As the fall season is upon us and Realtors begin to reflect on the last 3 quarters, one fact is true: less homes to sell to/for our clients. Translation: buyers are still scrambling for the right homes to purchase. This also means less transactions for our industry practitioners.
In this short supply market, my group feels extremely blessed to continue to introduce new listings to the market. Below is a sampling of the properties we've recently listed and were able to quickly get under contract for our sellers...
Home Availability and National Inventory
At the national level, we’ve seen an increase in available inventory. However, it is still (barely) below 2022’s unsold inventory levels.
Price Reduction Trends
This is a metric worth following, especially this time of year, as it can be an indicator of sales and inventory. With unsold inventory higher than we’ve seen it year-to-date, we’re also naturally seeing some strategic price reductions in an effort to sell off inventory before the winter months. In short: as inventory builds, fewer offers come in and prices are subsequently reduced.
New Listings: Q3 2023 v. Q3 2022
Nationally (all MLS) there were 28,535 new listings in Q3 2023. This is 18.8% fewer new listings than we saw nationally in Q3 2022.
Locally…
Clarendon Hills had 28 new listings in Q3 2023, 41% fewer than Q3 2022.
Elmhurst had 196 new listings in Q3 2023, 13.3% fewer than Q3 2022.
Hinsdale had 92 new listings in Q3 2023, 11.5% fewer than Q3 2022.
La Grange had 64 new listings in Q3 2023, 14.7% fewer than Q3 2022.
Properties Going Under Contract
Nationally (all MLS) 18,913 listings went under contract in Q3 2023. This is 9.4% fewer than the same quarter last year.
Locally….
Elmhurst had 117 listings go under contract in Q3 2023, 9.3% more than Q3 2022.
Hinsdale had 35 listings go under contract in Q3 2023, 41.7% fewer than Q3 2022.
La Grange had 38 listings go under contract in Q3 2023, 13.6% fewer than Q3 2022.
Single family home pending sales in Clarendon Hills saw a drop of 27.6% in Q3 2023 when compared to the same quarter last year.
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Interested in your home value? Or getting guidance on if/when to sell? Schedule a complimentary consultation with Mike McCurry at themccurrygroup.com/sell-with-mike