MARKET SNAPSHOT – CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.- 2,675 properties were sold in the City of Chicago in April 2018. This is a 1.1 percent increase from April 2017.
- The median sales price in the City of Chicago for April 2018 was $308,000, up 3.7 percent from this time last year.
- The City of Chicago saw listings average 81 days on the market until contract, a 1.2 percent decrease from 82 days in April 2017.
- Check out the April 2018 FastStats.
STATE OF THE MARKET
- Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
- This winter and spring exhibited nonseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
- “Overall closed sales in April closely mirror last year’s numbers, but median sales price continues to rise,” Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group, said. “Buyers need to act quickly with fewer homes to choose from and shorter market times.”
INVENTORY
- City of Chicago inventory is down 6.4 percent, from 8,785 homes in April 2017, to 8,220 homes in April 2018.
- The month’s supply of inventory is down 5.4 percent, from 3.7 in April 2017 to 3.5 in April 2018 in the city of Chicago.