This month, we’re diving into the trends being seen over the summer months, thus far. Real estate is an ever-changing field that continues to ebb and flow, and I am thankful for the opportunity to share the experience with all of you!
Summer 2023 Case Study: Closing on a Cottage in Clarendon Hills
352 Ridge Avenue in Clarendon Hills
The objective for our seller at this property in Clarendon Hills was simple: to sell the home and close on it within one month…without drama. Considering the inventory in the market, comps, and other factors, our team put together a unique marketing and pricing strategy to launch this property to market. Within our client’s one-month deadline, we were able to list, show, survey multiple offers, and settled on accepting an offer that came in at $133k over asking price. Goes to show, even in uncertain market conditions, there are ways for your objectives to be met if you partner with the right agent! (Watch the Reel on Instagram >>)
The Data: State of the Local Market
Looking at a rolling six-month comparison, the Chicagoland market shows a 20% decline in pending transactions when comparing 2023 with 2022 (single family houses only). A rolling three-month look shows a decline of 18.6% when comparing Q2 2023 with Q2 2022; a modest gain overall, but notable. These numbers are in line with what was predicted for our market headed into 2023. Each community has its own unique statistics, of course, when comparing to the market at large.
For single family homes, and not taking into consideration anything that has been sold off-market (private listing network, etc.), you would see a 42.7% drop in transactions when comparing first half of 2023 versus first half of 2022. A closer look, however, suggests a strengthening market in Hinsdale, with only a 35% decline comparing Q2 2023 with Q2 2022.
Clarendon Hills has a similar percentage when looking at first half of 2023 versus first half of 2022, down 41.5% in pending single family home units. However, Q2 2023 saw some progress, down only 18.7% when compared with units sold in Q2 2022.
Interestingly, Oak Brook has seen stability in transactions when comparing first halves 2023 versus 2022, with the same amount of units sold in both halves of each year.
As always, real estate is local, sometimes hyperlocal!
Have questions about your specific neighborhood or the value of your home? Looking on guidance for when might be the right time to sell? Contact us through our website, request your home value directly from us online, or call Mike directly at (630) 447-9393 to schedule a complimentary consultation.