JUNE SALES DATA FOR CHICAGOLAND

JUNE SALES DATA FOR CHICAGOLAND

June Property sales were 10,071, down -9.7% from 11,148 in June of 2013 and 4.8% higher than the 9,611 sales last month. June 2014 sales were at a mid level compared to June of 2013 and 2012. June YTD sales of 46,419 are running -9.4% behind last year's year-to-date sales of 51,262.

Prices

The Median Sales Price in June was $225,000, up 7.5% from $209,225 in June of 2013 and up 7.1% from $210,000 last month. The Average Sales Price in June was $292,519, up 4.2% from $280,772 in June of 2013 and up 7.4% from $272,461 last month. June 2014 ASP was at highest level compared to June of 2013 and 2012.

Inventory & MSI

The Total Inventory of Properties available for sale as of June was 39,075, down -1.0% from 39,472 last month and down -8.1% from 42,532 in June of last year. June 2014 Inventory was at the lowest level compared to June of 2013 and 2012.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2014 MSI of 3.9 months was at a mid range compared with June of 2013 and 2012.

Market Time

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for June was 52, down -10.3% from 58 days last month and down -17.5% from 63 days in June of last year. The June 2014 DOM was at its lowest level compared with June of 2013 and 2012.

Housing Market Update

Your Mid-Year Housing Market Update 

After an intense winter that kept many buyers and sellers indoors, the spring housing season has proven to be very active. From historically low interest rates to rising prices and tight inventory, here is a quick breakdown of the local Chicagoland real estate market.

Home Prices & Activity

Home prices continue to rise steadily with 20 consecutive months of year-over-year gains. The Chicago-area median home price rose to $190,000 in April, a 9.9 percent growth from April 2013. The number of homes sold has decreased by 7.8 percent over last year's numbers. This lack of sales is a result of a shortage in listings going on the market.

"Sellers who have been putting off a decision to list could find this spring is the right time to sell to take advantage of pent-up buyer demand and less market competition," said Phil Chiles, president of the Illinois Association of REALTORS®.

Inventory

April saw the most Chicago-area homes listed, more than any other month in the past four years. According to Matt Farrell, president of the Chicago Association of REALTORS®, "As buyers navigate their way through the home buying process, it can't be stated enough that if you see something you like, it won't likely be available a few days later."

Interest Rates

At the beginning of 2014, many mortgage experts predicted that interest rates would increase to five percent by the end of the year. However, rates remain at historic lows, and the monthly average commitment rate for a 30-year, fixed-rate mortgage for Northern Illinois was 4.34 percent in April. Fannie Mae and Freddie Mac are now predicting that interest rates may reach around five percent in 2015.

The housing market continues to change regularly, and I can help you make the best decision for your unique situation and hyperlocal market. If you'd like to learn more about your real estate options, please contact me.