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WIN A PAIR OF TICKETS TO THE CROSSTOWN CLASSIC!
For Cubs and Sox fans, the only thing better than a win in their respective divisions is a win over their crosstown rivals! The always-anticipated Crosstown Classic is back, which means fans from both sides of town will be packing the Friendly Confines and the Cell next week to watch what’s sure to be one of the best Windy City showdowns in recent memory.
In the spirit of the game, we have partnered with The Crowd’s Line for a “Guess The Score” contest. Just go to TheCrowdsLine.com/AtProperties and enter your prediction for the final score of the game on Tuesday 7/26. Three winners will receive a pair of tickets!
Mid-Year Market Update
With 2016 already more than halfway over, we wanted to provide a brief mid-year report on the local housing front.
• Transactions: According to data from BrokerMetrics LLC, closed transactions are up over 4 percent in Chicagoland year to date, compared with the same period last year.
• Inventory: The supply of homes for sale continues to be tight in many Chicago neighborhoods. Months’ Supply of Inventory in the city averaged just 3.2 months through the end of June, down from 4.1 the year prior. Meanwhile, a number of suburbs are grappling with increasing inventory.
• Pricing: Home prices in the region have increased slightly from the year before, but it’s important to remember that, like most housing stats, pricing matters most at the micro level.
• Days on Market: Amid low levels of inventory, the average market time in Chicago fell to 84 days through the first half of 2016, compared with 89 days for the same period last year.
• Luxury Market: With sales of homes priced at $1 million and above up 7 percent year to date in the city, the luxury market is outpacing the overall market.
At @properties, we’re having our busiest year yet. Through the first half of 2016, we completed over 8,400 for-sale transaction sides company wide – an increase of 13 percent from the year prior. Now with nearly 20-percent market share, @properties remains the No. 1 residential brokerage in Chicago.
The increase in transactions in both the overall market and here at @properties indicates a healthy market, and we’re confident about where the market is heading for the remainder of 2016. While we’re optimistic about market conditions, buyers and sellers should always keep in mind that real estate is local and trends vary neighborhood to neighborhood and block to block.
If you’re thinking about buying or selling, or looking for more information on your local market, contact me any time. Thank you for your business and referrals!
In the latest edition of The Local we explore Lake Geneva, Wisconsin. Watch the video here.
In the news:
This Will Be The Best Summer For The Housing Market in a Decade
Jonathan Smoke | July 08, 2016
Following the strongest spring in 10 years, the residential real estate market should continue to see growth throughout the summer despite some growing economic headwinds. Through May, year-to-date home sales (that’s non-adjusted existing- and new-home sales combined) are up 6 percent over last year, which was the best year since 2007, according to realtor.com calculations using National Association of Realtors and Commerce Department data.
Mortgage Rates Stay Near Record Low
July 15, 2016
Mortgage rates barely budged this week, staying near record lows. The 30-year fixed-rate mortgage averaged 3.42 percent this week, just slightly above its all-time record low of 3.31 percent set in November of 2012.
Housing Starts Rise 4.8% In June, As Supply Still Lags Demand
Andrea Riquier | July 19, 2016
Housing starts jumped in June but from downwardly-revised levels earlier in the year, pointing to a market for newly-constructed homes that continues to grind forward slowly and steadily. Starts were up 4.8% to a seasonally adjusted annual pace of 1.19 million, the Commerce Department said Tuesday.
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