chicago real estate market update
TRANSCRIPT
Chicago Real EstateWhere’s the Market Today?
April, 2015
Anne RossleyCRB, CRS, GREEN, SRES
Baird & Warner
My Market Area
This analysis includes single family homes, condos, co-ops, and 2-4 flats in my market area.
Median Sales PriceOffice: (773) 620-5333
annerossley.com
Anne RossleyBroker Associate - Baird & Warner
Living Well in Chicago
Each data point is 12 months of activity. Data is from April 21, 2015.
* User-defined area. All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
Median Sales Price
Anne's Primary Market Area*1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015
$260K
$280K
$300K
$320K
$340K
$360K
Anne's Primary Market Area
98.5% of the market high of 2008
$347,325 (March, 2015) vs. $352,500 (October, 2008)
Market Time (# Days)
73 Days(City of Chicago: 84 days)
Doesn’t differ significantly between property type or price point
Office: (773) 620-5333
annerossley.com
Anne RossleyBroker Associate - Baird & Warner
Living Well in Chicago
Each data point is 12 months of activity. Data is from April 21, 2015.
All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
Average Market Time
Entire MLS Area1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015
80
100
120
140
160
180
Entire MLS Area
# Properties Closed
It’s a very active market, but as much a “frenzy” as 2008
January, 2008: 18,427March, 2015: 15,795
Office: (773) 620-5333
annerossley.com
Anne RossleyBroker Associate - Baird & Warner
Living Well in Chicago
Each data point is 12 months of activity. Data is from April 21, 2015.
* User-defined area. All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
Closed Sales
Anne's Primary Market Area*1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015
8K
10K
12K
14K
16K
18K
20K
Anne's Primary Market Area
Months Supply – InventoryHow many months would it take to sell all property on the market,
given current sales pace
“Stable” Market: 6 MonthsToday: 3.8 Months – Sellers’ Market
February, 2010: 15.1 -- Buyers’ Market!
(Total Chicago: 4.6 Months)
Office: (773) 620-5333
annerossley.com
Anne RossleyBroker Associate - Baird & Warner
Living Well in Chicago
Each data point is 12 months of activity. Data is from April 21, 2015.
* User-defined area. All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
Months Supply of Homes for Sale
Anne's Primary Market Area*1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Anne's Primary Market Area
Sales Price to List Price% of FINAL Listing Price
98%Buyers are not throwing “lowball” offers at sellers.
They’re waiting until the price is right, then they’re paying very close to the asking price.
Office: (773) 620-5333
annerossley.com
Anne RossleyBroker Associate - Baird & Warner
Living Well in Chicago
Each data point is 12 months of activity. Data is from April 21, 2015.
* User-defined area. All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
Average Percent of Last List Price
Anne's Primary Market Area*1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
Anne's Primary Market Area
So, What Does all this Mean?
It’s a great time to sell!
• Prices are strong• Market times are fast
Being competitively priced means you’ll get a higher price in a faster time!
It’s a great time to buy!
• There is a healthy number of homes for sale• We’re still under the 2008 high water mark for prices• Mortgage rates are still low, keeping payments affordable.
By understanding the market and being ready to pounce when you see the right opportunity, you’ll be able to achieve your real estate goals!
To make the most of the market,whether you’re buying or selling,
Contact your Chicago Real Estate Expert-
Anne Rossley
Anne RossleyCRB, CRS, GREEN, SRES
Baird & Warner
phone: 773-620-5333email: [email protected]: AnneRossley.com