2019 home sales started slow, but the spring market is right around the corner.
In January, Chicagoland experienced a 12.1 percent decrease in detached single-family home sales over the same month last year, according to statistics released by MORe. But the decrease in home sales has helped build up inventory in the area, according to Michael Gobber, president of the MORe Board of Directors. Gobber said home sales are expected to increase in the months moving forward.
“January is one of the lowest sales months of the year,” Gobber said. “1,755 homes were sold in January, and sales usually increase to 6,000 sales or more in the spring.”
Homes that went under contract in January increased 3.6 percent over the same month last year, which is another indicator home sales will increase in the next couple of months.
Despite the drop in home sales overall, some communities experienced a strong start to 2019 with an increase in home sales over January 2018. They include:
- Dolton (31.8 percent increase in home sales)
- Evergreen Park (23.1%)
- Glendale Heights (25.0%)
- Green Oaks-Libertyville (13.3%)
- Lombard (20.8%)
- Maywood (21.4%)
- Mt. Prospect (61.5%)
- Park Ridge (52.9%)
If you have potential clients who are looking to sell, remind them that houses that go under contract in April or May often close at the highest prices of the year. Sellers should start planning now to put their home on the market by March.