Real Estate Market

February 2015

Existing Homes Sales Report

According to the National Association of Realtors®, even with low-inventory prevailing across the nation, December's existing-home sales rebounded and in fact rose above an annual trend of 5 million sales for the sixth time in seven months. Median home prices for 2014 climbed to their loftiest level since 2007, however total sales dropped 3.1 percent from 2013. Total existing-home sales (which regards completed transactions for single-family homes, townhomes, condominiums and co-ops) grew 2.4 percent to a seasonally adjusted annual rate of 5.04 million in December from a downwardly-revised 4.92 million in November. Looking at one year ago, December's sales were 3.5 percent higher and now sit above year-over-year levels for a third consecutive month.

Looking at the whole of 2014, the market saw 4.93 million sales, a 3.1 percent decline from 2013 (5.09 million). Nationally, the median existing-home price was $208,500, the largest since 2007 ($219,000) and a 5.8 percent increase over 2013 ($197,100).

Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, noted that sales grew in December 2014, a year which had gotten off to a slow start but offered positive signs of activity during the latter half of the year. According to Yun, “home sales improved over the summer once inventory increased, prices moderated and economic growth accelerated.” NAR's economist also indicated that “sales were measurably better in the second half – up 8 percent compared to the first six months of the year.”

Total housing inventory at the end of 2014 fell 11.1 percent to 1.85 million existing homes available for sale. This would be a 4.4-month supply at the current sales rate– down from 5.1 months in November. Unsold inventory now sits at 0.5 percent lower than a year ago (1.86 million). December's median existing-home price for all housing types was $209,500, a 6.0 percent gain over December 2013. This is the 34th consecutive month of year-over-year price gains.

First-time home buyers represented 29 percent of sales in December, down from 31 percent in November but higher than occurred in 2013 (27 percent). Taking 2014 as a whole, first time home buyers represented an average of 29 percent for a second year in a row.

The Best Homes Sell Fast!

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  1. Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
  2. Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
  3. Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.

Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.

Make Your Offer Count

With today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan. Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home. A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home.

Contact us today to get the right loan for your current needs! We can recommend proven lending professionals who can help you position yourself for your next home purchase.

 

Contact Information

LEWKE PARTNERS
43 E. Crystal Lake Ave
Crystal Lake IL 60014
Direct: 815-444-6790
Fax: 815-788-0476

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