2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15yrs. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)

Take a look at December’s real estate sales statistics.

December 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in Dec 2014 increased 36.6% for the month compared to Dec 2013. The average selling price increased by 7.9% to $1,836,000 and the average market time decreased by 37 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

Dec 2014

41

$1,836,000

96%

114

Dec 2013

30

$1,700,589

95%

151


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Dec 2014 decreased by 90% for the month when compared to Dec 2013. The average selling price increased 843% to $11,998,333 and the average market time increased by 291 days. Homes sold for 57% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Dec 2014

3

$11,998,333

57%

349

Dec 2013

30

$1,293,147

96%

58


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Dec 2014 decreased by 25.3% from Dec 2013. The average selling price increased 10.3% from Dec 2013 prices, and the average market time decreased by 9 days. Homes sold for 96% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Dec 2014

62

$604,398

96%

75

Dec 2013

83

$547,481

96%

86

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

Information courtesy of Chicago Realtor Karen Breen Elia.

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Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

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