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02.27.2015

January Home Prices Up, Sales Down Over Last Year

This morning, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago fell 8.3% year-over-year with 1,295 sales in January 2015 compared to 1,412 in January 2014. The median sale price improved, up 11.0% ($220,000 in January 2015 compared to $200,000 in January 2014). Homes in the city of Chicago were on the market an average of 61 days in January, down 10.3% from 68 days January 2014.

In IAR’s press release, Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co., said, “Families and professionals have a strong desire to buy a home yet a full market recovery continues to be stalled by the limited homes for sale. Buyer demand on lower inventory is pushing up prices to offer sellers an incentive. With the winter thaw, we expect to see increased market growth as more homebuyers and homeowners see the opportunity to make the most of currently low interest rates.”

The following charts summarize median price and sales trends:

 

The University of Illinois Regional Economics Applications Laboratory estimates positive increases in Chicago area* annual sales levels, with changes of +1.5% to +2.0% on average compared to last year for February, March and April of 2015. Other notes from the forecast report include:

  • Annual median prices in the Chicago area are predicted to have moderate gains of +9.4% in February, +7.8% in March and +7.6% in April compared to last year.
  • In January, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 3.5 months (down from 3.6 months in January 2014).
  • The latest pending home sales index available (based on signed contracts, 100=average pending sales in 2008) stands at 137.00 in the Chicago area, up 27.3% from one month ago and up 15.2% from January 2014.

The press release, city of Chicago report, and forecast report are available on the IAR website.

 

*Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties

Note: The Illinois Association of Realtors (IAR) transitioned to a new reporting system in December 2012 that resulted in revisions to previously reported data. Based on information collected on or before October 7, 2014; data subject to revision by reporting Multiple Listing Service affiliates. For more information, please refer to the IAR website.

Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.

WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers

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