Chicago Real Estate Market Update: March Sales Almost A 16 Year Record

Chicago Real Estate Market Update: March Sales Almost A 16 Year Record

March had the 2nd highest home sales in 16 years

Last March set a 15 year record for home sales in Chicago – by a lot, as you can see in the graph below. That graph plots the monthly sales figures and a 12 month moving average with all March data points flagged in red. So it’s truly remarkable that this March came even close to matching that sales performance. It fell short by only 1.7% and surpassed all other March sales numbers over the last 16 years by a healthy margin. Just as a point of reference it surpassed the 2020 number (still pre-pandemic) by more than 60%!

Note that in two weeks the Illinois Association of Realtors will report this as a 3.8% shortfall.

Chicago home sales had been declining now for several years but the Coronavirus really tanked the market in May and June of 2020. The market returned to more normal levels starting in July 2020 and is now setting new records.

Chicago Home Contract Activity

The contract numbers keep looking like the market is slowing down but, for reasons I’ll get to below, that’s not yet translating into lower sales figures. Contracts are down 13.5% from last year, though you can see in the graph that they remain at the upper end of the historic range.

Chicago home sale contract activity is still at the high end of the historic range

Pending Chicago Home Sales

When we look at pending home sales we get a clue as to why closings are still chugging along. The pipeline of homes under contract is being depleted. March saw a decline of 957 units from last year. And you can see the moving average trending down. At some point this supplement runs its course and starts to impact sales.

After hitting historic lows the backlog of homes likely to close in the next 1 – 2 months rebounded during the pandemic but is now starting to retreat again

Distressed Chicago Home Sales

There’s not that much room left for the distressed sales percentage to decline. Last March it was only 2.2% while this March came in at 1.9%. Not a huge difference. Keep in mind that the pandemic foreclosure moratorium ended a while ago so that’s not depressing the number either.

Since the housing crisis the percentage of home sales that are distressed has steadily declined to almost negligible levels.

Chicago Home Inventory

The home inventory situation remains devastating for buyers but awesome for sellers with only a 1.4 months supply of detached homes and a 1.7 month supply of attached homes – both of those being historic record lows. Those numbers compare to a 1.5 month and 2.5 month supply, respectively, last year.

After a big Coronavirus induced spike in April 2020 the inventory of homes for sale dropped back down. Both detached and attached inventory keep setting new record lows.

Chicago Home Sale Market Times

Finally the market times are more in synch with the inventory situation. Both detached and attached homes showed significant declines in March. Detached homes sold in only 60 days on average, compared to 72 days last year while attached homes sold in only 88 days down from 100 days last year. Those numbers are actually pretty pathetic compared to other markets in the country that are much hotter than Chicago. But half the detached homes here sell in 22 days or less while half of condos sell in 33 days or less. It’s the other half that are inflating the market times.

When the pandemic first hit Chicago market times rose but they finally recovered with detached homes hitting record lows.

#RealEstate #ChicagoRealEstate

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

Enter your email address:Delivered by FeedBurner

Welcome to ChicagoNow.

our bloggers,

post comments, or

pitch your blog idea.

Getting Real On Facebook

Subscribe To Getting Real

 RSS Feed

Enter your email address:

Delivered by FeedBurner


Meet The Blogger

Gary Lucido

After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

Featured Posts

How Realtor’s Lie To Get Your Business
The #1 Myth About Selling Your Home
The #2 Myth About Selling Your Home


market conditions (581)
Chicago home prices (237)
Case Shiller index (151)
Chicago foreclosures (136)
industry issues (92)
Chicago monthly real estate market update (90)
real estate agents (66)
Chicago real estate market (64)
foreclosures (60)
Neighborhood news (58)

Monthly Archives

April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010


Getting Real’s favorite blogs

Crib Chatter
Real Estate Decoded
Smart Mortgage Advice
The Real Deal – Chicago

Read these ChicagoNow blogs

Cubs Den

Chicago Cubs news and comprehensive blog, featuring old school baseball writing combined with the latest statistical trends

Pets in need of homes

Pets available for adoption in the Chicago area


It’s like the couch potato version of Mr. and Mrs. Smith.

About ChicagoNow



Recent posts RSS

Privacy policy (Updated)

Comment policy

Terms of service

Chicago Tribune Archives

Do not sell my personal info

©2022 CTMG – A Chicago Tribune website –
Crafted by the News Apps team

Read More

Leave a Comment

Your email address will not be published.