FEBRUARY PROPERTY SALES FOR CITY OF CHICAGO 2016

By
Mortgage and Lending with Diamond Residential Mortgage Corporation 031.0016549 NMLS#219299

 

 

 

 

FEBRUARY PROPERTY SALES FOR CITY OF CHICAGO

Property Sales
February Property sales were 1,516, up 3.0% from 1,472 in February of 2015 and 9.7% higher than the 1,382 sales last month. February 2016 sales were at their highest level compared to February of 2015 and 2014. February YTD sales of 2,898 are running 3.5% ahead of last year's year-to-date sales of 2,801.

Prices
The Median Sales Price in February was $239,950, up 11.6% from $215,000 in February of 2015 and up 4.6% from $229,500 last month. The Average Sales Price in February was $323,287, up 5.6% from $306,152 in February of 2015 and down -0.8% from $325,747 last month. February 2016 ASP was at highest level compared to February of 2015 and 2014.

Inventory & MSI
The Total Inventory of Properties available for sale as of February was 7,027, down -1.1% from 7,102 last month and down -17.9% from 8,562 in February of last year. February 2016 Inventory was at the lowest level compared to February of 2015 and 2014.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2016 MSI of 4.6 months was at its lowest level compared with February of 2015 and 2014.

Market Time
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for February was 60, down -3.2% from 62 days last month and down -10.4% from 67 days in February of last year. The February 2016 DOM was at its lowest level compared with February of 2015 and 2014.

Data: MRED LLC

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With Respect; 

William Piotrowski

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N.M.L.S #219299 

 

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Lake Forest IL 60045

 

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