Low inventory contributes to drop in area home sales

The number of detached single-family homes sold in Chicagoland dropped this September, due to a continued lack of inventory in the area, experts say.

The number of houses sold last month decreased 9.9 percent over September 2017, according to statistics released today by the Mainstreet Organization of Realtors.

"Buyers and sellers shouldn't be concerned about this drop in sales," said Michael Gobber, president of the More Board of directors. The average market time also decreased 13.8 percent, and the median sale price increased 4.2 percent, indicating a continued lack of inventory, she said.

"September's decrease in home sales isn't due to a lack of interest in area homes. It's because there aren't as many homes on the market," Gobber said. "Home sales tend to slow this time of year. This combined with a lack of inventory make last month's drop in home sales seem more significant than it really is."

Despite an overall drop in area home sales, a number of communities showed an increase in sales over September of last year. These communities include Addison (29.2 increase in home sales); Batavia (23.1 percent); Brookfield (25 percent); Evergreen Park (35.3 percent); Hinsdale (50 percent); Naperville (20.6 percent); Park Forest (22.2 percent); Sycamore (40 percent); Villa Park (36.8 percent) and Westchester (47.1 percent).

"To make the most of this period of low inventory, buyers may want to start their house hunt in the coming months as the weather cools down," Gobber said. "Fewer people search for homes during the winter, and sellers often lower their prices. While fewer homes will be on the market, buyers may find a better deal."