July's data is in from the Illinois Association of Realtors and home sales in the Chicago metro area surged, totaling 12,834, a 9.6 percent year-over-year increase. In Chicago itself, sales rose 9.7 percent to 2,989 with the median price up 5.3 percent to $285,000. The suburbs faired well too, with a home sales rise of 9.2 percent and median price increase of 3.2 percent. Pending sales are also up. For more, head over to Chicago Agent Magazine here .
According to the latest data, cash sales continue to decline as an overall percentage of the market in Chicago. The report, out from CoreLogic, also shows that cash sales have dipped below the national average for the city for the month of May. Nationally, cash sales made up 31.9 percent of all sales, down from 35.1 percent. Before the economic crisis, cash sales were approximately 25 percent of the market. In Chicago, cash sales account for 30.2 percent of the market...
New construction is at an eight-year high according to a new report from the U.S. Census Bureau. Housing starts this year are at a total of 641,000, the strongest annual number since 2007. In July, housing starts represented a 10.1 percent increase. You can read more at Chicago Agent Magazine here .
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The city of Chicago has officially issued a permit for downtown's newest attraction , the bigger and better Navy Pier Ferris Wheel. The new attraction will stand 50-feet taller than the Ferris Wheel that now stands on Navy Pier. The pier is the state's top tourist attraction with 8.5 million visitors in 2014. The project celebrates the pier's 100th birthday...
According to a new study from Bankrate, millennials are facing some substantial obstacles to home buying. In fact, the obstacles are so large that nearly a third are putting off a home purchase. But it's not all bad news, according to the National Association of REALTORS, millennials account for 32 percent of all home purchases last year - that's important because first-time homebuyers initiate the chain of sales of move-up buyers...
The latest news on the city's real estate (aside from year-over-year increases in practically everything) is that condos are selling fast. Crain's Dennis Rodkin has a report out today that cites data from the MLS to show that condos sold in June in an average of 61 days, faster than any time since January 2007...
Foreclosures continue to drop across the nation, according to the June 2015 report from CoreLopic. Nationally, foreclosure inventory fell 28.9 percent year-over-year and is now only 1.2 percent of the market. Completed foreclosures dropped 14.8 percent. In Illinois, foreclosure inventory dropped .8 percent year-over-year to 1.6 percent and in Chicago it dropped .9 percent to 1.8 percent. That's a big positive sign for the city and state. Read more here .
Last week we unveiled the top-selling suburbs for the first six months of the year. Today, we give you the top-selling city neighborhoods for the first half of 2015. Leading the pack was the Near North Side with 1,346 total sales. Trailing in second was West Town with 891 and Lincoln Park with 796. As usual, when the data is adjusted for single family home sales, the results look very different...
Get ready Gold Coast... JDL Development is about to begin construction on one of the city's most expensive condo developments. The tower, No. 9 Walton, was issued a building permit this week to begin constructing the foundation and first floor. Clad in stone and designed by Hartshorne Plunkard, the tower will eventually be 35 stories tall, but with only 66 units total. Prices will range from $1.95 million up to $12.5 million...
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Down payment sizes in Illinois have been declining this year, a positive sign that first time home buyers are returning to the market. According to Lending Tree, the average down payment size in the state is now 17.02 percent, down from 17.32 in the first quarter. But it's still high for the nation as a whole. Illinois currently ranks 13th for the overall size of down payments in the nation. For more, head over to Chicago Agent Magazine here .
According to the latest report from CoreLogic, home prices in the Chicagoland area are up 3.3 percent this year. The report, which compared pricing year-over-year in June included distressed sales. When those sales are removed the news is even better, with a 4.3 percent increase. Anand Nallathambi, the president and CEO of CoreLogic, told Chicago Agent Magazine: “The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight...
We often release data on a month-to-month basis and make comparisons year-over-year, but with half the year in the rear-view mirror, the top-selling suburbs show that the leaders are practically untouchable. The top-selling suburb for the first half of the year is Naperville with 1,252 total sales, just nudging Aurora with 1,222 sales. In a distant third place is Plainfield with 789, edging out Elgin by only three sales...
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There is little doubt that Chicago is in the midst of a building boom. Neighborhoods across the city are seeing renewed interest in apartments as the city loosens zoning requirements for parking under its Transit-Oriented Development (TOD) ordinance and tourism boosters have caused a resultant boom in hotel rooms. But today Curbed has a tour of some of the active construction sites in downtown Chicago and the neighborhoods...
It might not sound like good news but according to the latest numbers, institutional investors, defined as those who purchase at least 10 pieces of real estate in a calendar year, are leaving the market. In the first quarter of 2015, those investors accounted for 3.4 percent of all single-family home sales, down 2.8 percentage points from the previous year. The total number of houses purchased by investors was 14,600 in the first three months of the year...
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