This morning, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago increased by 13.0% since last year, with 2,118 sales in March 2015 compared to 1,875 sales in March 2014. The median sale price surged up by 11.9% ($263,079 in March 2015 compared to $235,000 in March 2014). Homes in the city of Chicago were on the market an average of 61 days in March , up 1.7% from 60 days in March 2014.

In IAR’s press release, Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co., said, “Chicago’s spring market is showing bounce with back-to-back months of sales increases signaling strengthening demand. Even with fewer homes on the market, we’re seeing determined buyers finding their ideal home. This increased demand is moving median sales prices higher, offering homeowners an incentive.”

The following charts summarize median price and sales trends:

The University of Illinois Regional Economics Applications Laboratory estimates positive increases in Chicago area* annual sales levels, with changes ranging from +7.5% to +9.6% on average compared to last year for April, May, and June of 2015. Other notes from the forecast report include:

• Annual median prices in the Chicago area are predicted to have steady gains of +14.9% in April, +13.7% in May, and +14.3% in June compared to last year’s figures.
• In March 2015, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 3.4 months (slightly down from 3.7 months one year ago).
• The latest pending home sales index available (based on signed contracts, 100=average pending sales in 2008) stands at 215.1 in the Chicago area, up 37.4% from one month ago and up 20.6% from March 2014.

The press release, city of Chicago report, and forecast report are available on the IAR website.

*Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties

Note: The Illinois Association of Realtors (IAR) transitioned to a new reporting system in December 2012 that resulted in revisions to previously reported data. IAR data is subject to revision by reporting Multiple Listing Service affiliates. For more information, please refer to the IAR website.

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WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.