Chicagoland home sales grow despite dwindling inventory

by Rincey Abraham

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Despite a decline in properties available, home sales grew in Chicago this October compared to last year, according to the latest report from RE/MAX Northern Illinois.

Home sales rose 2.7 percent from last October to 8,931 units, even though there was a 9.2 percent decline in properties listed across the metro. The median sales price also grew 2.3 percent to $224,000.

The average market time for October hit a record low since RE/MAX began tracking the measure in 2005, falling from 83 days on market last year to 74 days this year.

Sales in DuPage County were up the most in the metro, with a 6.9 percent increase to 1,072 units sold in October 2017. The median sales price rose across the Chicagoland area with every county seeing increases except Kane County, where it fell 1.6 percent. The largest price jumps were in Lake and Kendall counties, where prices rose 9.8 percent and 9.7 percent, respectively.

“The lack of inventory continues holding back sales, but demand for homes remains strong; that is especially true in the attached segment of the market,” explained Chris Calomino, spokesperson for RE/MAX Northern Illinois.

Attached home sales are up 7.2 percent from last year to 3,311 units sold in October while the median sales price rose 3.3 percent to $188,000. The average market time dropped to only 60 days, down from 69 days last year.

However, detached home sales rose only 0.3 percent to 5,620 units sold. The median sales price grew to $241,500, a 2.8 percent increase compared to October 2016 and is the highest October median price since 2007. The average market time dropped from 91 days last year to 82 days.

“Last year, attached homes accounted for 35.5 percent of October sales. This year they were 37.1 percent of the total,” Calomino said. “But whether a home is attached or detached, we’re hearing from our brokers that properties in good condition and reasonably priced are selling quite quickly. We expect an active market right through the holiday season and into 2018.”

Oct 2017 Total Sales % Change Oct 2017 Detached Sales % Change Oct 2017 Attached Sales % Change
Metro  8,931 2.7%  5,620 0.3%  3,311 7.2%
Cook  4,939 2.6%  2,760 0.6%  2,179 5.3%
DuPage  1,072 6.9%  671 4.4%  401 11.4%
Kane  617 2.7%  462 -1.9%  155 19.2%
Kendall  183 0.6%  131 -6.4%  52 23.8%
Lake  809 2.8%  589 1.9%  220 5.3%
McHenry  441 -3.7%  469 -8.4%  92 19.5%
Will  870 2.8%  658 2.2%  212 5.0%
Chicago  2,083 3.7%  872 3.3%  1,211 4.0%