This year has started off very hot, with buyers coming out in greater numbers than in the past. If you look at the following charts showing activity for all of Chicago, there was an increase of 16.6% year-over-year for contracts written on single family detached homes and a 35.2% increase for single family attached (condos, townhomes, etc.).
So what’s going on with this? Why has there been consistently more places going under contract in the late fall and now a spike in January?
In my opinion, there are multiple reasons at force here.
- We are past the holidays and always see a spike in January. There’s no more “spring market starts after the Superbowl”. It starts January 1st.
- We are past the presidential election.
- We are receiving good news about COVID-19 vaccines.
- Buyers are wanting to get an early start.
- Buyers that didn’t buy a year ago because of COVID, are starting to look now, in addition to the normal number of 2021 buyers.
It’s hard to pinpoint which reasons have the greatest effects and in what proportion, but all we can do is look at the data and adjust accordingly.
If you’re thinking about putting your home on the market, you should be able to take advantage of this early frenzy.
Specifically, buyers are looking for open floorplans, more space (for working from home), and are quickly working their way back to the core neighborhoods of Chicago.
It’s going to be a very exciting spring market in Chicago. If you’re planning to make a move, give me a call at 847.373.8114, or send me an email to: email@example.com