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Average Time on Market Continues to Decrease for Chicagoland Homes


November 29, 2017
By Tracy Polgar, MORe Now Contributor
 
 
The average market time for single-family detached homes is down 11.0 percent in October over the same month last year, according to MORe statistics.
 
Over the same period, the number of homes under contract increased 12.0 percent, from 3,029 homes to 3,393. Median sales price also experienced a slight rise, of 5.2 percent. These trends reflect the low inventory the area has been experiencing this year.   
 
“Historically, we see home sales slow toward the end of the year,” said Karen Irace, president of the MORe Board of Directors. “This year, the low time on market and increased sale price indicate that potential homebuyers who would have purchased a home in spring may still be waiting for properties to go on the market.”
 
A number of communities stood out for a decreased time on the market based on October 2017 sales data. They include:
  • Alsip: 73.0 decrease in average market time
  • Brookfield (-29.0%)
  • Calumet City (-55.0%)
  • Crete (-37.1%)
  • Elmhurst (-25.7%)
  • Hainesville-Grayslake (-39.0%)
  • Hoffman Estates (-35.0%)
  • Lake Villa-Lindenhurst (-35.3%
  • Naperville (-23.6%)
  • Oak Forest (-29.6%)
  • Streamwood (-52.9%)
  • Tinley Park (-46.9%)
 
2017 may be drawing to a close, but there’s still time to close deals in this seller’s market. Attractive properties that are priced correctly are going to sell quickly, even given the coming winter.
 
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