Monthly Indicators A RESEARCH TOOL REFLECTING RESIDENTIAL REAL ESTATE ACTIVITY WITHIN THE 77 OFFICIALLY DEFINED CHICAGO COMMUNITY AREAS PROVIDED BY THE CHICAGO ASSOCIATION OF REALTORS®
March 2020
Quick Facts
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
+ 1.7%
- 12.7%
+ 10.1%
1-Year Change in Closed Sales All Properties
1-Year Change in Homes for Sale All Properties
1-Year Change in Median Sales Price All Properties
New Listings in the City of Chicago were down 22.1 percent for detached homes and 21.9 percent for attached properties. Listings Under Contract decreased 3.3 percent for detached homes and 26.9 percent for attached properties.
Detached Single-Family Overview
2
Attached Single-Family Overview
3
New Listings
4
The Median Sales Price was up 9.8 percent to $258,000 for detached homes and 11.6 percent to $355,000 for attached properties. Months Supply of Inventory decreased 20.3 percent for detached units and 6.3 percent for attached units.
Closed Sales
5
Under Contract (contingent and pending)
6
Median Sales Price
7
Average Sales Price
8
Average List Price
9
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.
Percent of Original List Price Received
10
Housing Affordability Index
11
Market Time
12
Months Supply of Inventory
13
Inventory of Homes for Sale
14
All Properties Market Overview
15
Current as of April 14, 2020. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2020 ShowingTime.