Summer's hot and so is seller's market in Chicago suburbs

Chicago's suburban housing market is heating up as the temperature rises outside. Prices are up and homes are spending less time on the market and drawing multiple offers. "As a result, both buyers and sellers need to be market savvy," said Lynn Madison, president of the Mainstreet Organization of REALTORS (MORe) board of directors and owner of Lynn Madison Seminars. "Even though it's a seller's market, sellers still need to price their homes appropriately," Madison said. "And, sellers need to take steps to make their homes marketable. Buyers are not going to overpay."

Statistics released today by MORe show the number of single-family detached houses sold in MORe's region - which includes about 200 communities in DuPage, Lake and suburban Cook counties - increased by 9.1 percent (4,002 houses) in May, compared to May of 2015. The median sale price of houses continued its upward climb, increasing by 4.4 percent to $249,900 in May, while the average time these houses were on the market went down by 4.9 percent to 98 days.

"This is a good, healthy, sustainable market," said Madison. "Prices have been on a steady upswing since the beginning of 2015." Through the month of May this year, the number of single-family detached houses sold in the Chicago suburbs is up 8.2 percent to 14,620, and the average sale price is up 4.3 percent to $269,078, compared to the year-to-date numbers seen for January through May in 2015.

The number of single-family detached houses placed under contract in May also continued its upward trend, increasing overall by 17.7 percent to 5,196 houses. Local communities that saw a pronounced increase in the number of houses placed under contract include Bartlett (39.7 percent), Naperville (12.2 percent), Calumet City (55.2 percent), Villa Park (46.9 percent) and Wheaton (28.8%).

Communities that recorded notable growth in the number of houses sold in May include Buffalo Grove (69.4 percent), Schaumburg (31 percent), Downers Grove (32.1 percent), Naperville (17.1 percent), Tinley Park (10.6 percent) and Palatine (73.8 percent). MORe's data is provided by Midwest Real Estate Data, LLC.

"We're seeing multiple offers on homes and reduced time on the market," Madison said. "Buyers and sellers need to work with a REALTOR who can help the buyers be ready to make a competitive offer and the sellers prepare and price their homes to sell."

If you would like to see the numbers for all of the communities MORe serves, please contact Tracy Polgar at tracyp@succeedwithmore.com.