It should be an interesting year in the Real Estate world. As we look for 2015 to be another building year with continued economic recovery, it is only fair to reflect on last year, check in on the Stats and how the 2014 real estate local market year stacked up against the 2013 real estate local market The answer may surprise you-
According to the Chicago Association of Realtors the numbers did not shape up as well in 2014 as in 2013 in the overall sales dollars. The following info is from the November Market Stat. report. Although December has not been published yet, it will most likely show the same trend based on the yearly data.
New Listings yr to Date: 40,868 vs 2013 : 44,504 + 8.9%
Closed Sales yr to Date: 25,097 vs 2013 : 23,375 - 6.9%
Under Contract yr to Date: 25,296 vs 2013 : 24,610 - 2.7%
With more inventory, especially non distressed inventory it would be reasonable to think the market would have had a better year, but this is not what the numbers tell us. Even with more inventory the sales were down over last year from January through November, 6.9% .
When looking at the actual sales price differential, 2014 outpaces 2013 by 12.5% with a median sales price of $247,500. This is good news, but it also begs to question if the price increase kept some of the buyers away? Have the prices become to far a reach for the average buyer? Or has the average buyer just been taking their time since the interest rates are still historically low? These questions will hopefully be answered as we move through 2015.
We all hope for a great 2015, because when the real estate market does well, it helps pump money into the economy keeping it moving forward.
I look forward to building a stronger business real estate market in 2015 and watching the numbers grow.
( All Statistics reflect 77 Chicago communities)
Charese David
