Although some parts of the country are still getting snow, in the land of real estate, things are thawing fast, according to a preliminary analysis of syndicated website data for Q1 2018.
Coming out of their winter doldrums, listing prices have begun their traditional spring climb and quickly reclaimed historical highs, hitting a median which is hovering around last summer’s National peak (275K)
This indicates that we’ll probably see an even higher peak this spring and summer, the prime season for buying and selling homes. Listing prices also increased 10% compared with February 2017.
“Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid- and entry-level market,” said analysts at realtor.com.
The persistent problem is an insufficient supply of homes for sale. While housing inventory grew 2% from January, it was down 8% from the February before.
“A second wind in demand has extinguished weak bursts of new construction and new listings, putting a larger than expected dent on inventory,” Realtor.com noted. “While fewer markets are seeing inventory get worse this month, many others have seen the listings shortage intensify even further.”
With buyers scrambling to get their hands on these homes, the properties are moving off the market 8% faster than this time last year, spending a median 83 days on the market.
It’s clear the market is gearing up for a strong wave in 2018. Chicago is going to be very busy and we’re here for all your Real Estate needs.