MARKET SNAPSHOT – CITY OF CHICAGO
1,435 properties were sold in the City of Chicago in February 2019. This is a 6.5 percent decrease from February 2018.
The median sales price in the City of Chicago for February 2019 was $273,000, up 0.4 percent from this time last year.
The City of Chicago saw listings average 108 days on the market until contract, a 4.9 percent increase from 103 days in February 2018.
STATE OF THE MARKET
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
The National Association of REALTORS® recently reported that national existing home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.
February’s data is in line with what we have come to expect as our market shifts. Even though closed sales are down, median sales prices ticked up and both inventory and days on market declined, showing that, as we enter the spring market, buyers on the hunt are eager to take advantage of lower interest rates and serious once they find their desired home.
City of Chicago inventory is down 1.7 percent, from 7,950 homes in February 2018 to 7,815 homes in February 2019.
The month’s supply of inventory remained the same, with an average of 3.4 in February 2019 and February 2018.
CHICAGO REAL ESTATE IN THE NEWS
Chicago's housing market is hottest of 10 largest U.S metro areas, report says (Chicago Tribune)
Chicago once again ranks No. 1 in the nation in Site Selection’s annual Top Metros for corporate investment projects and relocation (Site Selection Magazine)
‘Blue-Green’ Chicago River Corridor Would Generate $192M Yearly, Analysis Shows (WTTW)
Lincoln Yards passes City Council (Crain's Chicago Business)