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Real Estate Market Update - Northwest Suburbs - July 2015
Let's get to those Northwest Suburban real estate questions!
What's been happening in our current real estate market? What's trending? The housing inventory level is now unchanged from June levels. The amount of homes that go under contract has also been unchanged from June. In our area 3 times more listings come on the market than those that go under contract. Competition among sellers continues to be a factor as we have not recovered as quickly as other larger national markets.
Our Northwest Suburban market is still considered a 'sellers market' based on current inventory levels. Prices should be increasing with fewer home selections. Our average market times show homes are not selling as quickly as the low inventory would suggest. We need low market times & low inventory levels for prices to increase more rapidly & buyer demand to become frantic. Overall for this July report days on market has decreased.
And those Prices? Prices have flat lined from June but have certainly increased from 2014. The indicators are showing that the prices will continue to increase but only marginally. Our market is now considered 'a sellers market' but we still have too much inventory for prices to increase. Multi-family ... more
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