How's the Market?

The most frequent question I'm asked as a Realtor is "how's the market these days?"

This year has been a market of increased activity, more than we've seen in several years. More buyers in the marketplace shows Sellers confidence in listing their homes again and inventory going down significantly. Although interest rates have increased and are expected to be over 5% next year, buyers are still moving forward with purchasing.

Overall Chicago-area single-family home prices were 8.7 percent higher in August compared with the same month last year, the 10th straight year-over-year increase in a closely watched index. 

The 20-city index rose even more than Chicago year-over-year, up 12.8 percent compared with August 2012, according to the indices. Sellers are still well advised to price accordingly with the Market value of their property to procure a sale in a timely manner.

Local prices are down about 24 percent from their peak in September 2006, according to S&P/Case-Shiller data.

Until next time,

Mary Kingery

For more information about real estate trends or your real estate needs, contact Mary Kingery,@properties, 847-293-6279 or visit my website www.marykingery.com