|Unit sales rebounded nationally and in Chicago to either equal levels or up over 2019. (All photos Eric Rojas, Broker, Kale Realty)|
In February of this year some clients and real estate experts were sounding the alarm about the coronavirus. I was having conversations about potential impact when selling in the spring market. "If I buy a house will I be able to sell my existing condo?". Then we went full pandemic in March with shelter in place orders. Something most of us never saw coming or even fathomed. Yet, clients and brokers still had to make decisions. Some bought and sold, some sat out. Here's how some of the sales numbers have panned out.
The National Association of Realtors reports sales numbers have been resilient despite the pandemic and civil unrest. NAR's Chief Economist suggests "homes sales will be down only 2% - 4% at years end". Some year over year stats:
-National home sales are currently up about 10% year to year
-Inventory is down about 20%
-Current mortgage applications are up 27% year to year suggesting we may be stable the rest of the year.
|June and July were very active for our personal business. Chicago prices held strong through the worst pandemic months and July sales matched 2019.|
Meanwhile in the Chicago metro area unit "sales in the nine-county metropolitan area were up 12 percent in July from the same month a year ago" according to Crain's Chicago Business analysis of sales numbers by The Illinois Association of Realtors.
In Chicago, "2,725 homes sold in July, up 0.6 percent from July 2019, or essentially flat. The previous three months’ sales declines were sharper than in the metro area: 20.8 percent in April, 42.6 percent in May and 27.6 percent in June." Ouch. However, Chicago sales median price is up about 7.5% over July 2019.
It appears the Chicago suburbs did see a spike of activity from those seeking more space for their new "work-at-home, school-at-home" life.