The Chicago real estate market is taking off!
In tracking the number of homes that have gone under contract this month, the trend is sky high!
The Chicago Tribune’s January 21 article about 2010 sales was all doom and gloom, but this report may be yesterday’s news…
Contracts signed for north side Chicago real estate in the last 30 days for the north side market* reached a high water mark – 733. Compare this to October pendings – only 160. These pendings will show up as homes closed in May and June. This is a sneak peak into Chicago real estate trends – keep watching to see if the market continues its upward climb!
This situation hit home for me last week – my buyers lost out in a double offer for the condo they hoped to buy. The Logan Square vintage 3 bedroom condo won’t close for 2 months, so we won’t know the details until then, but I suspect it was a full price offer by another buyer that won the day.
Spring is traditionally the busiest real estate season, as seen on the chart below. The chart here doesn’t show the huge increase in real estate sales for 2011 because it’s tracking CLOSED units, not PENDING home sales. Pending volume shows up as closed units 45-60 days later on the calendar. The chart does show, however, the positive trend of 2011 over 2009.
Before we all do our happy dances, we need to check out new home listings, which are rapidly rising, too. Currently, there are 5591 properties on the market. Based on the number of homes selling, it’s a 13.9 month inventory – in other words, it will take almost 14 months to sell out what’s already on the market (if no other homes are listed). Remember, a healthy market is a 6 month inventory.
* North Side MRED – 8007,8008,8003,8004,8005,8006,8077 attached and detached homes
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