February Real Estate Market Report for West Town & Chicago

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The February real estate market was heating up in West Town even as the snow fell.  New Listings in the West Town neighborhood decreased 7.7% for detached homes and decreased 5.3% for attached properties. Listings Under Contract decreased 18.2% for detached homes and decreased .6% for attached properties.

The Median Sales Price in West Town was $980,000 for detached homes and $480,000 for attached properties. Months Supply of Inventory for detached units is at 4.4 months and 2 months supply for attached units.

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Chicago Real Estate Report

New Listings in the City of Chicago were down 11.3% for detached homes and down .8% for attached properties. Listings Under Contract increased 6.5% for detached homes and decreased 5.8% for attached properties.

The Median Sales Price in the City of Chicago was $208,500 for detached homes and were $344,000 for attached properties. Months Supply of Inventory is 3.4 months for detached units and 2.8 months for attached units.

There still continues to be very low inventory in Chicago.  For sellers, this means it’s a great time to sell and for buyers they need to act quickly if they find a property that they love since there is a low supply of condos and houses.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

 

 

 

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