September Closings Rebound from Summer Lull
Following a month-long dip in August, the number of closings in the Chicagoland market rebounded strongly in the first week of September, rising by more than 20% over the week before. Still, the 3,845 listings that closed during the week ending September 6, 2021 was down slightly from the robust 4,185 closings for the same period in 2020.
Downward Trend in New Listings & New Contracts
The number of new listings to hit the market during the first week of September continued its 4-week downward trend, with 6,047 listings added to the market – a slight 5% drop from the week before.
This slight decrease can also be seen in the number of listings going under contract: 3,682 for the week ending September 6 compared to 4,101 the week prior, a 10% dip. In assessing the data for new listings and contracts last week, it’s important to note that the Labor Day holiday weekend likely depressed these numbers.
Closing Prices Remain Strongly Ahead of 2020
In continued good news for sellers, median sales prices continue to remain far above 2020 – with a median sales price of $282,000 for the week ending September 6 – down from the springtime peak of $310,000 but a healthy increase of nearly 11% over the same time last year.
What Does This Mean for Buyers and Sellers?
- With median sales prices remaining high and signs of a tightening in new inventory, people considering a sale of their home should act sooner rather than later to take advantage of prevailing demand.
- Those in search of a new home should be encouraged by signs that the supercharged seller’s market is continuing to cool. With more than 6,000 new listings hitting the market each week and sales prices stabilizing, buyers can be optimistic about closing on their dream home.
Source: MRED
Source: https://www.dreamtown.com/insights/current-real-estate-trends/
