There was a slowdown in home sales in Chicago in April, which was largely attributed to a dwindling supply of available homes in metro area. In its latest report, Illinois Realtors found the supply of homes on the market in Chicago was down a whopping 19.4 percent from a year earlier. The result? A 2.3 percent decline in home sales and 5.2 percent jump in prices.
There were 10,157 homes sold in the Chicago metro area in April. The Illinois Realtors noted home buyers in Chicago have become increasingly disappointed in what’s available and are unwilling to pull the trigger on a purchase.
“Buyers are interested, but are holding back because they just aren’t finding what they want,” said Doug Carpenter, president of Illinois Realtors. “Sellers seem to be waiting for prices to keep moving up.”
As for the price increase, single-family homes in Chicago saw a significant bump. In April, the median price of a single-family home in the Chicago metro area was $260,000—an 8.3 percent increase from a year earlier. Condo prices rose by 1.7 percent to $206,500.
While home buyers haven’t been particularly impressed with their options, those homes that are desirable a priced right are selling quickly. In the metro area, homes sold within 51 days of listing. In Chicago, homes sold in just 44 days.
In its report, the Chicago Tribune noted one reason homes are slow to hit the market is in many areas home prices have still not reached peak levels. As a result, owners that bought prior to the last housing crash are still waiting for prices to at least reach the break-even point. Until that occurs, it’s likely to remain slim picking for Chicago home shoppers.