In response to a request, Redfin furnished data for the Chicago market:
Chicago home tours in February 2013 were up 14.3% month over month, compared with a 9.2% increase in tours during the same period in 2012.
Chicago signed offers in February 2013 were up 63.1% month over month, compared with a 52.9% increase in offers during the same period in 2012.
It’s interesting that the number of signed offers, on a percentage basis, rose much faster than the number of home tours. Is that an indication that buyers, aware of the much-reported inventory shortage, are making decisions after seeing fewer homes? Are there more offers because buyers are making multiple offers and losing out in competitive bidding situations?