Chicagoland Home Sales Stumble Again in April

by Peter Thomas Ricci

April was another lackluster month for home sales in the Chicagoland area, according to new IAR numbers.

Home sales in the nine-county Chicagoland area fell 9.9 percent year-over-year in April to 8,391 homes sold, according to the latest numbers from the Illinois Association of Realtors.

However, as has been the case with Chicagoland’s market in 2014, median price continued to increase, rising 9.9 percent year-over-year to $190,000, while time on market dropped 15.6 percent to 65 days.

A Slower Market in the Second City

The greater area’s numbers were pretty much consistent with the city’s totals:

  •  The city of Chicago saw sales fall 7.6 percent year-over-year in April to 2,210 sales, down from 2,392.
  • Median price, meanwhile, rose a hefty 12.0 percent to $250,000.
  • Matt Farrell, the president of the Chicago Association of Realtors, said that low inventory continues to impact Chicago’s market: “Inventory remains at a low across the city of Chicago, creating lower market times and increased sales prices during a time of year when many traditionally are looking to buy or sell.”

 Price Increases Continue in Suburban Chicago

The situation was identical in Chicagoland’s suburban markets, as well, where the prices of single-family, detached homes rose 10.6 percent from April 2013 to April 2014, according to states from the Mainstreet Organization of Realtors (MORe).

Because of how aggressive price increases have been, it remains a great time to sell, said MORe president Michael Parent.

“Right now is an ideal time to put a home on the market,” Parent said. “The seller is in the driver’s seat. In many cases, properties are attracting multiple offers from interested buyers.”

Stay tuned for Monday, when we’ll publish information about home sales in specific Chicagoland communities.

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