Wednesday, August 6, 2014

Carpe Diem- Thought leadership & August Real Estate Newsletter from your trusted advisor

 
August 2014

MARKET UPDATE
June Distressed Sales Down, Healthy Home Sales Up
The Chicago area housing market has offered opportunity for both buyers and sellers in the first half of 2014, characterized by increasing prices, more healthy home sales, and a shrinking supply of homes, particularly new construction. Overall prices are still increasing, but that rate is slowing a bit, giving buyers an incentive to snap up well-priced homes.
More homes have been sold, and they are selling faster. Homes closed in June, sold 25 days faster than in June of 2013, according to a recent Crain’s Chicago Business article.
The sales numbers tell two stories about healthy and distressed homes, and both are good news. Sales of healthy homes were up 10 percent in June. The number of distressed property sales has declined significantly, reaching their lowest point since MRED began tracking distressed sales in 2011.
Low inventory continues to be a hallmark of this recovery, and our market has reached a new low this summer. Sellers benefit from the upward pressure on prices, while buyers need to move quickly. Pent up demand is most pronounced for new construction.  Crain’s Chicago Business reports that builders are selling in advance of construction. 
KoenigRubloff Cares Foundation Day at the Races
The KoenigRubloff Cares Foundation “Day at the Races” 2014 was a wonderful event on a picture-perfect day! The July 24th sold out event raised more than $4,000 for The Sunshine Kids and Habitat for Humanity. Along with gourmet refreshments, the lure of the races, and an open-air photo booth complete with race day props, attendees were entertained with a number of contests throughout the afternoon. The Mag Mile team was named Grand Champion of the “Bet On The Foundation” contest. The “Best Hat” award went to Cindy Sullivan of our Glen Ellyn office and the “Best Dressed” award went to Lyle Harlow of our Lincoln Park Clybourn office. Plus, a “Hats Off” award went to the entire Schaumburg team for have matching festive hats! The day was such a success that we plan to make it an annual event. 
Good to Know
Cash is Indeed King in One Third of Home Sales
Nearly 40 percent of April home sales in the Chicago market were all-cash deals, reports Chicago Agent Magazine. Citing Core Logic statistics, the article notes that our 37 percent cash market share is in line with the national average of 38 percent. This is far more moderate than some areas of the country. In the Southeast US, for example, where cash sales make up more than 60 percent of transactions.
Cash sales are very prominent in REO deals, where they account for more than half of sales. They are fare less common in new construction, making up only 17 percent of sales.
Keeping Your Cool
This summer in the Chicago-area has been unusual with temperatures fluctuating uncharacteristically from the anticipated swelter to the surprisingly cool. On the hot days though, it’s still uncomfortable and often muggy. Good Housekeeping has come up with some great suggestions for keeping your cool in the heat! Click here.

Newest Affiliation with Berkshire Hathaway-Florida Properties Group
PENDING-865 LaSalle 4000SF Urban Oasis on the Gold Coast Chicago

Ron Goldstein

Luxury Broker Associate
RGoldstein@koenigrubloff.com
3127717190
www.chicagoluxuryrealty.com

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Berkshire Hathaway HomeServices KoenigRubloff Realty Group | 980 N. Michigan Ave., Ste. 900 Chicago, IL 60611

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