Is it a good time to buy?
Tis’ the Season….especially for condo buyers.
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising a bit, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices. New Listings in the City of Chicago were up 1.0 percent for detached homes and 13.8 percent for attached properties. Listings Under Contract increased 13.8 percent for detached homes but decreased 3.5 percent for attached properties. The Median Sales Price was up 4.5 percent to $230,000 for detached homes but was down 0.8 percent to $311,500 for attached properties. Months Supply of Inventory decreased 16.9 percent for detached units but increased 13.4 percent for attached units.
So the getting is good, especially for condo owners. Take a look at your area, but in Lincoln Park for example (always a good bellweather) the inventory and new listings jumped 30% from last October. Finally!!
Factor in the still (for now) low interest rates and the fact that seasonally buyers always get a better deal this time of year, buyers should jump right in…