Home Sales in Chicago Speeding Up

new homes in chicago selling fastYou won’t believe some of the amazing stories we are hearing about lightning-fast home deals when it comes to real estate in Chicago! Even with 40.8 percent fewer homes on the market in January 2013 than January 2012 and home prices edging up a little, you don’t expect to hear of deals like:

  • A townhome in Old Town and a two-bedroom condo in Lincoln Park both sold in under a week.
  • A River North three-bedroom loft sold in a day with multiple offers.
  • A two-bedroom loft in the West Loop with 35 showings in the ten days it took to sell.

Even with these outliers, MRED and Chicago Agent Magazine report that the average time on market for a Lincoln Park condo has gone from 142 days in January 2012 to just 93 days in January 2013. Other reports also show a more than 30 percent drop in days on market, with areas like West Town dropping from 203 down to 139 average days on market.
Of course, these encouraging numbers are led by desirable home traits, including location, quality and price. While it can be difficult to match all of these, if you can build everything that buyers want, they will come.