Bad Weather Can’t Stall Forward Housing Momentum

March 15, 2014

Real estate in ChicagoNumbers from January are in, and they prove that despite heavy snow and rough weather, the real estate market in the Chicago area is making positive improvements. Median home prices climbed 9.6 percent over previous-year levels according to the Illinois Association of REALTORS®. The cold did cause home sales numbers to dip over last year, but other steps were still taken toward the momentum and recovery that Chicago needs.

In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in January 2014 totaled 5,785 homes sold, down 8.9 percent from January 2013 sales of 6,353 homes. However, the median price in January 2014 was $164,900 in the Chicago PMSA, up 17.8 percent from $140,000 in January 2013. Additionally, the time it took to sell a home continued to drop year-over-year in January with listings averaging 71 days until sale, an 18.4 percent decrease compared to 87 days in January 2013.

The numbers of sales in the rest of the state were down as well as the number of homes on market. In January 2014, sales totaled 7,997 homes sold, down from 8,650 in January 2013. The number of homes on the market in January was down 19.9 percent compared to a year earlier, dropping from 70,254 homes for sale in January 2013 to 56,275 this year. Still, home prices continued to make strong gains. The statewide median price in January was $136,950, up 9.6 percent from January 2013 when the median price was $125,000. The median is a typical market price where half the homes sold for more and half sold for less.

Taking into account recent severe weather and it being one of the (seasonably) most difficult  times to search for and sell a home, recent rises in home prices show us that the Chicago real estate market is going to be stronger in 2014. To get the newest updates on home prices, trends and other market movements, be sure to bookmark us and the Illinois Association of REALTORS®.

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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