February Sales Down but Weather and Inventory Can’t Drag Prices Down

March 24, 2014

rising home pricesThe Illinois Association of Realtors just released their numbers from February. Weather and low inventories continued to provide hardships for both buyers and sellers, and pushed overall sales down 6.2 percent from the previous year, but sales prices increased by 6.9 percent statewide.

Increasing home prices should prove attractive to homeowners who may have hesitated to sell in the past because they felt their homes were undervalued. The city of Chicago saw a 3.5 percent year-over-year home sales decline in February 2014 with 1,361 sales, down from 1,411 in February 2013. However, the median price rose to $175,000 versus $156,050 in February 2013, a year-over-year increase of 12.1 percent. The median price in February 2014 was $156,000 in the Chicago PMSA, up 11.4 percent from $140,000 in February 2013. Additionally, the time it took to sell a home continued to drop year-over-year in February with listings averaging 73 days until sale, a 15.1 percent decrease compared to 86 days in February 2013.

As we approach spring, these higher values are expected to lure sellers who have been on the fence in previous years throughout the state. The statewide median price in February was $132,500, up 6.9 percent from February 2013 when the median price was $124,000. The median is a typical market price where half the homes sold for more and half sold for less.

Do these new numbers motivate you to put your home on the market this year? 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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