While the number of for sale by owner transactions is on the decline, approximately 9 percent of sellers decide to go it alone and forego outside help from a Realtor®. Typically those that go this route have extenuating circumstances, such as already having a relationship with the buyer (which happened in 40 percent of recent FSBO sales, according to National Association of Realtors® data). However, NAR’s 2013 Profile of Home Buyers and Sellers shows that most sellers benefit from the outside help of a knowledgeable advocate when selling their home. Aside from being experts in the field, Realtors® have the time, know the market and needs of the potential buyers, bring an objective and fresh perspective to the seller, understand the complexity of all of the processes involved, and have the ability to attract qualified buyers. It’s because of these reasons that sellers using a Realtor® tend to get more for their homes, according to NAR’s report.
Let’s look at how many sellers sold their homes with a Realtor in August.
August 2014 Real Estate Market Update
Chicago Real Estate Sales – Detached Single Homes
The number of Chicago detached single homes selling in August 2014 decreased 6% for the month compared to August 2013. The average selling price increased by 19% to $840,922 and the average market time increased by 11 days. Homes sold for 96% 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 |
August 2014 |
228 |
$840,922 |
96% |
71 |
August 2013 |
243 |
$700,891 |
97% |
60 |
Chicago Real Estate Sales – Attached Single Homes
The number of Chicago attached single homes selling in August 2014 decreased by 14% for the month when compared to August 2013. The average selling price increased 12% to $419,408 and the average market time increased by 2 days. Homes sold for 98% of the listed price.
Date |
Sold Listings |
Average Sold Price |
SP:LP |
Average Market Time |
August 2014 |
1,300 |
$419,408 |
98% |
63 |
August 2013 |
1,514 |
$374,283 |
98% |
61 |
Chicago Real Estate Sales – 2-4 Flats
The number of Chicago multi-family properties selling in August 2014 decreased by less than 21% from August 2013. The average selling price increased 26% from August 2013 prices, and the average market time decreased by 45 days. Homes sold for 98% of the listed price.
Date |
Sold Listings |
Average Sold Price |
SP:LP |
Average Market Time |
August 2014 |
103 |
$520,050 |
98% |
53 |
August 2013 |
132 |
$411,729 |
99% |
98 |
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