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Market Snapshot
- In August 2016, 2,802 homes sold in the City of Chicago. This is a 3.7 percent increase from August 2015.
- The median sales price in the City of Chicago for August 2016 was $273,500, up 0.9 from this time last year.
- The City of Chicago saw listings average 68 days on the market until contract, a 6.8 percent decrease from 73 days in August 2015.
- “We saw a strong surge of late-summer buying in August which lifted sales to positive annual gains,” Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president of government relations at the Inland Real Estate Group of Companies, Inc. “The downside to this is that inventories in the city of Chicago saw a notable 14.7 percent decline, making August the fifth month in a row where we’ve seen double-digit percentage decreases in the number of homes for sale.”
*The City of Chicago Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.
INVENTORY
- City of Chicago inventory is down 13.8 percent, from 10,437 in August 2015, to 8,998 in August 2016.
- In the City of Chicago, the month’s supply of inventory is down 19.6 percent, from 4.6 in August 2015 to 3.7 in August 2016.
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Safety is important!
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