The Real estate Market in Illinois AND Indiana is still good, due to a shortage of Listings.
There are still buyers out there, despite interest rates being around 6.6%.
Another measure we use to determine market activity is called Absorption rate.
AB rates: less than 5 (months) indicate a Sellers market.
AB rates 5-7, indicate a balanced market.
AB rates greater than 7, indicate a buyers market.
NW Indiana, including Cedar Lake, Munster, Dyer, Highland, Schererville, St. John and Crown Point, is currently at 1.8.
If you are a seller, this is still great news. Listing inventory is low.
If you are a buyer, this is still good, because there are fewer buyers and less competition. Fewer multiple contracts.
In the Southern Cook county Illinois suburbs of Lansing, Thornton, South Holland and Lynwood, the AB rate is 2.6. Yes, a Sellers market with the same reasons as Indiana.
No comments:
Post a Comment