The number of single-family detached homes sold in Chicagoland decreased in March, down 11.9 percent over the same month last year, according to MORe data.
This decrease in number of homes sold can be attributed to a continued lack of inventory, a consistent trend among area homes so far in 2018. Low inventory also led to a decrease in time on market, of 4.4 percent. At the same time, the number of detached single-family homes that went under contract in March was up 6.5 percent over the same time last year.
“The data indicates upcoming growth in single-family home sales likely due to families wanting to close on homes in June when their children get out of school,” Karen Irace, president of the MORe Board of Directors, said. “If owners of single-family homes are considering putting their homes on the market, they should do so as soon as possible.”
Despite the overall drop in number of homes sold, a number of area communities showed an increase in home sales over March of last year. They include:
Calumet City (62.5 percent increase in home sales)
Oak Forest (23.8%)
Orland Park (20.6%)
Park Ridge (31.3%)
Let your clients know that moderately priced homes are selling fast in this market. By working with a REALTOR® who understands the local market, sellers can better price their home and negotiate with potential buyers in order to get the best price.
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