With 2016 already more than halfway over, we wanted to provide a brief mid-year report on the local housing front.
According to data from BrokerMetrics LLC, closed transactions are up over 4 percent in Chicagoland year to date, compared with the same period last year.
The supply of homes for sale continues to be tight in many Chicago neighborhoods. Months’ Supply of Inventory in the city averaged just 3.2 months through the end of June, down from 4.1 the year prior. Meanwhile, a number of suburbs are grappling with increasing inventory.
Home prices in the region have increased slightly from the year before, but it’s important to remember that, like most housing stats, pricing matters most at the micro level.
Days on Market
Amid low levels of inventory, the average market time in Chicago fell to 84 days through the first half of 2016, compared with 89 days for the same period last year.
With sales of homes priced at $1 million and above up 7 percent year to date in the city, the luxury market is outpacing the overall market.
At @properties, we’re having our busiest year yet. Through the first half of 2016, we completed over 8,400 for-sale transaction sides company wide – an increase of 13 percent from the year prior. Now with nearly 20-percent market share, @properties remains the No. 1 residential brokerage in Chicago.
The increase in transactions in both the overall market and here at @properties indicates a healthy market, and we’re confident about where the market is heading for the remainder of 2016. While we’re optimistic about market conditions, buyers and sellers should always keep in mind that real estate is local and trends vary neighborhood to neighborhood and block to block.