May Speaking Points

C.A.R. speaking points help prepare you to answer questions about Chicago’s real estate industry and project confidence and consistency as a voice for Chicago REALTORS®. If you would like to discuss any of your upcoming media or other public speaking opportunities, contact Barbara Matthopoulos, Vice President of Communications and Media Relations or Rebecca Boykin, Senior Public Relations Specialist.   Chicago Association of REALTORS® May 2015 Speaking Points   Market Snapshot
  • In March 2015, 8,158 homes sold in the Chicago PMSA. This marked an 11.5 percent increase from March 2014 sales of 7,314 homes.
  • The median price in March 2015 was $204,000, up 16.6 percent from $175,000 in March 2014.
  • Listings in March averaged 72 days until sale, unchanged from March 2014.
  • Chicago saw a 13 percent increase in year-over-year home sales in March 2015 with 2,118 sales, up from 1,875 in March 2014.
  • The median price forecast still indicates continuing robust growth in median prices for April, May and June compared to a year ago. For the Chicago PMSA, expected increases are 14.9 percent in April, 13.7 percent in May and 14.3 percent in June.
  • In March 2015, the foreclosure inventory increased for the second month due to more inflows and less outflows to the courts foreclosure pipeline. In the Chicago PMSA, 2,592 houses were newly filed for foreclosure.
State of the Market
  • Strong home sales and prices have set the stage for a continued housing recovery and robust spring market.
  • Positive housing market gains in home sales and sales prices will continue to gain momentum this spring.
  • With interest rates showing a slight increase in March, now is a good time for buyers to take advantage before rates jump again.
  • A persistent lack of supply has created a drawback to sales achieving their full potential.
  • Homeowners who sell now can receive top dollar in a competitive market.