Lower home inventory leading to a sellers market for spring

Sales of single-family detached homes in Chicagoland were down 5.9 percent in January over the same month last year, according to statistics released today by the Mainstreet Organization of Realtors.

The same lack of inventory that decreased sales led to an 8.7 percent increase in median sale price, from $219,000 in 2017 to $239,000 this year. Homes also saw a slight decrease in time on market, of 3.7 percent. The number of homes that went under contract in January experienced almost no change over the same month last year.

"A lack of inventory across communities continues to affect both home sale price and time on market," Karen Irace, president of the MORe board of directors, said. "While this trend is profitable for sellers, it means buyers will need to make quick decisions and often be forced into a multiple offer situation."

Despite the drop in sales across the region, a number of area communities showed increases in home sales over January of last year. They include Bartlett (70 percent increase in home sales); Elmhurst (29.2 percent increase); Glen Ellyn (25 percent); Gurnee (39 percent); Lake Villa-Lindenhurst (18 percent); Orland Park (61 percent); Oswego (27 percent); and St. Charles (24 percent).

"Though sales are down, there are still plenty of people in the market for a new home," Irace said. "Sellers should be prepared to show their homes soon after listing. If a buyer has their sights set on a particular community, they might be willing to make an offer, even if it's listed at a higher price than they might have hoped."