Chicagoland experienced a drop in home sales for both single-family (down 11.2%) and attached homes (down 6.6%) in February, according to a press release from the Mainstreet Organization of REALTORS®.
The percentage of homes under contract dropped 16.4% for single-family homes and 4.7% for attached homes in February, the report noted, adding that these trends are expected to continue through the spring.
“The past truisms about seasonal markets are no longer relevant,” Mainstreet Board of Directors President John LeTourneau said in the press release. “These days, the market is constant. There is so much demand, and so little supply. A house listed in good condition could easily receive 30 offers.”
The report also noted Midwest Real Estate Data (MRED) shows that inventory is 11% lower than during the same time period in 2020
“The entire Chicago-area MLS has a supply of 1.7 months. That’s the lowest it’s been in more than 14 years,” Mainstreet CEO John Gormley said in the press release. “There’s a shortage of deals under contract because there’s nothing to put under contract. But that means it’s an excellent time for potential sellers to put their homes on the market.”
The sales price of homes that did sell in February was up substantially from a year ago across a number of markets, the report stated. The median sales price of single-family homes in Antioch was up 22.1% from a year ago, and a number of other markets saw double-digit increases, including: Arlington Heights at 20.2%; Aurora at 12.2%; Burbank at 17.7%; Dolton at 25.2%; Downers Grove at 13.2%; Geneva at 24.7%; Hoffman Estates at 21.5%; Lansing at 12.0%; Mt. Prospect at 12.4%; Naperville at 15.2%; Oak Forest at 12.5%; Oak Lawn at 13.4%; Orland Park at 13.7%; Park Forest at 34.6%; Schaumburg at 25.8%; South Holland at 24.9%; and Zion at 32.1%.
The report advised that “timing is key” for those looking to sell their house and move into a new one in the same market. “If you can buy the next one before you sell, do it,” LeTourneau said. “Then you can be a non-contingent buyer, which puts you in a much stronger position.”