In an earlier post we talked about if there was a lack of inventory as reported by the Chicago Tribune. The early indicators from Chicago’s Near South Side was there was an uptick in active listings and a downturn in closed sales for February – April 2015 that took the monthly average sold price down.
This post is a market update to see how things have progressed now that we are at the half way mark for the busiest time of the year for real estate (May-October).
It looks like buyers and sellers got busy evening up supply and demand from February – April 2015 to May – July 2015. Buyers seem to be setting a higher pace this year than 2 years prior with already 158 sold units in just 3 months of the busy season. If this rate continues the Near South Side is poised to surpass the 2 prior years for number of units sold from May through October.
It looks like the 2 year high of number sold 2 bedroom units is driving the monthly average sold price back up from $375,000 in February 2015 to $430,000 in July 2015.
With TRID being benched until October 3rd and interest rate increases also being delayed; if you are thinking of selling now is the time to get the most return on your property. We are at an all time high in 2 years and the last 2 years were great.
Look out for my next blog in which this Chicago real estate appraiser will tell you the four things you need to tell the appraiser when you have a property under contract.
Do you want to know what is happening in your market? Let me know in the comments below.
Did I leave anything out or do you want to join the conversation? Let me know in the comments below.
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