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Spring 2020 Market Update
Dated: June 1 2020
For the last several years, we’ve provided you with a quarterly market update to provide insight to buyers, sellers, and casual observers on our local real estate market. This month’s update will be a little different: instead of focusing on Q1 numbers, we will drill down on how Elmhurst and the Chicago market as a whole have been functioning since the COVID 19 crisis and the ensuing economic downturn associated with the national and local “stay at home” order.
The most important item we’d like to convey is that the real estate industry has been operating as an essential business since day 1 of the “stay at home" order. The LW Reedy office has remained open and has successfully closed, sold, listed, and showed homes throughout Chicagoland.
While our typically strong spring market was sideswiped by the COVID 19 outbreak, we have seen a steady increase in real estate activity since the original “stay at home” order was enacted in mid-March. In fact, we are now seeing a delayed spring market, or market activity at levels we usually see in the spring in the real estate industry. We are now seeing the activity, in the number of showings, homes under contract, and inventory, that we anticipated seeing in March and April of this year. The chart below shows our activity in Elmhurst Homes Under Contract. The bar graph shows a significant drop off in homes under contract in mid-March. However, it also shows a steady and impressive increase over the last several weeks.
In fact, the late spring recovery is so impressive that Elmhurst saw 95 homes go under contract in May 2020, more than the 77 homes that went under contract in May of 2019. The first 2 weeks of June are following that trend, as we’ve seen 47 homes go under contract in the first 15 days of June this year compared to 40 in June of 2019.
While we tend to focus on local numbers in these posts, this is still an issue statewide, nationally, and globally. Below are a couple of articles that provide additional insight into a broader market and economy.
- According to "Purchase Applications in Illinois Beat Out Last Year's Number," an article in Chicago Agent Magazine, lenders are seeing an increase in purchase applications after an initial dropoff.
- In "The Worst Is Over, Says NAR Chief Economist Lawrence Yun," another article from Chicago Agent Magazine, the NAR’s chief economist shares his opinion that “the worst is over” and predicts a delayed spring market as the economy returns over summer and fall.
Now more than ever, a local agent is essential to making wise decisions regarding your real estate needs. As always, if you are thinking of buying or selling, contact your favorite LW Reedy Agent to help guide you with your decisions.
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