Market Slowing in 4 of Chicago's Popular Neighborhoods

4 of Chicago's popular neighborhoods, Lakeview, Lincoln Park, Near North, and the Loop have seen some slowing of activity, according to data from Chicago's MLS.  Compared to June 2013, June 2014 sales have dropped and inventory has increased slightly. Though the market is still considered active, market projections and trends indicate a slower market than we he have been used to seeing.

Sellers encouraged to list sooner rather than later

With the June comparative data now available, sellers are encouraged to take advantage of the current market as soon as possible. Decreases in home sales and increases in inventory indicate competitive pricing is an essential part of an expedited sale, as these homes are reporting low market times (as opposed to overpriced homes, to which buyers are still not responding.) We still reside in a "sellers market" despite the noted slow, but acting quickly will help make the best of a market that may not last much longer.

The current state of the market

Both unit sales and unit under contract figures have seen a drop since June 2013, with a 3.9% decrease and a 4.3% decrease, respectively. Similarly, home sales of homes priced under $500,000 have by 13.4%.

Alongside this data, inventory has seen a relatively steep increase since June 2013. Unit inventories alone rose 21.9%, while the supply of inventory rose 29.5% during the same period, keeping in mind that inventory levels last spring and summer were exceptionally low to begin with.

What do these figures mean for prospective sellers?

The market is still a great place for prospective sellers.  There is, however, a noted slow in pace compared to 2013 and earl 2014, and it is likely that we are seeing the beginning of a shift away from a "sellers market." Waiting to move up will not be ultimately beneficial to your budget (and often proves harmful), and taking your chances with the future is, unfortunately, not supported by current market statistics and projections.

If you're unsure whether or not now is an opportune time to sell, don't hesitate to send us an email or give us a call. We'll be happy to talk you through your specific situation, and let you make and informed decision for yourself.

Real Group Real Estate

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