It’s a hot-and-cold picture.
Illinois, as well as the Chicago Metro Area, home sales dipped more than 6% in August 2019. On the other hand, median price saw bigger increase than previous months. Statewide median price was $214,000, a 7% increase compared to $200,000 a year ago.
What does it tell us?
From the perspective of supply-and-demand balance, it tells us there is a slight shortage of housing supplies. Therefore, price is pushed up, as the market struggled to meet consumer demands.
Yet from my experience, many areas, especially the pricier neighborhoods, are having a pretty “cool” summer in terms of market activities. Experts say long-term consumer sentiment is still positive, but short-term actions are clouded by many uncertainties, including city & state budget, talks of economic downturn, trade wars, and the trend of interest rate.
If we look at the trend in micro neighborhoods, we are seeing many areas transitioning from seller’s market to buyer’s market. Roughly speaking, if an area’s median sales price is above $400k, it is most likely stepping into a buyer’s market now.
For example, cooling markets (cooling for sellers, but good changes to get deals for buyers) including Northbrook, Glenview, Wilmette, Winnetka, Hinsdale, Oak Brook, Lake Forest, as well as Chicago loop i.e. the “pricier” neighborhoods. So if you are looking to buy into a good school district, an established neighborhood with great infrastructure, now is the time. And buying from us will help you save more with our buyer rebate program.
Markets that are still firmly in seller’s market include Skokie, Evanston, Niles, Morton Grove, Naperville, Westmont, Downers Grove, and uptown Chicago, Chinatown and Bridgeport, etc. As long as a home is priced right, it generally sells within 1.5 months. If your home has been sitting on the market for too long, it’s time to reflect on the marketing strategy. And if you would like to save more, with Realex Realtor’s flat fee program, you get to keep your hard-earned equity.