Chicago Real Estate Market Trends for May 2014

All-cash offers are an unusual real estate tactic, but often times are a winning strategy at the negotiating table, and are presently on the rise. The National Association of Realtors® reports market share of all-cash purchases has risen and currently makes up 33 percent of the market. This is a unique trend, especially since the market has experienced a decrease in distressed homes and investor activity.

Economists point out many reasons for this popular trend. One is restrictive lending standards have caused many buyers, especially wealthy ones, to forgo a loan. Another is the aging baby boom generation, many of whom are trading down and paying for their purchase with cash accumulated from decades of equity. Some also point to foreign buyers; home purchases by foreign buyers in the U.S. are increasing and those buyers don’t have the credit history in the U.S. to qualify for a loan.

Take a look at sales figures in our local real estate market for May 2014.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in May 2014 decreased 23% for the month compared to May 2013. The average selling price decreased by 12% to $681,934 and the average market time decreased by 41 days. Homes sold for 98% of the listed price.

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

May 2014

155

$704,827

98%

51

May 2013

202

$806,265

97%

92

 

Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in May 2014 decreased by 1% for the month when compared to May 2013. The average selling price increased 13% to $397,145 and the average market time decreased by 16 days. Homes sold for 99% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

May 2014

1,083

$365,679

99%

63

May 2013

1,102

$321,424

98%

79

 

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in May 2014 decreased 28% from May 2013. The average selling price increased 21% from May 2013 prices, and the average market time decreased by 51 days. Homes sold for 99% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

May 2014

64

$472,843

99%

64

May 2013

89

$388,864

98%

115

 
Curious about the value of your home? Get your home’s value here!

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