Homes
Property transfers p. B12
September 16, 2020
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Real estate ALEX ROGALS/Staff Photographer
rebound
STRONG SUMMER: Swati Saxena (above) of Baird and Warner said that “August was probably one of the busiest months I’ve had in a long time.”
Summer sales rebounded after spring pandemic shutdown By LACEY SIKORA
A
Contributing Reporter
t the start of 2020, the local real estate market experienced an uptick, with strong sales for the early spring season. Then COVID-19 hit, followed by shelter-in-place orders. The sales and showings came to an abrupt halt in the Chicago area when Gov. J.B. Pritzker issued a statewide stay at home order on March 20. Real estate agents saw the spring market grind to a halt and wondered if the typical summer sales boom would fail
to materialize. However, headed into the fall season, local real estate experts say that the summer season was better than expected.
Sellers’ market Baird and Warner’s Swati Saxena says spring saw a flurry of closings from properties that were under contract prior to the state’s stay-at-home order, followed by a long lull. Once the order was lifted in late May, according to Saxena, “Things started to get busy. August was probably one of the busiest months I’ve had in a long time.” Coldwell Banker’s Stephanie Eiger concurred. “June just exploded, Eiger said. “Mostly with buyers.” Eiger says that summer activity has been
brisk, with a lot of properties selling at or over asking price. She has also seen a lot of properties receiving multiple offers. While entry-level single-family homes sales are brisk, Eiger also sees movement at higher price points that might not have sold quickly last year. “I’m seeing things that have been on the market for ages moving,” Eiger said. “Some of the prices are going down. The higher price points are selling to people with children who want to move.” John Lawrence, vice president and designated managing broker of Berkshire Hathaway HomeServices local offices, says that the market roared back to life in mid-May. He says there was a “whoa moment” of day in which the number of signed contracts in his office was significant, and it hasn’t slowed down much since then.
In Oak Park, River Forest and Forest Park, Lawrence says that the number of contracts signed on attached and detached homes was up 27 percent in June and July over the previous year and up 67 percent in August. “The contract activity in August was the best we’ve seen in 16 months,” Lawrence said. He also says that it’s not unusual to see homes that are priced right receive multiple offers, and he points to one of his office’s listings that recently received five offers before going under contract for more than the list price. Saxena sees the pandemic atmosphere having a distinct effect on who is buying and what they are looking for. As in most markets, she says that properties sell quickly when they are priced well and move-in See REBOUND on page B4
September 16, 2020 ■ Wednesday Journal/Forest Park Review
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