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Homes see less time on the market

Chicagoland homes continued to fly off the market in June, with the average time on market decreasing 10.7 percent over the same month last year, according to statistics released today by the Mainstreet Organization of Realtors.

This, combined with the 7.1 percent decrease in home sales over last year, is a result of continued low inventory in the area.

While the number of homes sold in June decreased over the same month last year, June experienced an increase in sales over May 2018, with 4,586 homes sold in June compared to 4,196 in May. This indicates that while most people aim to buy in early summer months, this year's buying season may last longer.

"Because of the area's lack of available inventory, homebuyers may be struggling to find houses that fit all of their requirements early on in their searches," Karen Irace, president of the More board of directors, said. "It's likely we'll see more buyers continue to make offers on homes throughout the summer and early fall."

Some area communities are experiencing a larger decrease in average time on market than others. These communities include Batavia (38.8 percent decrease in average time on market); Calumet City (-42.6 percent); Chicago Heights (-56.0 percent); Elk Grove Village (-58.6 percent); Geneva (-48.8 percent); Keeneyville-Roselle (-36.1 percent); North Aurora (-45.5 percent); Sycamore (-62.6 percent); Vernon Hills (-49.3 percent); Villa Park (-36.1 percent); Wauconda (-64.6 percent); and Woodridge (-35.5 percent.)

"Every community's inventory is different," Irace said. "But buyers may have difficulty navigating whether a seller's asking price is in line with the value of similar homes in the area in an area where inventory is low and prices tend to trend upward as a result. "

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