It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions, including the Chicago area. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
New Listings in Irving Park were down 21% for detached homes but were up 23% for attached properties. In Chicago Listings Under Contract increased 4.1 percent for detached homes but decreased 2.5 percent for attached properties.
The Median Sales Price declined 1.8% percent to $474,000 for detached homes but was up14.4 percent to $260,2500 for attached properties. Months Supply of Inventory decreased 23.8 percent for detached units but increased 38.5 percent for attached units.
Monika Hajkowska of Five Star Realty Services said "that in light of the positive economic fundamentals and the improving weather in the Chicagoland area, we expect all facets of the industry to improve. We certainly expect the number of listings to increase and the price of single family detached homes to continue the upward trend."
Get the stats http://bit.ly/IP-Feb2019
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