Prices Remain Strong Even as Inventory Grows
In mid-May, we wrote about the increasing number of new listings and the positive news that presented for buyers. Now as we parse the latest numbers from Midwest Real Estate Data, the region’s leading MLS provider, we see this trend continuing. The week ending June 14 saw 8,261 additional new homes hitting the market – the second week in a row to top 8,000 and the highest number this year. With more options, this is good news indeed for home buyers!
Decision Time for Potential Sellers as Inventory Grows
As the market continues this still-subtle shift from a super-hot seller’s market to a more balanced one, people contemplating a sale of their home may want to act fast. As of mid-June, there were 60,697 active listings in the Chicagoland market – a 16% increase since the beginning of the year.
Closing Prices Remain High: Continued Boon for Sellers
In continued good news for sellers, this growth in new home listings and overall inventory is not having a depressive effect on prices. For the week ending June 14, the average weekly home sales price was $367,632, a 27% increase over the same period last year. This was also the tenth time this year that the weekly average price exceeded $350,000. In more good news for sellers, median home prices continue to be considerably higher than they were at the same time last year. For the week ending June 14, the median weekly home sales price was $300,000, a 24% increase over the same period last year. This was also the second week in a row that the weekly median price was at least $300,000. We expect to see prices continue to trend in this upward direction as April and May’s competitive spring buyers close on their home purchases.