Any of you females/males out there know what it feels like to have 3-5 day unwashed hair? I sure do! Messy buns are life saving in a busy world. This space is a judgement free zone! But we aren't here to talk about hair hygiene (maybe in a future blog), lets jump in about 3 facts you need to know about the Chicago market.
To grab a better understanding of whats going on with the market in Chicago it is wise to look at a full over view with whats happening to our inventory throughout all of Illinois. This August we have dropped 35.5% in inventory. It is not abnormal to see real estate slow down in the winter months in Illinois (much due to weather and the holidays) but this pandemic has caused quite the shift into a sellers market. Supply is down, and demand is high.
2. For those economists out there, this is a basic supply and demand example. As we have less homes for sale, and the demand is high it is expected that we see home sales price increase. Take a look at this chart. Home sales prices are up 11.3% compared to August of last year.
3. Now that we have a small over view of whats going on in Illinois lets dive a little deeper into what the stats show for the City of Chicago. As expected, we are down 11.1% in the sale of homes compared to Chicagos sales in August of 2019. Home sales prices are up 6.3% compared to August of 2019 supporting the effect of supply and demand. Take a look at the chart below it will show how Chicago is doing compared to Illinois as a whole from 2015 through August 2020. Been a crazy ride this year, but real estate is one of the leaders in this years economy.
Here is your activity snapshot :)
Thanks so much for dropping in!
Sources for all charts and information by: Illinois Realtors.