It took Chicago awhile to catch up with the housing market boom that much of the nation has experienced in 2013, but a recent report from Midwest Real Estate Data LLC (MRED), as reported in Chicago Magazine, shows many positive signs for those looking to unload their Chicago condos and Chicago homes for sale.
According to MRED, 7,998 Chicago home sales occurred in June, which is a massive year-over-year improvement from June 2012, when 30 percent less homes sold. And May 2013 was even stronger year-over-year, with 39 percent more Chicago homes selling in comparison with May 2012. These homes were also being absorbed much more quickly in terms of when they went on the market and when they actually sold. Homes were on the market for an average of just 96 days in June, which is up significantly from as recent as February 2012, when that number was more than double, coming in at 195 days on market.
Another major trend that the report found was that foreclosure or "distressed" properties, which were taking up much of the sales in the Chicago real estate market in the beginning of 2013, are no longer as large of a factor as they used to be. This frees up the room for conventional home sellers to offload more desirable and costly properties. In fact, 71.2 percent of Chicago home sales in June were for conventional properties (as opposed to foreclosure), which is the best the market has performed since early 2012. It's also up tremendously from when distressed Chicago home sales were averaging 49 percent of all sales as recently as January.
Also significant to this report, Chicago sellers were realizing a closer amount to their asking price than they had been in many months, with the Chicago home median list price around $220,000 and the sales price not that much lower at around $205,000. In the downtown Chicago market the median list price was $372,448 and the sales price in June was $365,000 at 98% of asking. These are all positive trends for the Chicago home market.
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