Is the winter Chicago real estate market warming up?
Data released this week from the Chicago Association of Realtors shows signs of a very active winter real estate market in Chicago. The number of homes under contract in December 2016 were up 33% from the same time period in 2015. In the city, buyers put 1,716 homes under contract in the four weeks ending just before Christmas.
Crain’s Chicago Business points out that while not all of these contracts will end up as closed deals in the next one to two months, a majority of them will. This will ultimately result in an increase in the number of closings in January and February 2017.
With more closed transactions comes higher listing/sale prices. This means people looking to buy a Chicago condo should start the process right now before the competitive spring real estate market becomes even hotter.
Spring is usually a popular time for people interested in buying real estate in Chicago. Buyers can often find themselves in bidding wars, or miss out entirely on a listing because it goes under contract quickly.
The Luxury Living Chicago Realty team’s advice, especially in light of the new data, is to get ahead of the competition and start the process of searching for a new home right now.
If you are interested in learning more about purchasing a condo in downtown Chicago, click the button below to connect with one of our experienced Chicago real estate brokers.