CHICAGO—A relatively skimpy inventory of homes for sale in July, especially in the attached-home segment of the seven-county metropolitan Chicago real estate market, contributed to mixed results, according to an analysis by RE/MAX. The average time required for a home sold in July to find a buyer fell to just 73 days, the lowest figure for that month since 2005.
And faster sales also meant higher prices, with the median sales price for July in the metro area coming in at $240,000, 5% higher than last July. However, the number of homes sold in July was 11,619, down 7% from the July 2015 total.
“The inventory of homes for sale at the end of July was 9.5% lower than a year ago, but it's not a case that all segments of the market are short of listings,” says Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. “For example, there's a fairly ample inventory of luxury homes available, but more moderately priced homes in good condition are scarce in some communities.”
Although Cook County was the source of 53% of all July sales in the metro area, it accounted for 77% of the sales decline.
“In our view, much of that fall off in sales activity relates to the attached-home inventory, which was down 12% from July of last year, and that had a big impact in Chicago,” adds Kreider. “We're seeing relatively little new condo construction as developers focus on rental buildings.”
On the flip side, the lack of inventory has encouraged buyers to move more quickly. Average market time was 80 days or less in all seven metro counties and just 66 days in Chicago.
CHICAGO—A relatively skimpy inventory of homes for sale in July, especially in the attached-home segment of the seven-county metropolitan Chicago real estate market, contributed to mixed results, according to an analysis by RE/MAX. The average time required for a home sold in July to find a buyer fell to just 73 days, the lowest figure for that month since 2005.
And faster sales also meant higher prices, with the median sales price for July in the metro area coming in at $240,000, 5% higher than last July. However, the number of homes sold in July was 11,619, down 7% from the July 2015 total.
“The inventory of homes for sale at the end of July was 9.5% lower than a year ago, but it's not a case that all segments of the market are short of listings,” says Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. “For example, there's a fairly ample inventory of luxury homes available, but more moderately priced homes in good condition are scarce in some communities.”
Although Cook County was the source of 53% of all July sales in the metro area, it accounted for 77% of the sales decline.
“In our view, much of that fall off in sales activity relates to the attached-home inventory, which was down 12% from July of last year, and that had a big impact in Chicago,” adds Kreider. “We're seeing relatively little new condo construction as developers focus on rental buildings.”
On the flip side, the lack of inventory has encouraged buyers to move more quickly. Average market time was 80 days or less in all seven metro counties and just 66 days in Chicago.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
