Home sales in Chicago speeding up, says IAR

Single-family sales prices up by mid-double digits
  • Single-family sales prices are up year-over-year by 16.4 percent
  • Chicago's existing home inventory is down by nearly 16 percent.
  • The average Chicago home is on the market for two months.

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Existing home sales data for February all points to Chicago as a seller's market. During the month, homes sold faster and in a larger quantity than during the same period last year. At the same time, sales prices rose by double digits and total inventory dipped by nearly 16 percent. “Now is the time to sell your home," said Dan Wagner, president of the Chicago Association of Realtors. According to data from the Illinois Association of Realtors, 1,528 existing homes (single-family and condos) sold last month, which equated to a 2.1 percent year-over-year rise in activity. A nearly 6 percent uptick in the volume of single-family sales was the reason for the overall rise in activity. Last month, 663 single-family homes sold. Condo sales still account for a higher volume of Chicago's total sales, 865 in February; however, activity was down last month by 0.7 percent. An increase in overall sales activity is occurring while home prices are escalating. The median ...