May 2020 Market Update
HERE'S YOUR NORTHERN ILLINOIS MAY 2020 MARKET UPDATE
We are seeing a significant shortage of inventory as sellers have either delayed or completely postponed putting their homes on the market. However, there are lots of buyers out as is typical in the spring and summer markets, especially with the extremely low interest rates right now – but not enough homes for these buyers.
McHenry County: We saw a 5% decrease in homes sold in May over April and a nearly 27% decrease compared to May 2019. Inventory is likely a large contributor to this as new listings were down 30% compared to this time last year.
Lake County: We saw a 2% increase in homes sold in May compared to the previous month and a 30% decrease compared to May 2019. However, new listing inventory was down about 35% compared to May 2019.
Cook County: We saw a 14% decrease in homes sold in May compared to April and a whopping 40% decrease compared to May 2019. However, new listing inventory was down about 30% from May of last year.
We are officially rebounded from pre-Covid showing numbers, with showings up 2.7% from this year’s pre-pandemic peak and a staggering 11.2% from this time last year. Buyers are out and looking and we need more inventory for them.
If you are having any thoughts of selling, please let me know. Buyers - it’s still a great time to buy to take advantage of these historically low rates, but be prepared for some competition. As always, reach out if you have any questions.