Market Report: December 2017
We’re still analyzing December 2017 and year-end numbers. We’ve compiled and analyzed the data for your December 2017 Chicago Market Report. Data in the report is based on the most recent information in the regional Multiple Listing Service. Questions? Reach out to our staff at the Chicago branch, 708-329-7900.
The median price of homes continues to rise on a national level, a trend due in no small part to a tight market with low inventory. In the Chicago area, the median sales price for homes at the end of December came in at $225,000, a 5.1% increase over the previous year. According to the Illinois Realtor’s Association, prices are forecasted to rise at a moderate annual growth rate throughout 2018.
Home sales in Chicago for December 2017 were up over the previous month (1.9%) but down slightly (-2.1%) compared to a year ago, with a decrease in inventory. At present, the Chicago area has enough inventory for 2.4 months, down from 2.9 months a year ago.
U.S. foreclosure activity as of December 2017 was 0.05%. In December 2017, 1,574 houses were newly filed for foreclosure in the Chicago area, and as of the end of December there were 34,296 homes at some stage of foreclosure, representing the region’s foreclosure inventory. The percentage of foreclosed sales among total sales 11.1% for the month. Foreclosure properties are heavily discounted in the area, with a median sales price of $162,250. One roadblock to moving foreclosure homes to market is the length of time required to complete the process now averages 1,027 days.
Edward Huletz, owner and principal broker: “Chicago homes in foreclosure are significantly discounted, and foreclosure inventory is higher than the national average for Chicago, Cook County, and Illinois overall. The foreclosure trends in Illinois are interesting in that they are above the national average, one of only five states that saw an increase in foreclosure starts in 2017. Keep an eye on this market as foreclosures begin to clear out of the backlog pipeline; there are some great investment properties to consider.”
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!