Apostal Group

Chicago’s Summer Market Update Niko Apostal 09/05/17

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Traditionally, August is a slower month for sales. Most people want to move into a new home buy earlier in the summer so they can move in during July and August. This gets everyone ready to start a new school year in their new home.

This summer, however, was different.

A new report out by the Chicago Association of Realtors shows that we saw a strong market all the way through the summer.

Nuggets from the Report

For those who don’t have the time to read the entire report right now, here are some of the statistics that stand out most:

  • The number of listings under contract was up 13% for detached single family homes.
  • The number of listings under contract was up 8.9% for condos, townhomes, and other attached properties
  • The median sales price of detached homes was up 5% to $250,000
  • The median sales price of attached homes was up 1.6% to $325,000

Where It’s Hot and Where It’s Not

The market is seeing a striation with some homes selling quickly and others sitting on the market. Based on this report, homes above the $1.2 million mark are not moving. We have a glut of homes in that price range.

On the other hand, there are some homes in the sweet spot that are flying off the shelves as fast as they come on the market. These homes are 2 to 3 bedroom units in the $400,000 to $800,000 range.

I’m really excited for the fall market that begins after Labor Day weekend. I feel confident that the momentum from the summer will push us through the fall. Whether you are a buyer looking for the right deal or a seller looking for a motivated buyer, give me a call. I’d love to help you out.