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All-Cash Sales in Chicagoland Remain Quite Prevalent

by Peter Thomas Ricci

The housing market has made considerable strides in the last 18 months, but all-cash sales are still in abundance.

We’ll cut to the big stat – in Jan. 2014, the latest month for which data exists, 39.8 percent of all home sales in the Chicagoland area were all-cash, according to numbers that CoreLogic, the data and analytics company, provided Chicago Agent.

Interestingly, that’s slightly behind the national average for January, when all-cash sales made up 41.2 percent of total home sales; that was down from 43.5 percent in Jan. 2013, but up from 38.4 percent in December (most likely due to seasonal patterns), according to additional CoreLogic analysis. The all-time peak for all-cash sales was Jan. 2011, when they reached 46.2 percent of total home sales.

Also intriguing was how those all-cash sales differed by property type: 60.5 percent of REO sales in December were all-cash; 40.9 percent for re-sales; 40.1 for short sales; and 17.7 percent for new construction.

Check out our graph below for a deeper look at all-cash sales at both the metro and state level.

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