The following info came via email yesterday evening from Redfin:
Redfin today published a report analyzing the speed of the real estate market and found that Chicago is the 19th fastest-moving market among Redfin’s 22 markets.
Things are heating up across the country, but in the last month Chicago saw a 22% year-over-year drop in the number of homes that went under contract in 14 days, as well as a 23% month-over-month decline.
Things might be slowing down, but the flash sale trend in Chicago continues, with 150 listings selling within 24 hours of hitting the market in April alone. Only four other markets saw more flash sales than Chicago.
It’s worth noting that 3 of the 4 markets that had more flash sales than Chicago (DC, Phoenix and Dallas) are smaller than Chicago.
Redfin statistics show Chicago with a 5.4 months’ supply of homes listed for sale. Of the 22 markets in which Redfin is active, only Atlanta (6.9 months) and Philadelphia (8 months) had slower overall market times.
The full report is available at Redfin’s blog.
Seeing the same thing in South Florida – the slow down is seasonal plus the lack of inventory. If you can find a seller with a desirable property, and get it on the market, obviously with your examination of the Flash Sales, you can see that the demand is there. I’m seeing a supply issue. Whatcha think?
No, it’s actually getting crazier.
Another thing, those Redfin stats are for the whole metro area, you know including places like Dolton, Maywood and Tinley Park. I recently read that about 50% of listings in the City of Chicago are under contract within 2 weeks.
About 1/3 of area suburbs are dumps, you can’t give away homes there.
These are great points above and I agree with Bob it’s more a supply factor in higher income neighborhoods. Even in parts of neighborhoods like Logan Square, Avondale and Albany Park where it was common over the last 4 years for rehabbers to snatch up a house for under $100,000…the $100,000 house has vanished and supply of houses hitting the market has slowed in general.
It can also be noted, those “24 hour sale stats” are probably dependent on when the data is entered into MLS etc… That is, a house may hit the market and have many offers within 24 hours. However, the seller may wait days to accept an offer. It’s common a house is effectively sold in hours, but officially the status would not be changed to “under contract” for days or even a week while details are worked out and Realtors get around to changing the status.