Chicagoland Residential Real Estate Market Update 2013 Wrap up

By
Real Estate Agent with Keller Williams Team Realty
https://activerain.com/droplet/49JM

The Chicagoland Market turned around in 2013.  Here are the numbers for the year.  Here are the key stats to know. 

  • For the entire MLS area Median home price increased 9.7% to 170,000
  • Average Final Listing Price to Close Price is 97%
  • There is currently 5 Months of Inventory 
  • Over 39% of closed sales are distressed properties (bank owned or short sales)
  • Short Sales are 22% of Active Listings but only 11.28% in Closed Sales
  • Total Number of Homes Sold in the MLS was 117,891 in 2013

Below are more additional stats please do not hesitate to contact me if you have any questions.  Data provided my MRED, LLC

 

Sales Price         
Area Median YoY Change  Average YoY Change        
Whole MLS $170,000 9.70% 238719 8.40%        
Cook  $176,000 13.20% 256762 9.00%        
DuPage $218,000 8.50% 284307 8.40%        
Kane $164,000 14.70% 196449 11.50%        
McHenry $152,500 8.80% 173094 5.90%        
Lake  $189,000 11.20% 273702 6.90%        
Will  $171,000 8.90% 202708 7.00%        
Kendall  $166,000 7.10% 176840 8.80%        
                 
   Original List to Close  Final List To Close        
Area Average Median Average Median        
Whole MLS 93.2% 94.9% 97.0% 96.8%        
Cook  93.8% 95.4% 97.5% 97.1%        
DuPage 93.2% 94.6% 96.4% 96.3%        
Kane 94.6% 95.1% 98.2% 97.2%        
McHenry 97.1% 93.8% 96.5% 96.6%        
Lake  92.6% 94.4% 96.6% 96.4%        
Will  93.7% 95.1% 96.8% 96.9%        
Kendall  95.5% 95.8% 98.2% 97.7%        
                 
  Median Final List to Closed Price        
Area Traditional REO Short Sale All        
Whole MLS 96.3% 98.8% 99.0% 96.80%        
Cook  96.6% 100.0% 99.4% 97.10%        
DuPage 95.9% 98.1% 98.5% 96.30%        
Kane 96.3% 100.0% 100.0% 97.20%        
McHenry 95.9% 97.7% 97.9% 96.90%        
Lake  95.9% 98.5% 97.9% 96.40%        
Will  96.4% 98.2% 99.4% 96.90%        
Kendall  96.9% 99.4% 100.0% 97.70%        
                 
  Average Days Contract to Close Average Days Listing To Contract
Area Traditional REO Short Sale All Traditional REO Short Sale All
Whole MLS 49 45 124 57 65 57 129 70
Cook  50 47 127 58 56 58 120 64
DuPage 49 46 123 55 62 57 133 68
Kane 48 44 123 57 71 49 135 73
McHenry 50 43 135 60 83 56 144 83
Lake  51 43 122 56 68 53 144 72
Will  48 47 125 58 68 59 138 75
Kendall  52 46 122 63 64 49 128 71
                 
                 
  Months Supply of Inventory              
Area                
Whole MLS 5              
Cook  4.6              
DuPage 4.5              
Kane 4.7              
McHenry 5.7              
Lake  5.2              
Will  5.4              
Kendall  4.2              
                 
   Number Closed Sales  % of Closed Sales   
Area Traditional REO Short Sale All Traditional REO Short Sale  
Whole MLS 71,671 33,009 13,296 117,891 60.79% 28.00% 11.28%  
Cook  38,698 16,549 6,816 61,971 62.45% 26.70% 11.00%  
DuPage 9,076 2,937 1,297 13,295 68.27% 22.09% 9.76%  
Kane 4,032 2,498 1,092 7,611 52.98% 32.82% 14.35%  
McHenry 2,374 1,770 801 4,930 48.15% 35.90% 16.25%  
Lake  6,256 3,301 1,173 10,712 58.40% 30.82% 10.95%  
Will  5,400 2,259 1,163 8,809 61.30% 25.64% 13.20%  
Kendall  1,007 805 423 2,229 45.18% 36.11% 18.98%  
                 
   Number of Homes for Sale  % of Homes for Sale  
Area Traditional  REO Short Sale All Traditional  REO Short Sale  
Whole MLS 30,249 6,476 10,358 47,020 64.33% 13.77% 22.03%  
Cook  13,604 3,321 5,602 22,487 60.50% 14.77% 24.91%  
DuPage 3,276 578 884 4,732 69.23% 12.21% 18.68%  
Kane 1,743 421 714 2,878 60.56% 14.63% 24.81%  
McHenry 1,382 314 522 2,215 62.39% 14.18% 23.57%  
Lake  2,802 590 957 4,345 64.49% 13.58% 22.03%  
Will  2,405 456 933 3,791 63.44% 12.03% 24.61%  
Kendall  427 133 219 767 55.67% 17.34% 28.55%  
                 
               


                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
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Ambassador
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Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Really great to hear from you again and just in time to let us all hear more great news on the road to recovery.  Excellent report. 

Jan 20, 2014 11:36 AM #1
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