January’s homes sales slowed,
but didn’t chill rising home values
CHICAGO – January home sales in the metropolitan Chicago area declined slightly from the previous year’s pace, as colder weather and a shrinking selection of homes for sale suppressed market activity, RE/MAX reports.
Nonetheless, demand for homes remained solid, as demonstrated by rising home values and faster sales times.
Home sales in the seven-county metro area totaled 5,707 units in January, 6.9 percent less than the same month last year. The median sales price gained 7.1 percent to $225,000 and the average time homes sold in January spent on the market was 95 days, four days fewer than in January 2017.
“January sales in 2016 and 2017 were buoyed by relatively mild weather in the Chicago area,” noted Jeff LaGrange, vice president, RE/MAX Northern Illinois Region. “This year, we had a much more normal January temperature-wise. Our experience is that especially in the first quarter of the year, home sales are strongly influenced by temperature trends, so fewer sales in January often mean more sales in February or March.”
LaGrange also pointed to the continuing decline in the inventory of listings for sale as a factor in restraining total sales, with total listings falling 8.6 percent compared with the year-earlier level.
“The impact of low inventory was apparent throughout the second half of 2017, and we expect it to have a similar effect going forward unless inventory expands. The number of homes for sale in the Chicago area was 20 percent lower at the end of January this year than at the same point in 2016,” he explained.
The home sales data used for the RE/MAX analysis are collected by MRED,the regional multiple listing service. It covers detached and attached homes in the Illinois counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will. Detached homes are typically stand-alone, single-family dwellings. Attached homes include condominium and cooperative apartments along with townhouses.
Sales activity fell in six counties, but did gain 1 percent in DuPage. Sales declines were 8.3 percent in Cook, 8.5 percent in Kane, 2.4 percent in Kendall, 3.7 percent in Lake, 13.6 percent in McHenry and 6.4 percent in Will. Chicago saw sales fall 7.7 percent.
Craig P. Cunningham named to Century Club at Morgan Stanley
ORLAND PARK – Morgan Stanley (NYSE: MS) announced that Craig P. Cunningham, a first vice president, a senior portfolio manager and financial adviser in its wealth management office in Orland Park, has been named to the firm’s prestigious Century Club, an elite group composed of the firm’s top financial advisors.
Cunningham, who has been with Morgan Stanley Wealth Management since 1995, is a native of Homewood. He holds a bachelor’s degree from Eastern Illinois University. Cunningham currently lives in Frankfort with his family.
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services.
Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 42 countries, the firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For information about Morgan Stanley, please visit www.morganstanley.com.