Park Manor currently leans toward sellers, with the market gauge firmly in seller’s market territory and only 1.6 months of supply available. Homes are typically going under contract in about 40 days, which is slightly faster than a year ago. Compared with Chicago overall, where supply is closer to three months, buyers here face a tighter set of options.
Prices in this rolling three-month view are elevated compared with last year, with the typical home value up more than 25 percent year over year. At the same time, the number of homes sold has fallen over 30 percent and active listings are down more than 50 percent from a year ago, highlighting just how limited inventory has become. New listings and pending sales have also dropped sharply year over year, so fewer homes are both coming on the market and reaching contract.
Competition for the few available properties looks intense. Nearly every home in the latest period sold above list price, and the average sale-to-list ratio is running more than 12 percent over asking. That level of bidding pressure helps explain why supply has shrunk so dramatically from the higher levels seen in past years. With conditions this tight, buyers benefit from an agent who can move quickly and negotiate smartly, while sellers gain from an agent who can price and position their home effectively, and Agent Pronto can connect both sides with the right local expert.
