Inventory levels have been steady with lower market times overall. A flurry of construction activity continues to draw new residents to the neighborhood. With so many buildings slated for a 2019;
Market Update Chicago Loop February 2018
The Loop market is moving fast with more homes sold over the past month than were under contract during our last report, in nearly every price range! In the $250-350k range there were 10 homes under contract last month and since that time 15 homes closed, just as many came to the market. It's important to look carefully at what is moving and at what speed, rather than just the average days on market. The $250-350k price range is a good example. The average days on market was 116, but only 1/3 of the sold homes took over 100 days to sell. Nearly the same amount of homes took less than two months to sell and one home only took 7 days!
We are still deep in a seller's market with the month's supply of inventory hovering around 3 months. This is good news for sellers because it means home values are still on the rise. Sellers need to be careful to continue listing at a fair market value, or even a little below. Everyone likes a deal, so pricing your home just a little low is a proven way to drive up demand and encourage a bidding war. If you want to sell for a higher price than the comps suggest starting a bidding war is the way to do it!
We can always dig deeper into this data. Please let me know if you would like to research a specific property, price range, or area.
A licensed real estate broker associate since 2005 Molly Heyen also has expertise in account management and marketing. She's an entrepreneurial, self-starter with honed communication and negotiation s....