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For the full and colorful report brought to you by Fast Stats and the Chicago Association of Realtors
Click Link: Where Is The Chicago Real Estate Market January 2022
For an overview explained by yours truly read on. Also thank you for visiting this article. High Fives!
How did the Detached Single Family product sell in Jan 2022?
What is healthy market time? ~60 days: meaning for my sellers if you go beyond a 60 day market time based on the current market data, respectfully you are overpriced. One of my sayings is “Properly Priced Property Sells”. There is a fine line between denial and reality; knowing healthy market time can be a helpful indicator to determine which day we cross into one of those zones in the world of real estate.
How many buyers bought in January 2022? How much demand was in the market of Chicago? 760 properties went under contract. This is an insightful metric, showcasing how much demand is within the city of Chicago during a month. Most likely this will increase in the next month; however if this number declines that would indicate an out-of-season market slowdown.
What is a healthy price range? This report shows median sales price is $290,000. However, if you are a seller or a buyer I would need to know more of what you are looking for to provide what price range is healthy for the product you’re looking for.
Inventory is how many options a buyer will have to choose from. For sellers, this is how much competition you are facing to sell. Inventory in Chicago during Jan 2022 is 1,766. So the supply is 1,766 and the demand of buyers is 760.
How did the Attached Single Family product sell in Jan 2022?
What is healthy market time? ~108 days: meaning for my sellers if you go beyond a 108 day market time based on the current market data, respectfully you are overpriced.
How many buyers bought in January 2022? How much demand was in the market of Chicago? 1,532 properties went under contract.
What is a healthy price range? This report shows median sales price is $334,000.
Inventory in Chicago during Jan 2022 is 3,812. So the supply is 3,812 and the demand of buyers is 1,532. This indicates a potential “market imbalance” “Yes but no but” The buyers have the opportunity to buy among many options. Sellers and their desire to sell will be met with a choice of increasing time on the market or going to a realistic list price so they can move on with their life.
If you are looking to buy, sell, rent or invest in Chicago Real Estate and are interviewing agents feel free to reach out to me and we can see if we are a good fit. High Fives! Blessings.
