The real estate market continues to slow down nationwide, but are the national trends consistent here in Chicago?
The U.S. housing market continued to slow in September, according to the latest Real-Time Fastest Markets report from Redfin, which measured the speed at which listings pended in the nation’s largest housing markets.
In September, 26.6 percent of listings nationwide pended within two weeks of their list date, a slight increase from the 26.0 percent of August; regardless, it comes after five straight months of declines, and has fallen from 33.4 percent in April, likely on the influence of rising home prices, higher mortgage rates and the economic uncertainty involving the government budget disputes. Also, we should mention the importance of pricing with such data – after all, a listing will not likely pend within two weeks if it’s not priced correctly!
Redfin Real-Time Fastest Markets – A Local Perspective
How did things look here in Chicago, though? According to Redfin, 22.1 percent of Chicagoland’s listings pended in two weeks or less, but that’s down from 23.5 percent in August; still, only 15.7 percent of listings pended that quickly a year ago, so the market has made considerable strides in a year’s time.
Joe Zimmerman, a partner with MKT Realty with @properties, said he’s seen a definite increase in market speed.
“Homes are definitely selling faster this year,” he said. “While in 2012 the local average was 165 days on the market, this year it is 104 days. My team had an average of 85 days last year; that figure is down to 60 days this year. A number of factors are at play, including relatively low interest rates, a shrinking inventory of houses and an increase in consumer confidence.”
And how did Chicago compare with other metro areas? Check out our graph below to find out: