The simple logic of the law of supply and demand dictates that when there is less of something, it sells more quickly and for a higher price. In the real estate equation, those simple assumptions are born out in the important stats that are scrupulously tracked each month. According to a RE/MAX analysis of data reported by Midwest Real Estate Data, average Chicagoland days on market fell by a third.That important metric went from 139 days in 2012 to 93 days in 2015. The last time homes sold as quickly was 2006.Jim Merrion, regional director of RE/MAX Northern Illinois, sees two primary reasons for the sharp reduction in market times. Home values in Chicago are rebounding with little supply The increase is raising the confidence of potential buyers who are deciding to get off the sidelines and get serious about signing a deal. But, that’s not offsetting the insufficient number of sellers who are driving the supply side of the equation.The inventory of homes for...
- RE/MAX Northern Illinois notes sees primary reasons for the sharp reduction in market times: low inventory and technology.
- According to a RE/MAX analysis of data reported by Midwest Real Estate Data, average market time in Chicagoland fell by a third over the past few years.
- Technology fosters instant communication and new tools to make the home search process easier.