It’s that time of the month again. December was another solid sales month for Chicago.
From the Illinois Association of Realtors:
The city of Chicago saw a 12.5 percent year-over-year home sales increase in December 2013 with 2,080 sales, up from 1,849 in December 2012. The year-end 2013 home sales totaled 27,155, up 21.2 percent from 22,397 home sales in 2012.
The median price of a home in the city of Chicago in December 2013 was $210,000 up 13.5 percent compared to December 2012 when it was $185,000. The year-end 2013 median price reached $220,000, up 18.9 percent from $185,000 in 2012.
Here is the data going back 9 years:
- December 2004: 3,719 sales and median price of $267,000
- December 2005: 2,847 sales and median price of $283,000
- December 2006: 2,241 sales and median price of $279,000
- December 2007: 1,629 sales and median price of $287,000
- December 2008: 1,263 sales and median price of $235,000
- December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
- December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
- December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
- December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
- December 2012: 2080 sales and median price of $210,000
“A surplus of pent-up buyers helped move the market in 2013,” said Matt Farrell, president of the Chicago Association of REALTORS® and managing partner of Urban Real Estate. “Motivated sellers, paired with attractive interest rates and a sense of a more stable economic climate, helped close deals that might have otherwise not come to the table. The return of the jumbo loan allowed for move-up buyers to buy their next home as a delayed recovery can be in part attributed to the $417,000 federally-backed loan limit and no other jumbo loan options,” Farrell added.
“This year will likely bring stabilization in housing prices. Keys to keeping Chicago affordable and attainable to even the most credit-prepared buyers includes the necessity for our industry to continue to push for increased federally-backed loan limits, so that those trying to purchase in our city can do so without being priced out of their next home,” noted Farrell.
Is the continuation of the housing recovery really predicated on pushing for “increased federally-backed loan limits”?
Does anyone think the $417,000 level is going to come back?
Is a 10% or 20% down payment really that much of an impediment?
Illinois home sales climb again in December; 2013 marks a strong year of housing recovery [Illinois Association of Realtors, Press Release, January 23, 2014]