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How Quickly Do Listings Go Under Contract in Chicagoland?

by Peter Thomas Ricci

The housing market, according to the latest numbers from Redfin, seems to be slowing down; is that the case here in Chicago?

redfin-fastest-real-estate-markets-report-pending-home-sales

For the third straight month, the percentage of listings that went under contract within two weeks decreased again, according to the latest Real Time Fastest Markets report from Redfin.

Thirty percent of listings nationally in July pended in two weeks or less, down from 31 percent in June and 33.4 percent in April. Of course, even with the slowdown, the market remains much speedier than a year ago, when just 21.2 percent of homes pended in the two-week timeframe; and for the sake of mentioning it, only 13.0 percent of listings pended in two weeks in July 2011.

But what of here in Chicago? Are listings still pending in rapid time here, or is the market slowing down as well? See how Chicago compares with the nation’s other major housing markets in our chart:

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