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Report: Average time homes on market decreases

The average market time for single-family detached homes is down 11 percent in October over the same month last year, according to statistics released today by the Mainstreet Organization of Realtors based in Downers Grove.

Over the same period, the number of homes under contract increased 12 percent, from 3,029 homes to 3,393. Median sales price also experienced a slight rise, of 5.2 percent.

"Historically, we see home sales slow toward the end of the year," said Karen Irace, president of the MORe board of directors. "This year, the low time on market and increased sale price indicate that potential homebuyers who would have purchased a home in spring may still be waiting for properties to go on the market."

A number of communities stood out for a decreased time on the market based on October 2017 sales data, compared to October of last year. They include Alsip (73 decrease in average market time); Calumet City (-55 percent); Crete (-37 percent); Elmhurst (-25.7 percent); Hainesville-Grayslake (-39 percent); Hoffman Estates (-35.0 percent); Lake Villa-Lindenhurst (-35 percent); Naperville (-23.6 percent); Oak Forest (-29.6 percent); Streamwood (-53 percent); and Tinley Park (-47 percent).

"My advice to sellers would be to put their home on the market before the end of the year," Irace said. "It's a seller's market and nice properties priced correctly are going to sell quickly."

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