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    1st Quarter 2017 Market Recap and Forecast

    The first quarter of 2017 in Chicago was robust, with gains made across our 3 main property types – single family homes, condos/townhomes & 2-4 Units.  Let’s review the data!

    Not only did we see growth in the number of homes closed & under contact in 2017 (as compared to 2016), we also saw a large increase in the number of homes offered for sale. The number of homes listed increase between 25 and 61% – those are huge numbers, and illustrate the consumer confidence in this housing market that has led to countless multiple offers this spring. However, we must also be cognizant that the number of homes under contract in that same quarter has not matched the growth. That doesn’t appear to be having an effect on the appreciation but we may see this remaining inventory impact the speed with which we are growing as the year moves on. A recap of the activity, by property category:

    Single Family Homes
    Closed Homes, 1st Quarter 2016 2,200
    Closed Homes, 1st Quarter 2017 2,346 6.6% Increase
    Under Contract, 1st Quarter 2016 2,944
    Under Contract, 1st Quarter 2017 3,103 5.4% Increase
    Homes Listed, 1st Quarter 2016 2,938
    Homes Listed, 1st Quarter 2017 4,280 45.6% Increase
    Condos & Townhomes
    Closed Homes, 1st Quarter 2016 3,005
    Closed Homes, 1st Quarter 2017 3,381 12.51% Increase
    Under Contract, 1st Quarter 2016 4,800
    Under Contract, 1st Quarter 2017 5,155 7.39% Increase
    Homes Listed, 1st Quarter 2016 5,239
    Homes Listed, 1st Quarter 2017 6,583 25.65% Increase
    2-4 Units
    Closed Homes, 1st Quarter 2016 870
    Closed Homes, 1st Quarter 2017 908 4.36% Increase
    Under Contract, 1st Quarter 2016 979
    Under Contract, 1st Quarter 2017 1,294 32.17% Increase
    Homes Listed, 1st Quarter 2016 1,035
    Homes Listed, 1st Quarter 2017 1,670 61.35% Increase

    We also saw increases in the average sales prices for all of our property types. Below you’ll find the recap of Year-over-Year growth from 2016 to 2017. We should continue to see growth in the 2nd quarter, as the buying frenzy (lack of inventory and low interest rates predicted to rise) continues.

    Closed Single Family Homes
    Average Sales Price, 2016 $298,036
    Average Sales Price, 2017 $306,353 2.79% Increase
    Closed Condos/Townhomes
    Average Sales Price, 2016 $348,529
    Average Sales Price, 2017 $387,790 11.26% Increase
    Closed 2-4 Units
    Average Sales Price, 2016 $246,257
    Average Sales Price, 2017 $278,296 13.01% Increase