With home prices and new listings on the rise, Chicagoland is continuing along its lengthy path towards recovery.
A new report compiled by Midwest Real Estate Data, published early Monday morning, marked another step in the right direction for the Windy City, carrying the local market a considerable deal closer to overall recovery.
According to MRED research, since the same time last year, new listings in Chicagoland are up 12.7 percent and under contract properties are up 7.7 percent. Though inventory in the city is still a far cry away from last year’s levels, having fallen more than 16 percent in the past 12 months, the gains, specifically to new listings, suggests a new confidence swelling in buyers.
The Whole Picture
As predicted in an article Chicago Agent published in late December, MRED found that home affordability in Chicagoland has taken a dip this year, down nearly 25 percent since last May. Still, the report had many good things to say about the city’s market:
- Market time for homes decreased an impressive 15.7 percent from the same time last year, bring the average listing time to 100 days, just over three months.
- Sale price increased a healthy 26.7 percent from the same time last year, raising the average closing price from $282,370 to $310,632.
- Closing sales decreased 5.6 percent from the same time last year.
The Report’s Implications
What MRED’s report revealed is really more of the same. Home prices have been slowly rising for much of the year, market time has been on the downswing and additional new listings going up for sale are simply the product of an improving market.
There was one finding of significant note, and that was the change in inventory. Since exactly 12 months prior, inventory is down in Chicago 16.5 percent. However, that decline fails include year-over-year. According to a recent Movoto report, the city’s overall inventory is up approximately 13 percent.
It seems more and more, Chicagoland’s market is evolving into a hybrid buyer’s/seller’s market. Home prices, along with sellers’ confidence, are on the rise, and inventory is slowly filling out to give buyer’s more options and opportunities.