It’s Taking Less Time to Sell Chicago Condos and Townhouses
How hot is Chicago’s condo market? A recent story by Crain’s Chicago Business said that city condos and townhouses sold in less time this June than during any month since at least the beginning of June.
The Crain’s story cites numbers from the Chicago Association of REALTORS® showing that the average time that condos or townhouses sold this June spent on the market was 59 days. This marks the lowest number of days for such homes sold in any month since the association began tracking this data way back in January of 2007.
Consider that back then, the association reported that it took Chicago townhouses and condos sold that month an average of 110 days to sell.
Today’s market times are also a lot shorter than in February of 2011. The association reported that condos and townhouses sold in that month spent an average of 200 days on the market before selling. That is the highest number of average days on the market ever reported by the Chicago association.
The good news isn’t just relegated to the owners of condos and townhouses. The association reported that Chicago single-family homes sold in June had spent an average of just 80 days on the market. The highest this figure has ever been was in February of 2009, when homes sold spent an average of just under 180 days on the market before finding buyers.
But just because Chicago condos are selling faster, doesn’t mean that owners still don’t have to take the necessary steps to find the right buyers. This includes working with a REALTOR® who knows their market. This professional can help owners set the right asking price. A REALTOR® can also market a condo or townhouse to the deepest pool of potential buyers.