June Update on the State of the Chicago Market

June. Was. Crazy.

There was lots of speculation over what we thought could happen, although no one knew for sure. Once we saw numbers starting to creep back up in late April, we could see a market heating back up, but with demand rising faster than inventory. Buyers are more easily able to go back out looking than sellers are to prep and list their place.

This trend continued and what we saw in June was a normal spring market from March through May, but condensed into June. This is not a normal June by any means. If you look at the new contracts in June in the data below, you can see we are WAY above last year’s numbers. That’s because in a normal year the market dies down around Memorial Day and people go out enjoying their summer.

This year though? Those that needed to move are making that move NOW and that means paying a premium if they have to, to fight over the housing stock that’s out there. Multiple offers are the norm again, prices are creeping up, and July should be more of the same.

 

Year-over-year Change
New Listings Detached New Listings Attached Under Contract Detached Under Contract Attached Homes for Sale Detached Homes for Sale Attached
Week ending
March 7th 4.3% 5.6% 32.9% 16.4% -16.9% -4.7%
March 14th -8.1% -0.5% 39.3% -3.2% -17.1% -3.9%
March 21st -34.0% -33.9% -2.0% -25.8% -17.2% -2.9%
March 28th -48.0% -55.5% -30.3% -45.4% -18.8% -5.4%
April 4th -51.8% -64.0% -37.2% -58.3% -19.1% -8.3%
April 11th -62.6% -61.2% -44.9% -64.7% -20.0% -11.8%
April 18th -37.9% -47.5% -30.9% -65.2% -22.4% -13.0%
April 25th -47.0% -59.6% -22.4% -40.1% -22.2% -13.5%
May 2nd -39.2% -40.7% -23.0% -40.0% -23.7% -15.4%
May 9th -25.5% -30.1% -16.8% -24.9% -24.4% -16.8%
May 16th -37.9% -35.0% 17.9% -23.4% -24.9% -18.3%
May 23rd -20.3% 6.3% 17.2% 1.6% -27.5% -18.8%
May 30th -30.0% -22.3% 13.5% 16.4% -27.2% -16.8%
June 6th -28.2% -21.0% 7.5% -5.3% -28.5% -17.5%
June 13th -20.8% 3.1% 43.6% 5.6% -29.6% -17.1%
June 20th -16.5% 11.4% 42.3% 31.1% -30.5% -15.2%

 

What’s interesting is that new listings are just not bouncing back as fast. That’s why you see this consistent depressed amount of homes for sale in the marketplace. Every neighborhood and niche is different though, but across the board in the higher demand markets, we’re seeing places fly off the shelves if they’re priced right. Next month we’ll start looking at what median prices are doing in some markets. We’ll have some solid data to look at by that point.

My June was my best month on record. And not by a little. By more than DOUBLE. I put $2.5M under contract in June. That would be about $30M in a year if that was a normal month for me, which would put me in the top 0.1% of REALTORS in Chicago. Handling all these transactions on my own is tough, and while I had to learn how to organize myself and my days, I’m willing to work overtime and strike while the iron is hot. I’m making sure I’m taking care of my clients as best as possible as I don’t want anything to fall between the cracks.

But I’ll be ready for a nice calm Fall. If it comes.

 

If you’re looking for more information, feel free to call me at 847.373.8114 or email at andrew@andrewhasdal.com. I’m always wanting to help as many people as possible find their home in Chicago, so share my contact info with someone you know looking to get into the market.

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