The Road to a Healthy Recovery

Constant predictions and cautious optimism followed the Chicagoland real estate market this year, from its humble beginnings in January and February to the successful spring season and into a busy summer. As we enter the fourth quarter, it's safe to say that the market is on its way to a healthy recovery. Economists at the Mortgage Bankers Association are even predicting that Illinois will be back to "normal" in 2015.

Home sales and prices have continued their upward climb, much to the delight of sellers throughout Chicagoland. According to Midwest Real Estate Data LLC (MRED), the demand for homes has increased. Chicagoland sales in September 2013 were up 27 percent from where they were in 2012 and up 64 percent from 2011. Average sales price was up 13.5 percent from 2012. Inventory numbers have lagged throughout the year, but this shortage of homes on the market has led to faster selling times. As of September 2013, MRED reported that properties are selling within 100 days from the time they're placed on the market. This is a 28 percent decrease from the same time last year. Even though there are fewer homes on the market, property sales have increased. This indicates a growing demand for quality listings. This next year is going to see even more change in the market, but remember that all real estate is local. If you'd like to discuss how these statistics are affecting your neighborhood, please feel free to contact us.