Chicago’s metropolitan area saw an impact on its home sales in the month of August because of the limited supply of property listings.
In comparison to last year’s numbers, sales fell 2.5 percent this year. A little over 11,000 units were sold, with the median sale price being $240,000. Experts are speculating that the obvious reason for the limited inventory is the rapid-paced selling of homes around Chicago. This year, homes are on the market for an average of 66 days.
"The inventory situation doesn't appear to be improving yet," Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois, said in a press release. "As was the case in July, the August inventory decline was most pronounced among detached homes. Those listings dropped 8.7 percent, while listing of attached homes fell 5.1 percent."
Realtors are watching the marketplace closely, but they want to make it clear that declining inventory doesn’t automatically mean that fewer sales are being made.
"One example of that was in Kane County where August sales were up 2.5 percent although the inventory there declined 12.7 percent and represented less than a three-month supply of homes," kreider said. "In contrast, sales fell 2 percent in Chicago, but the inventory rose 3.4 percent from last August, and there was a 3.2-month supply of homes."
Data used by RE/MAX covers Cook, DuPage, Kane, Kendall and McHenry counties.