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Sales down but inventory increases heading into spring market

by Corina Munoz

The Chicagoland area saw an increase in housing inventory and an unchanged median sales price year-over-year in March, according to the latest housing report by RE/MAX. Home sales decreased for Chicagoland, consistent with the national housing trend.

March saw a 9.9 percent decrease in homes sales, which were at 8,586 compared to last year’s 9,531. Despite the year-over-year decline, the rate of home sales improved month-over-month as February saw only 6,058.

Housing inventory rose to a 4.4-month supply, an increase from both last month’s 3.4 months and last year’s 3.2 months. Chicagoland inventory is also higher than the national supply of 2.7 months.

The median sales price remained steady year-over-year at $240,000, though this was an increase from February’s $230,000. Nationally, the median sales price increased by 3.4 percent to $246,000. Days on the market also remained unchanged for Chicagoland at an average of 54. The national rate of days on the market increased by two days to 59 on average.

Counties that saw the biggest decreases in home sales were DeKalb at a drop of 22.2 percent and Chicago at a decline of 13.3 percent. Will County remained relatively consistent year-over-year with a 0.5 percent decrease and Lake County saw only a slight decrease of 2.3 percent.

Chicago experienced the biggest change in median sales price, with a 4.6 percent decrease, going from $301,500 last year to $287,500 this March. Both Cook County and DuPage County saw the smallest decreases at 1.7 percent.

Kendall County saw an increase of 30 days for days on the market, going from a 69-day average in March 2018 to 99 days this year. Lake County saw a reduction of 7 days, now an average of 117 days compared to last year’s 124.

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