"Where is the market headed?" .... "What's going on, are we still in a Seller's market?"...
We seem to get asked these questions almost daily, so here are 3 quick food-for-thoughts:
-The market is still a Seller's market as of now but shifting. What that means is we are in a low-inventory market still, and buyers are struggling to see a huge number of properties hit the market...however, we are slowly increasing the number of inventory available. Right now, on today's date, we are at about 4 months of inventory available. Real estate data experts state that once a market hits 6 months or more of inventory available that it is a Buyer's market.
-Chicago is still at record-high for the last several years in terms of the dollar amount properties are selling for (at this time last year, prices were about 2.5% lower).
-What we are seeing change slightly (and very slightly) is the amount of time properties are spending on the market. There are a few days difference between this time last year and where we are presently - nothing significant, but again, making that slow shift towards a Buyer's market.
To summarize the above, none of these are "good" or "bad" - it just means our market is evolving and changing and investors, buyers and sellers will have to recognize that to understand how that affects pricing and inventory.