We are still not seeing a big surge in new listings or sales as we make our way into the springtime months. Housing activity around the country is generally lagging compared to last year at this time. Lower affordability due to higher mortgage rates and increasing prices could be the culprit for a slower start in 2018. It could also be that some locales have had unseasonably cold weather, holding some people back from listing or buying. Let’s look at how the local market is doing.
How is the market compared to this same time last year?
- New listings of detached properties (single family homes) are down 12.5%
- New listings of attached properties (condos) are up 7.1%
- The number of detached properties for sale is down 18%
- The number of attached properties for sale is down 0.2%
Single Family Detached Homes
For the week ending March 3:
- New Listings decreased 12.5% to 440
- Under Contract Sales increased 16.5% to 276
- Inventory decreased 18.0% to 3,332
Single Family Attached Homes
For the week ending March 3:
- New Listings increased 7.1% to 738
- Under Contract Sales increased 0.7% to 454
- Inventory decreased 0.2% to 4,163
What does it all mean?
The housing supply in the Chicagoland area is very tight. We’re setting records for lowest inventory on hand in decades. That means it’s more important than ever to have a good plan if you’re trying to purchase a home. Decisions will need to be made quickly if you want to grab your dream house before someone else does because real estate is selling quickly!
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On the other hand, if you’re looking to sell your property, now is a great time. You might even try a flat fee listing to save on agent commissions.