Chicago Real Estate Continues to Make Recovery

January 30, 2014

Illinois Association of RealtorsThe Illinois Association of Realtors® has great news for those keeping their fingers on the pulse of the Chicago real estate markets! Despite being seasonally low, December saw homes sales climb in Chicago and throughout Illinois.

In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in December 2013 totaled 8,126 homes sold, up 8.1 percent from December 2012 sales of 7,515 homes. Overall, 2013 was a much stronger year than 2012 with total home sales at 111,427, up an entire 23.0 percent, from 90,608 homes sold in the region in 2012.

Prices are still climbing, too! In the Chicago PMSA, the median price in December 2013 was $177,000, up 18.0 percent from $150,000 in December 2012. The year-end 2013 median price reached $177,500, up 10.9 percent from $160,000 in 2012.

Statewide, Illinois home sales increased 7.9 percent over previous-year levels in December and median prices increased 13.7 percent. Home sales in Illinois (including single-family homes and condominiums) in December 2013 totaled 11,279 homes sold, up from 10,454 in December 2012. Year-end 2013 home sales totaled 153,492, up 18.9 percent from 129,092 in 2012.

The statewide median price in December was $149,000, up 13.7 percent from December 2012 when the median price was $131,000. The median is a typical market price where half the homes sold for more and half sold for less. The year-end 2013 median price reached $150,000, up 8.3 percent from $138,500 in 2012.

While this rising tide is definitely something to be happy about, the many foreclosures on the market in Chicago and Illinois is a sobering reminder that there is still a lot of work to do. Foreclosures will dampen price increases in many areas, and slow down some areas of growth. Still, there are hopes that the levels of foreclosures might return to pre-recession levels within the next 12 months.

For more information, check the Illinois Association of Realtors® website.

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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