September 2020 Market Update
In September 2020, the average sales price for all single family property types (single family, townhouse, condo) increased to $302,301 from $295,100 in August. The number of homes for sale and market times continue to decline. The number of home closings declined for the first month since May 2020 (120 closings) from the high in August (247 closings). The market continues to favor sellers as buyers scramble to find a home and beat out other buyers with frequent multiple offer situations. This is reflected in a 99.7% sale price to last list price ratio, indicating sellers are getting more than the long term average (98.6% over prior 12 months) for their homes.
The Chicago Primary Market Statistical Area (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties) saw prices decrease in September vs August ($351k average sale price). Market time has been consistently decreasing since a high of 108 days in February 2020. Listing inventory has been decreasing, while sales have been increasing, leading to a shortage of overall inventory. Months supply of inventory currently stands at 2.8 months, indicating a seller's market for most cities in the PMSA.