Home Sales Keep Falling in Chicago – Blame a Lack of Inventory

The number of home sales took a big dip in January in Chicago, according to the latest numbers from the Illinois Association of REALTORS®.

 

How much of a dip? The city saw 1,414 home sales in January. That’s down a solid 10.2 percent from the 1,574 home sales that took place in Chicago during the same month last year.

 

What accounts for the drop in the number of sales? There are always a mix of factors that go into determining when condo and single-family home sales are hot and when they are sluggish. But the association pointed to two key reasons for the falling number of sales.

 

First, the weather. January’s weather was cold, especially at the start of the month. This probably kept some potential home buyers out of the market and in the warmth of their own homes.

 

But a bigger factor? That would be the low inventory of homes for sale in Chicago. As any buyers who have searched for condos or single-family homes in some of the city’s most desirable neighborhoods know, there simply aren’t that many homes for sale right now, at least not compared to past years.

 

This can be reflected in the shortening number of days it has taken homes to sell. The association reported that in January across Illinois, it took an average of 65 days for a home to sell. That is down from 69 days a year ago. Throughout the state, the total number of homes for sale hit 45,726 in January. That’s a significant drop of 12 percent from January of 2017 when there were 51,978 homes for sale in the state.

 

If you’re looking for a home in the city today, you need to act fast when you find one you like. Because of the low inventory levels, the odds are high that another buyer will also like the same condo or single-family home. That buyer might put in a winning offer while you are deciding whether to make a move. Today’s Chicago housing market isn’t allowing for much hesitation on the part of buyers.

 

My advice? If you’re ready to buy, work with a Chicago REALTOR® who knows the neighborhoods in which you want to buy. This pro can tell you when a home on the market is being offered at the right price. Armed with this knowledge, you can make the faster decisions necessary today.