Inventories Tight in March but Number of Homes on Market Climbing

April 24, 2014

Real estate in ChicagoThe Illinois Association of Realtors® has announced housing numbers for March, and the good news is that median prices are up a whopping 9.7 percent… but home sales in the state decreased 11.6 percent over previous-year levels in March. While that number may sound disappointing, it is important to note that statewide inventories were down 15.8 percent compared to the year before, dropping from 69,869 homes for sale in March 2013 to 58,858 this year.

Specifically in Chicago, the Illinois Association of Realtors® showed that home sales (single-family and condominiums) in March 2014 totaled 7,177 homes sold, down 11.1 percent from March 2013’s sales of 8,072 homes. The median price in March 2014 was $175,000 in the nine-county Chicago Metropolitan Statistical Area, up 12.9 percent from $155,000 in March 2013. On another positive note: the time it took to sell a home continued to drop year-over-year in March with listings averaging 72 days until sale, a 13.3 percent decrease compared to 83 days in March 2013.

The March report contains both good and bad news, as growth continues to be positive with low housing inventories and a decrease in the number of days to sell a home in Illinois signaling that consumers are feeling much better about the economy. However,  it may be even harder for homebuyers to find what they want this spring. While buyer demands outpacing inventory are definitely an issue, this is a sure sign to home sellers who may be on the fence that now is the time to get on the market while buyers are also enjoying low interest rates and competing for houses.

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About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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