Sales in metro Chicago are still on the rise, with no sign of stalling. But according to a new Re/Max report, growth is “gentle” and inventories are rising, indicating that the market is normalizing somewhat. According to the report, sales in Chicagoland are moving forward at a pace that’s 8 percent greater than the same time last year. Sales for the third quarter totaled 32,926 homes changing hands. For the first nine months of 2015, 85,325 owners turned their house keys over to someone else. That’s the best January through September since 2006. Many of the key indicators, as is the case across the country, are showing signs of a housing market that is regaining stable footing. This includes inventory levels, which on Oct. 1 measured a 4.3 supply of available homes. Back on July 1, the inventory was equal to just a 3.2 month supply of homes. Sales of distressed properties are easing off, with 17 percent of all sales coming from the foreclosure and short sale p...
- Many of the key indicators, as is the case across the country, are showing signs of a housing market that is regaining stable footing.
- The news only gets better for sellers: Home prices continue to edge upward.
- The third quarter average median price for all homes in the metro was $220,000, the best it’s been since 2008.
Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York