It’s no secret that the last few years have been dramatic for the US economy as a whole and the real estate sector in particular. While many still feel the impact of the recession it’s important to look at recent trends and see that things are definitely looking up.
Some of the latest signs of recovery are discussed in a recent report from real estate company RE/MAX. Their August 2013 National Housing report lays out the evidence that the summer of 2013 has been one of the best seasons in recent history for the nation real estate market. This is great news if you are thinking of Selling your Chicago home.
Margaret Kelly, the CEO of RE/MAX, explained the state of industry by stating that “Despite low inventory and rising interest rates, demand for housing is strong.” She went on to expand on the recent changes, noting that “both home sales and prices remain higher than one year ago. Now that the active summer season is behind us, the results are clear – 2013 is continuing the recovery that started in 2012.”
This is definitely great news for anyone looking to put their home up for sale on the Chicago real estate market.
A Quick Moving Chicago Real Estate Market
One encouraging sign for anyone looking to sell your Chicago home is how quickly homes are moving in today’s market. RE/MAX surveyed all homes that were sold in August and found that “the average number of Days on Market was just 62,” which is a major improvement over the 81 days that it took during August of 2012 and the 89 days it took during February of 2013.
The numbers are even better for Chicago homeowners. While 62 days is the national average Chicago Real Estate Daily reports that “average listing time for area homes” fell to 59 days.
As a whole Chicago real estate is looking to be a seller’s market. RE/MAX clearly states that “low Days on Market average is the direct result of fewer homes for sale and high buyer demand.” Demand is increasing but the supply is not meeting the pace.
Healthy Sales Prices
It all adds up to better sales numbers for anyone looking to sell their home. Over the past year the median sale price increased 12.9%, from $166,920 in 2012 to $188,450 in 2013.
Once again the trends for Chicago homes for sale are even better looking. The last year saw a median sale price increase of 16.2% according to Chicago Real Estate Daily, with prices reaching “$197,500, up from $170,000 in August 2012.” Chicago area real estate services are getting sellers more and more money for their homes.
It’s clear that these results aren’t the result of chance, but rather something more sustainable. The RE/MAX report points out these numbers make “August the 19th consecutive month with a Median Price higher than the same month of the previous year.” It’s facts like those that are restoring confidence in the real estate.
What This Means for You
The Chicago real estate market has seen a dramatic recovery, and the results of this summer are just the latest signs of a larger trend. Anyone looking to sell their home can now go forward with a new level of confidence, knowing that they have a hot commodity on their hands.
This is not only important news for anyone looking to sell a Chicago home, anyone thinking about buying a new Chicago home should take these facts into consideration. These new trends mean that today’s Chicago home prices might be the best people are likely to see for some time. While it’s never a good idea to buy property prematurely it’s also important to strike when the price is right!
Chicago Real Estate Specialists – Call Now 1 -773-671-4663
Hands down, RE/MAX Associates are the most knowledgeable agents with the experience and community connections to assist you with in your home purchase across the globe. Customers going through the home buying and selling process know RE/MAX Associates as “The Real Estate Leaders®” and why no one in the world sells more real estate than RE/MAX.
Call us today for a list of Chicago homes for sale currently available in your area of interest. We offer a variety of comprehensive real estate services for buyers and sellers in the following counties:
- Cook County IL Real Estate
- Will County IL Real Estate
- Du Page CountyIL Real Estate
- Kane CountyIL Real Estate
- McHenry County IL Real Estate
- Lake County IL Real Estate
We look forward to speaking with you!
Adam Balawender, Realtor, CDPE
Real Estate Pro Chicago Remax, City
Cell Phone: 773.671.4663