homes sold in the third quarter of 2013 was up some 25.9 percent over second quarter 2013. As both of these are key indicators of economic recovery and improved health of real estate in Chicago, these numbers point toward a stronger pulse.

Even better, the supply of finished and vacant inventory fell to three months for single-family detached and attached homes in the third quarter. These are the lowest levels of new home inventories in over six years in the Chicago market; and these levels continue to fuel the desire for more new starts. These low levels of vacant resale homes will continue to drive up demand for new homes, and new starts are working to satisfy that demand.

Still, the supply of lots available for new starts is at its lowest level since 2009, which will prove a limiting factor to the number of new starts as the recovery continues. Of course, the number of these lots is one concern – another is the prime real estate maxim of “location, location, location.”

In their report, Metrostudy suggests that 5,000 to 5,500 new starts is an attainable goal for 2013, a number that has been predicted as a hope before. Do you think this new data is enough to move that number from a hope to a real goal for 2014? Let us know in the comments!

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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