Year-to-date growth in home sales slows, driving down market time

August 17, 2017

By Tracy Polgar, MORe Now Contributor

As inventory remains low, available homes are bought quickly


Although fewer homes were sold in the area this July than last July, homes in the Chicago area spent significantly less time on the market this year.
Low inventory may be the reason for the rapidity with which local homes are being purchased. The overall number of attached single-family homes sold declined 1.9% in July 2017 compared to July 2016, while the number of detached single-family homes sold decreased 4.3%. Year-to-date, total 2017 sales remain up slightly from 2016 for both attached and detached single-family homes. 

“While we’d hope to see a greater pace of growth year-over-year, there are reasons to expect inventory to increase in the near future,” said Catherine Terpstra, president of the MORe Board of Directors. “As increasing numbers of baby boomers move to smaller homes, to warmer climates, in with family and to care communities, more homes in our area will be put on the market.”

The decrease in time on market was most notable in Chicago’s western suburbs.
Communities that saw a notable decrease in time on market for both attached and detached homes include:

  • Aurora (65% decrease for attached homes, 31.9% decrease for detached homes)
  • Downers Grove (57.5%, 49.1%)
  • Hanover Park (52.6%, 32.1%)
  • Lisle (37.3%, 66.7%)
  • Lombard (51.2%, 37.7%)
  • Naperville (53.3%, 22.9%)
  • Oswego (43.2%, 31.3%)
  • Streamwood (52.4%, 33.3%)
  • Wheaton (51.4%, 52.8%).

“The numbers show that it’s the perfect time to list a home,’” said Terpstra. “With low inventory and eager buyers, homesellers have an opportunity to meet a demand in the market.”

What unique trends are you seeing in your local market? Keep the conversation going below...



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