Back in February I did a blog post on just how hot the Chicago real estate market was. At that time I looked at properties above $150,000 in a specific geographical area of the city that is extremely popular with high income demographics. With the Chicago April home sales numbers coming in so strong and today's discussion of those numbers on Cribchatter I thought I would do a quick update on that February post - a simple snapshot of how fast homes sold and at what kind of prices.
How Quickly Homes Are Selling In Chicago
Using the same methodology I used in my February post I looked at all the properties listed between April 1 - 16 and then looked at the outcomes of those listings as of today. A whopping 42% of those listings went under contract within 14 days of being listed and are still under contract and an additional 19% went under contract after 14 days. 42% is essentially the same level we were peaking out at back in February so the market is maintaining it's "hotness".
Keep in mind that properties listed on April 16 have not has as much market time as properties listed on April 1 but they've all been on the market for at least 14 days.
What Prices Homes Are Selling For
Something I did not look at in February that I have been looking at recently is what percentage of homes which sell are closing at or above list price. The numbers are astonishingly high and highly reflective of the multiple bid situations that have become endemic.
Don't Let Realtors Take Credit For Sales Successes
As I always like to point out this is the market speaking and does not attest to any special powers of realtors. If anything it looks to me like they are likely leaving money on the table.
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