By James F. McClister
Chicagoland’s suburban single-family home sales slipped five percent from Jan. 2016 to Jan. 2017, according to the Mainstreet Organization of Realtors. But that hasn’t stifled the optimism.
“We are exactly where I would expect with the current lack of inventory. Without more homes coming onto the market, we remain in a seller’s market, which is bringing up prices and reducing time on market,” says Catherine Terpstra, president of the MORe board of directors. “People are very hopeful.”
Median sale price in January was up 7.3 percent year over year to $220,000, while average days on market fell by eight.
Additionally, despite total suburban single-family home sales dropping from 2,181 to 2,064, some markets saw a surge in home purchases. Des Plaines, Mundelein and Zion all saw sales increase by over 35 percent, while Hoffman Estates recorded a 26 percent bump. The most significant increase, however, was in Matteson, where sales doubled.
“The market improvements that started in 2012 are continuing,” Terpstra says, talking about where Chicagoland’s suburban market is heading. “Overall I think people are still feeling very hopeful: sellers see this as a good time to list and buyers are eager to take advantage of the continued lower interest rates. We are in a good position moving into the spring market.”