CHICAGO (CBS) — The median home price jumped 12.9 percent from $155,000 in March of last year to $175,000 this March.
As CBS 2’s Mai Martinez reports, that means good news for sellers, for buyers, not so much.
There was a time when “For Sale” signs blanketed neighborhoods, but these days, they’re getting harder and harder to find in the Chicago area.
The reason? Simple supply and demand.
“We’re at a 15-year low with inventory, so that’s huge,” said Meredith Manni Meserow, a Koenig Rubloff broker.
As for the homes that are on the market, brokers says the competition is stiff.
“I have been in no less than seven multiple offers this spring,” said Koenig Rubloff broker Anne Rodia.
Because of the high demand and short supply, home sales are down 11.1 percent, but prices are up 12.9 percent.
That means buyers who want a property better be ready to pay a lot more, but even that doesn’t guarantee a sale, something Anne Rodia discovered after making an recent offer for a family on a 2-flat selling for $569,000.
“We went almost $100,000 over the asking price, and we did not get it and at last word, I knew of nine offers and I think there may have been 13.”
That kind of competition creates a sort of buyer-frenzy for any available properties.
“They’re begging for pre-MLS listings so that they go in and buy it. They don’t want to be in multiple offer situations,” said Ro Lebedow of Koenig Ribloff.
That means some properties are sold before they’re even officially listed.
“You can only buy what’s available,” said Lebedow.
Currently, most homes in the Chicago-area sell in an average of 72-days. That’s down 11-days from this time last year.