Chicago Real Estate Market Trends for January 2015

Even though most people start their New Year’s resolutions on January 1, some people add resolutions as the year progresses. For some, that goal is realizing the dream of homeownership. Beginning the process of buying a home can be daunting, but it is easy enough to begin working on the first step – saving for a down payment. According to the National Association of REALTORS®’ 2014 Profile of Home Buyers and Sellers, 65 percent of home buyers utilize their savings account for a down payment; however, buyers find many other ways to finance a down payment, including selling stocks or bonds, relying on gifts from friends or relatives, retirement funds or using the proceeds from another home sale.

Beginning to build savings should be a priority for potential buyers because it can take some time. According to NAR’s report, it took half of buyers a year or less to save for a down payment, while another 19 percent said it took between one and two years to build their savings account. Additionally, 29 percent said they needed more than two years to save.

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

January 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

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.

The number of Chicago detached single homes selling in Jan 2015 increased 4.4% for the month compared to Jan 2014. The average selling price decreased by5.0% to $743,768 and the average market time increased by 20 days. Homes sold for 96% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

85

$743,768

96%

89

Jan 2014

89

$783,245

96%

69


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Jan 2015 decreased by 3.2% for the month when compared to Jan 2014. The average selling price increased less than 1% to $352,007 and the average market time decreased by 2 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

473

$351,007

98%

90

Jan 2014

489

$349,991

98%

92


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Jan 2015 decreased by 8.8% from Jan 2014. The average selling price decreased 3.2% from Jan 2014 prices, and the average market time decreased by 14 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Jan 2015

72

$412,527

97%

79

Jan 2014

79

$426,536

97%

93

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

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

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

ChicagoCityHomes, RE/MAX Exclusive Properties

Advertisements

Tags: , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: