Gone in no time: Chicago homes sales speed up

They’re not exactly gone in 60 seconds, but Chicago-area homes are selling a lot quicker than they did last year.

January saw homes in 30 suburbs sell in half the amount of time it took for homes that sold in the first month of 2020, according to Crain’s. The data was from the Chicago Association of Realtors, Midwest Real Estate Data and ShowingTime.

Last month, Downers Grove homes sold in an average of 53 days, less than half the time compared to the ones that sold in January 2020. Similar numbers were reported for Brookfield, Clarendon Hills, Lincolnshire, Western Springs and Wood Dale, according to the publication.

In Chicago, nine of the city’s 77 neighborhoods also saw homes selling in half the time, the data showed, including Lincoln Park, Lincoln Square, Portage Park and West Ridge. While Beverly’s homes spent 68 days on the market — about 20 percent above last year’s mark — that was still less than the Chicago-wide average of 75 days, the reports noted.

The Chicago area’s blistering sales figures have led to a jump in licensed agents. A recent report from the Chicago Association of Realtors found a 40 percent increase in new members compared to 2019 numbers. The organization, which represents 14,500 brokers statewide, also reported that inquiries in its pre-license classes spiked 65 percent from July through December, compared to the same period in 2019.

Home inventory is also at a record low. As of December, there were enough homes listed to sustain just 1.8 months worth of sales, the lowest inventory since January 2008, according to another recent report. [Crain’s] — Alexi Friedman