It was an unusually warm real estate market for December.
In the last few months of 2016, signs of strength emerged in Chicago’s long-suffering real estate market, pointing toward further strengthening in the early months of 2017.
In Chicago, the number of homes that went under contract in December soared 33% higher from December 2015, according to the Chicago Association of Realtors. In the six-county metro area, the increase in contracts was 17%, according to the Mainstreet Organization of Realtors.
Since most of these contracts will close in 30 to 90 days, the numbers of closed sales for January through March should greatly exceed the same time last year.
The upswing is caused by a bunch of factors. First, there is a sense of urgency from buyers tracking rising interest rates. This motiviates buyers on the fence. Also, buyers were sidetracked with the Cubs World Series and also feel more confident now that the election is over.
Sellers haven’t yet responded to the increase in foot traffic; in Chicago, new listings rose slightly in December from a year before, according to the Chicago Association of Realtors data, and in the suburbs new listings were flat or down in most areas, Mainstreet found. But several agents said they anticipate seeing an extra large book of new listings this month, before the Super Bowl, which was the traditional start of the busy listing season.
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