Chicago Condo Sales are HOT!

Chicago Condo Sales are HOT!

All of Chicago real estate is crazy right now – buyers are out there in droves…

This weekend, I had buyers who put in an offer on a property they liked – they were 1 of 5 offers! No, they didn’t get it – someone overpaid. Let’s hope they have a large down payment, because the property likely won’t appraise out.

Condo Sales – Median Sales Prices

Here are median sales prices in my Primary Market Area (see map of it below)…

 

Inventory

There is only a 2.9 month supply of homes. Remember, a 6 month supply is a BALANCED market – neither a buyers’ nor sellers’ market.  This is definitely a sellers’ market!

# Condo Sales – Homes Sold

The number of homes sold is at a 10 year high!

Market Time (Days) for Condos

And, as you would guess, the market time is LOW LOW LOW – 27 days on average.

Sales Price

% Sales Price of (Last) List Price

Yes – properties are selling for almost list price! Here, we’re looking at properties between $250,000 and $550,000…

They’re selling for 98.9% of list price — and that’s a median number — many are selling OVER list price!

What does all this mean for you?

For Condo Home Sellers –

If you are on the market, but you don’t have an offer, something is very wrong. Call me and let’s move forward!

If you are thinking of going on the market, you need someone who can navigate through this market- getting you

  • the highest price possible,
  • with no appraisal/loan problems,
  • with a buyer that doesn’t get cold feet!

There are definitely tactics to do this – give me a call and I’ll explain how we can accomplish this!

If you own a condo, now may be the time to cash in – explore your options…  call me today!

For Condo Home Buyers –

You MUST work with someone who can guide you –

  • Don’t overpay just because the market is busy!
  • Be the first in a newly listed property!
  • Work with someone in the Top Agent Network, who uses the MRED Private Listing Service, and networks with colleagues to find new properties before others!
  • Learn how to write winning offers and negotiate to your best advantage!

 

One of the many services I offer is the Home Search Alert-

You’ll get an email within 15 minutes of a new listing hitting the MLS.

Be the first to know what’s available…  let me set that up for you today!

Contact Anne Today!

Call Anne’s cell 773-620-5333

Or…

Email Now...

Chicago Spring Real Estate Market is HOT HOT HOT!

Typically, the Chicago Real Estate spring market kicks off on Super Bowl Sunday.

This year, however, buyers have been out in droves since mid-January.

Today, the activity is off the charts!

real estate 606**

The Real Estate 606** Top Producer group, of which Anne is a member, has been strategizing about ways our buyers and sellers can take advantage of this situation. “How to take advantage of Chicago’s Hot Real Estate Market” will be the topic of the next post.

 

Let’s look at just how busy the market is:

A “healthy” market is defined by lenders as a 6 month inventory of homes available for sale.

anne rossley real estate

Right now, in Anne’s primary market area,

there is only a 3.1 month inventory –

the LOWEST IN RECENT HISTORY!

 

RISMedia just published the Realtor.com HOTNESS index –

the number of days on the market for real estate properties.

hot real estate market

How HOT is Chicago’s Market?

How many days does it take to sell?

This chart shows the # of days between the date the property was listed and the date a contract was agreed upon. The median number of days between list date and contract is

17!

 

 

What is this HOT real estate market doing to Chicago Sales Prices?

Sales prices are increasing rapidly!

  • We’re seeing multiple offers that exceed listing prices.
  • Sometimes, properties are selling without even being listed – either via agent to agent word of mouth, or via systems like MRED’s private listing service or Top Agent Network (TAN), of which I’m a member.

 

Buyers are having difficulty finding and acquiring property…

  • Inventory is so low – there are not as many choices as in a typical Chicago real estate market
  • Buyers have to act quickly in a fast paced real estate market – this can be frustrating
  • Buyers who aren’t working closely with a real estate agent just won’t be able to find the same options as those who rely solely on online listing sites (often out of date and incomplete)

What does this mean to you?

More than ever, it’s critical that buyers and sellers work closely with a real estate agent who has the experience and expertise to guide them.

For Sellers, your expert real estate agent will know how to:

  • Set the right listing price  – not underpricing your home and thereby “leave money on the table” ,
  • Price your home not so high that appraisers can’t support the price and the buyers fail to get the loan,
  • Use a “Hot Real Estate Market Action Plan” that creates excitement, brings all buyers in quickly, and yields a quick, high priced offer
  • Recognize buyers’ remorse, buyer pre-approvals you can count on, and buyers tying up properties while they “make up their minds”

For Buyers, your expert real estate agent will know how to:

  • Educate you so when the opportunity presents itself, you are comfortable enough to act,
  • Find the best property – via TAN, Private Listing Network, the MLS, or word of mouth,
  • Make your offer stand out from the pack,
  • Ensure you don’t overpay and knows how the appraiser will evaluate the home’s value, and
  • Will provide energy, persistence, and determination to help you achieve your goals.

 

Easier_SocialMediaJPG_Cube

 

Do you want to buy or sell but aren’t sure where to start?

Contact Anne and let her guide you!

 

For questions about how to win in this HOT REAL ESTATE MARKET...

6 + 13 =

Chicago Real Estate Update – North Side

This is a bit of a macro view of the Chicago Real Estate Market, but I think it’s an interesting comparison to the chicago real estate, Illinois, and the nation.

What’s My

Chicago Real Estate Market?

anne rossley real estate market

Basically, from the South Loop/Near South Side to Devon, including areas just west of the Kennedy Expy, Forest Glen, and Irving Park.

Chicago Real Estate Market Trends

2008 to Today

The following market trend charts are for both single family and “attached” properties (condos, townhomes, co-ops).

Median Sales Price

Here is an interactive chart of what Chicago Real Estate median sales prices have done since 2008…

 

Market Times

Number of days on the market, from listing to contract…

 

Inventory Levels

How many months worth of housing stock is available at any point in time? Lenders use 6 months as the benchmark for a “stable market”. Under 6 months of inventory is considered a “sellers” market.

 

% Sales Price to LAST List Price

This may or may not be the ORIGINAL list price. Once the property reaches the RIGHT list price, it’s currently selling for 97.8% of that last price.

 

Units Closed

Since April, 2013, over 10,000 homes have been sold in the marketplace. This is a very strong number!

For information on your neighborhood, or to get a quick pinpoint market analysis,
contact Anne today!

Anne Rossley

Email Anne Rossley

Baird & Warner

773-620-5333

 

Chicago Single Family Home Prices

Chicago single family home prices-

where have they been and where are they going?

The following chart shows median home prices for the city of Chicago — 2008 to 2014

The inventory of homes has dropped to almost nothing – this puts pressure on prices, causing them to rise. A “steady” market is 6 months of inventory.  It’s neither a buyer’s market nor a sellers’ market at 6 months.  Today, it’s a SELLERS’ MARKET!!

 

Here’s the Chicago inventory of homes (in months):

 

And, in raw NUMBER of sales, the units of single family homes sold in Chicago has risen dramatically:

 

Would you like to see these charts for your neighborhood?

Would you like to see the Market Insights Report for your area?

Email me

and ask for the report to be emailed to you –

one time or automatically each month!

Anne Rossley Chicago Real Estate Broker

Is Chicago’s Loop Affordable for Young Professionals?

StreetAdvisor Question this week:

Can a couple live affordably in Chicago’s Loop?

In order to answer the question, we need to know how much it costs to live there, and then based on the current interest rates, determine monthly costs. From that, we can figure out how much income one needs to purchase this mythical condo.

If the couple lives in a One Bedroom condo in Chicago’s Loop, Near North, or South Loop Neighborhoods….

I did research on 1,2, and 3 bedroom condos in Chicago’s Near North (8008), Loop (8032) and Near South (8033) neighborhoods, and I discovered the following:

  • One bedroom sales have increased between 20% and 36% in the 3 neighborhoods
  • Average taxes range between $ 3364 and $ 3723 per year.
  • Average assessments range between $ 445.39 (South Loop) to $ 590.26 in the Gold Coast.

Cost to Live in a One Bedroom Condo

Let’s determine the monthly cost of one of these one bedroom condos.

Assumptions:

  • Purchase Price:  $ 230,000
  • Down Payment: $23,000
  • Interest Rate: 4.5%
  • Taxes:  $3500/year
  • Assessment:  $500/month
  • Debt Ratio 28% of Gross Income

Monthly Payment Resulting from these assumptions:

  • Principal and Interest:  $ 1841
  • Taxes:  $291.67 (or, $ 292)
  • Assessment: $500
  • Gross Monthly Payment: $1841
  • Annual Tax Savings for Federal and Illinois:  $3254 (from Bankrate.com)
  • Net Monthly Payment (not including property tax savings):  $1569

What do you have to Earn To Afford This Purchase?

Lenders usually allow for more debt than this, but when I first became a Realtor in 1987, the 28% rule was always followed. (Part of why we got into trouble in 2008 was our relaxing of this 28/36 debt ratio.)

28% debt ratio means that the gross monthly payment can be no more 28% of the gross monthly income.

For this example, $1841 / 28% = $ 6575 per month.

Annual Income Required:  $ 6575 x 12 = 78,900.

Two Bedroom Condos –

Loop, Near North, Near South

Three Bedroom Condo Prices –

Loop, Near North, Near South

 

 Want to Learn More about condos in the Loop, Near North, or Near South Neighborhoods?

Are you ready to begin the first steps toward owning a condominium in Chicago?

Contact Anne Rossley

of Baird & Warner today!

 

Lincoln Square Most Expensive Homes Sold

What are the most expensive streets

in Chicago’s Lincoln Square Neighborhood?

Based on the MRED sales data over the last 5 years, 4 streets in Lincoln Square are known for their luxury properties:

  • Giddings
  • Hamilton
  • Sunnyside
  • Wilson

Since 2007,  32 homes sold for over $800,000 on these 4 streets. Giddings had the most homes that sold over $800K (11), according to the Midwest Real Estate Data MLS service. Sunnyside had 9, averaging $1,364,117. Hamilton’s 6 averaged just over $1.3MM, while Wilson’s 6 averaged $1.1MM. Of all 32 properties, 8 were vintage homes (built before 1925), which were clearly the bargains- they averaged $1.0MM. Only 3 (on these 4 streets) sold for over $1.0MM.

Tour The Most Expensive Lincoln Square Streets

See photos and get property information by selecting one of the following links:

pdf version          tablet version

2134 W Sunnyside - Chicago's Lincoln Square

Closed DateListedSoldSF# RmsBedsBathsYr BltLot DimRecent Rehab
2012Giddings8/8/13$1,050,000$1,010,0003900943.1200130 X 123No
2019Giddings5/25/12$1,795,000$1,795,00051001274.2201237.5 X 124No
2034Giddings6/29/12$895,000$855,00045001153189237X125Yes
2104Giddings3/16/10$1,269,900$1,200,00046001263.2200837.5X122No
2105Giddings11/15/11$899,000$850,000NR1043.1189437X123Yes
2119Giddings6/24/13$989,000$989,000NR844.1200037X122No
2120Giddings2/23/07$1,465,000$1,425,00046001263.2200637.5X122NR
2120Giddings8/14/12$1,400,000$1,380,00046001263.2200637.5X122No
2129Giddings7/21/08$1,595,000$1,497,50049501254.1200837.5 X 123No
2148Giddings6/17/10$1,459,000$1,391,500NR1244.1191337.5X125Yes
2152Giddings2/1/11$1,795,000$1,675,00051001374.2201037.5 X 124No
4439Hamilton7/16/13$2,689,000$2,589,000NR1363.2200837.5 X 177No
4815Hamilton5/31/13$1,199,000$1,139,20042001153.1201330X117No
4907Hamilton3/6/12$1,200,000$1,042,50045001143.2201029X117No
4913Hamilton7/9/13$999,000$975,00047001033.1200530 X 117No
4929Hamilton4/25/12$1,170,000$1,100,00040851253.2201230X117No
4934Hamilton8/3/13$1,299,900$1,206,50046001264.2200830 X 120No
2104Sunnyside1/30/13$1,395,000$1,367,50041001243.1201235' X 100'No
2109Sunnyside10/4/13$1,280,000$1,280,000NR1153.2201326 X 125No
2132Sunnyside9/1/09$899,000$860,000NR1253.1188650 X 100Yes
2160sunnyside10/29/07$1,595,000$1,550,00046001263.2200737.5X122NR
2161Sunnyside9/18/09$1,862,500$1,862,50055001364.2200937.5 X 125No
2306Sunnyside8/15/07$1,349,000$1,359,175NR1153.1200624X125NR
2308Sunnyside7/12/07$1,349,000$1,346,879NR1153.1200724X125NR
2310Sunnyside6/19/07$1,395,000$1,350,000NR1153.1200624X125NR
2310Sunnyside1/29/10$1,249,000$1,301,000NR1153.1200724 X 125Yes
2120Wilson9/16/10$1,379,000$1,310,00043001153.2200537.5 X 125No
2125Wilson1/30/09$899,900$847,500NR1142.2UNK35 X 135No
2157Wilson7/11/13$1,249,000$1,172,000NR1363.1UNK37.5X122Yes
2174Wilson7/11/08$1,175,000$1,087,500NR1353.1200737.5 X 125Yes
2174Wilson3/22/11$1,050,000$825,00055001443.1190137.5 X 125Yes
2600Wilson6/7/11$1,250,000$1,200,00060001255.1192045' X 120'Yes

What Homes in Lincoln Square Sold for the Most Money?

I shared the streets that had the most pricey homes,

but what are THE MOST EXPENSIVE HOMES?

See the Most Expensive Lincoln Square Homes

Lincoln Square Chicago Luxury Homes for SAle

See photos and get information – select one of the following links:

Pdf version          Tablet Version

  ListedSoldDateASF# RmsBedsBathsYr BltLot DimRecent Rehab
4439Hamilton$2,689,000$2,589,0007/16/1301363.2200837.5 X 177No
2161Sunnyside$1,862,500$1,862,5009/18/0955001364.2200937.5 X 125No
2019Giddings$1,795,000$1,795,0005/25/1251001274.2201237.5 X 124No
2131Agatite$1,875,000$1,775,4878/31/1151001274.2201137.5 X 124No
2152Giddings$1,795,000$1,675,0002/1/1151001374.2201037.5 X 124No
2160Sunnyside$1,595,000$1,550,00010/29/0746001263.2200737.5X122NR
2129Giddings$1,595,000$1,497,5007/21/0849501254.1200837.5 X 123No
2120Giddings$1,465,000$1,425,0002/23/0746001263.2200637.5X122NR
2148Giddings$1,459,000$1,391,5006/17/1001244.1191337.5X125Yes
2120Giddings$1,400,000$1,380,0008/14/1246001263.2200637.5X122No
2104Sunnyside$1,395,000$1,367,5001/30/1341001243.1201235' X 100'No
2306Sunnyside$1,349,000$1,359,1758/15/0701153.1200624X125NR
2310Sunnyside$1,395,000$1,350,0006/19/0701153.1200624X125NR
2308Sunnyside$1,349,000$1,346,8797/12/0701153.1200724X125NR
2120Wilson$1,379,000$1,310,0009/16/1043001153.2200537.5 X 125No
2310Sunnyside$1,249,000$1,301,0001/29/1001153.1200724 X 125Yes
2109Sunnyside$1,280,000$1,280,00010/4/1301153.2201326 X 125No
5034Ravenswood$1,299,000$1,275,00012/17/1301154.2200729X150No
2145Eastwood$1,299,000$1,250,0006/28/1046001144200437.44 X 121.55No
4934Hamilton$1,299,900$1,206,5008/3/1346001264.2200830 X 120No
2104Giddings$1,269,900$1,200,0003/16/1046001263.2200837.5X122No
2600Wilson$1,250,000$1,200,0006/7/1160001255.1192045' X 120'Yes
4514Damen$1,219,000$1,195,8648/1/0745001153.1200625X173.5NR
2104Leland$1,249,900$1,195,0009/30/1046001163.2200837.5X122No
2157Wilson$1,249,000$1,172,0007/11/1301363.1UNK37.5X122Yes
4420Campbell$1,199,000$1,150,00010/6/0801043.1200730 X 125No
4520Virginia$1,250,000$1,140,0001/15/081800832.166X125NR
4815Hamilton$1,199,000$1,139,2005/31/1342001153.1201330X117No
2236Leland$1,199,900$1,137,5007/18/0736001243.1190830X125Yes
4524Claremont$1,195,000$1,137,0002/1/1043001253.1200737.6X130Yes

What’s for Sale Now in Lincoln Square?

As of this writing, there are 4 homes for sale over $800K, ranging in price from $899,000 to $ 1,199,000.

Search Lincoln Square Homes for Sale – click on this link!

It’s early in the spring selling season, so to get immediate alerts when new listings become available, sign up for a Lincoln Square Home Search Alert by selecting this link:

Lincoln Square Home Search Alert – Sign Up Here

or

Email Anne Rossley with Chicago real estate questions

Email Me and I’ll set up the search for you!

 

Looking for a real estate agent who’s an expert in Chicago’s north side neighborhoods?

Contact Anne Rossley of Baird & Warner.

 

Best Chicago Neighborhood – Upper Middle Class ?

As a StreetAdvisor contributor, I have been considering how to answer the question,

What is the best upper middle class neighborhood in Chicago?

This is a loaded question, indeed!

Here are the reasons I CANNOT answer the question:

  • What’s “upper middle class”? Certainly, the cost of living in Chicago is higher than the cost of living where I grew up — in Bloomington, Illinois. We’re not Manhattan, however. Chicago has 77 neighborhoods, or communities, all with their own charms.
  • What’s “best” ?  Best in terms of location? Amenities? Value? What’s best for the young professional right out of college may not be best for a family of 5 with 3 kids in elementary school, nor the same for empty nesters in their mid 60’s.

Here’s what I CAN answer:

  • Average (mean) cost of single family homes by neighborhood,
  • Published demographic information by neighborhood
  • Amenities for each neighborhood

Relative Prices of Some Chicago North Side Neighborhoods

For purposes of this post, I’m including a few examples of neighborhoods in which I’m most familiar. This is NOT an all-inclusive list of neighborhoods in Chicago. The chart below shows average (mean) prices for single family homes – resale only (not new construction) for

As of today’s writing, the average  prices are:

Lincoln Park      $1,350,000

Lakeview      $1,080,000

North Center      $875,000

Edgewater      $489,614

The prices aren’t surprising – essentially, the closer the neighborhood lies in relation to the loop, the more expensive the homes.

Micro-Neighborhoods in Chicago

These neighborhoods include many sub- or micro-neighborhoods. Sales prices within each neighborhood can vary greatly, depending on many factors (proximity to public transportation, conformity, school district…)

For example, Edgewater has multiple micro-neighborhoods, delineated by block clubs,  as seen in this map:

Edgewater Block Clubs

 

There are so many neighborhoods, micro-neighborhoods, and even preferred areas within the micro-neighborhoods that giving an average price for Edgewater is somewhat misleading. I live, for example, in Lakewood Balmoral (# 16 above). This block group, the Lakewood Balmoral Historic District, is part of Andersonville, which is part of the Edgewater Community. To give an average resale price for all areas above is not at all indicative of the values within LBRC (or #16).

Here are the differences:

# Properties Closed# Days on MarketMedian Sales Price
Lakewood Balmoral Historic District1167$940,000
Edgewater Community6598$470,000

 

 Beyond Home Prices – Other Criteria for Choosing a Neighborhood

So far, we’ve just talked about average prices.

Other things to consider when choosing a “best” neighborhood:

  • Crime by block, neighborhood, police beat, community – See Clear Map – Select this link
  • Elementary Schools – See my website to learn more about Chicago Elementary Schools and specifically, CPS Elementary School Districts on the city’s north side.
  • Proximity to Public Transportation/Highways – See Map Below and click on photo to pull up website.

Chicago CTA Map

 

Having said all this, I find there’s no way to easily answer the question, “What is the best upper middle class neighborhood in Chicago”.

This post is just a long-winded way of saying that it’s critical that buyers work with an experienced Realtor who’s familiar with the neighborhoods AND MICRO-NEIGHBORHOODS in Chicago, who can help clients best understand their priorities, and who can then provide all options that meet those needs.

Let me know if I can help you!

 

East Ravenswood Historic District Year in Review 2013

East Ravenswood Historic District was a popular neighborhood in 2013!

East Ravenswood is located in 2 Chicago Communities – Uptown on the north and Lakeview on the south. Because it straddles 2 communities, getting concise market data is a challenge.

The graph below depicts single family home sales over the last 3 years for each of the communities– both neighborhoods have remained strong, but when looking  at each one separately, the statistics are very different.

Combined Statistics for the

East Ravenswood Neighborhood

When looking at ONLY DETACHED homes (old and new) in the quadrant bounded by

– 4000-4800 North, and 1400-1900 West –

one can see a more accurate representation of the homes in this district:

East Ravenswood Home Sale Statistics

 click on the photo above to download the pdf file

The average sales price was 96% of the list price of the home when the contract came in, and it took 108 days on average to sell a home in this neighborhood.

The average 3 bedroom sold for just over $ 650,000 and the average 4 bedroom closed at $ 1,054,000.

Interested in seeing what’s available for sale

in the East Ravenswood Historic District?

Select this link to see TODAY’s list of available homes.

search-icon

Sign up today to get alerts when new homes are available!

East Ravenswood Homes Sold in 2013

Get a photo tour of these homes – select a link below

Home Tour- pdf format

Home Tour – Tablet Format

The chart below lists the HISTORIC homes that sold in East Ravenswood in 2013

StatStreet #Str NameList PriceSold SF# RmsBedsBathsGar SpacesDaysYr BltLot
PEND4341Greenview$695,000NR741.125190225 X 120
PEND4534Ashland$315,000204684227188637.5X155
CLSD4050PAULINA$519,000$495,00035008342706UNK25X140
CLSD1412Belle Plaine$1,199,000$1,130,000NR933.1225190325X125
CLSD1440Pensacola$1,189,000$1,124,50040501253.12285UNK25 X 121.75
CLSD4335Greenview$789,000$769,000NR832.1215190025 X 120
CLSD1700Wilson$699,000$680,000NR1151.22.5245190945 X 108
CLSD1438Hutchinson$1,195,000$1,200,00043501143.101190430X125
CLSD4307Greenview$795,000$765,000NR931.1218190125X120
CLSD4523Greenview$749,000$745,000NR843221189825X160
CLSD4417Paulina$479,900$479,900151073224118974727
CLSD1460Hutchinson$1,095,000$1,023,483NR942.2241UNK30X125
CLSD1443Pensacola$825,000$820,000NR943.1281901125.25 X 25
CLSD1502Sunnyside$439,000$413,000NR941.10305UNK26X101
CLSD4223Greenview$3,850,000$2,840,000NR1564.21149188814,814
CLSD4647Paulina$749,000$700,000NR843.12103188625X165
CLSD4031Hermitage$1,029,000$1,089,00046421143.146190030 X 165
CLSD1466Pensacola$820,000$815,000NR732042UNK37.6 X 121.9
CLSD4341Greenview$599,000$599,000NR731.1213190225X120
CLSD4232Greenview$2,499,000$2,360,00063001464.12.521201035X160
CLSD1409Berteau$1,199,000$1,169,500NR1043.1274UNK25 X 125
CLSD4115Greenview$1,387,000$1,387,000NR114421190125 X 161

See a map of all Chicago Historic Districts by selecting this link:  Chicago Historic District Maps on Google

Best 3 Bedroom Condos for Sale in Chicago

The most frequently requested property in Chicago is probably the 3 bedroom condo — and outdoor space of some kind is usually a “must have” for today’s buyers.

This post includes information for 3 bedrooms in 3 Chicago neighborhoods – Near North (including Streeterville and the Gold Coast), the Loop, and the Near South Side (South Loop).

Three Bedroom Sales Statistics

Three bedroom condos in the South Loop, Loop, and Near North are listed (on average) at $ 1.3MM, and they range in price from $ 335,000 to $5,900,000.  There are currently 271 condos for sale in these neighborhoods, and 336 have sold over the last 6 months — the inventory is low right now!

The properties that sold were under contract in an average of 97 days, and they sold for 96% of the listed price at the time of contract. (Many had price reductions during the listing — the sales price was 89% of the ORIGINAL listed price.)

Click Here  for Condo Sales Data for the Loop, Near North, and South Loop Neighborhoods

# Months Supply of 3 Bedroom Condos

Average Sales Prices of 3 Bedroom Condos

 

See What’s for Sale Today…

Select the appropriate link below and see what 3 bedroom condos are listed now:

Best 3 Bedroom Condos for Sale

$500,000 – $800,000

While 3 bedroom condos average over $1MM in these neighborhoods, I’ve found some terrific properties for sale between $500,000 and $800,000. Below are my top choices in what’s available today.

Take an online tour of these homes when you select this link.

Make an Appointment to find your  Chicago Condo!

Contact Anne Rossley of Baird & Warner

Unit List PriceSFDaysRMSBRBAEXPIncl?
520Huron419Loft$527,70017007632SWNo
1530State1011Loft$650,000210083632NENo
1629Prairie2705Condo$591,000156542632Yes
1346Cleveland3SDuplex$634,500NR96632Yes
240Illinois401High Rise$649,900NR28632.1SNo
530Lake Shore904Condo$675,0001900255633NENo
150Superior602Condo$699,00018157732NNo
21Elm2DMid Rise$699,000NR216632
1122Dearborn18JHigh Rise$725,0001750392732.1NWYes
1410State3BCondo$750,000200052632.1SENo

 

 

 

 

 

 

Chicago Real Estate Update – Monthly Inventories are LOW LOW LOW!!!

As reported in my monthly Chicago Real Estate Update newsletter,

JANUARY IS THE NEW SPRING MARKET

The article, which you can read below, spells out why now is such a great market – inventories are low and it will be a busy spring market… don’t wait to act!

Quick Background…

The health of any Chicago real estate market can be measured in terms of inventory of homes — not just how many are for sale, but how many are for sale in relation to how many are selling and have recently sold. (Read the article below for more details…)

Chicago Real Estate Market…

As of January 3, there are 5511 homes for sale in Chicago, while an average of 1837 homes have sold over the last 3 months. That means that there are currently 4.6 months’ worth of homes for sale in the city – a very healthy number indeed!!

For a detailed summary of Chicago Real Estate -Select the following link for the Chicago Real Estate Update- Summary Nov 2012

Chicago Real Estate - Monthly Inventory of Homes

My Market Area …

In my market area, the Chicago Real Estate area roughly extending from the Loop to Edgewater*, the numbers are even more exciting! Sales are moving at a terrific clip, and the inventory of homes is lower than the Chicago city average. The following numbers include both detached and attached real estate properties…

There are 2210 properties for sale vs.1853 sold over the last 3 months (617.7 sold/month).

This is a 3.6 month inventory!

 

What does this mean?

  • Generally speaking, it’s a sellers’ market,
  • If you are thinking of selling – NOW is the time to put your property on the market,
  • If you are looking to buy – you need a real estate agent who can sift through the properties to find that one special home for you,
  • Don’t think there aren’t enough homes to choose from, and you must therefore wait to buy.

The interest rate savings TODAY combined with lower purchase prices mean you can buy a bigger property

AND
You can afford to make the few cosmetic improvements that personalize your  home.

Don’t wait until rates are higher and prices rise again –

you’ll miss this buying opportunity!

 
**Census tracts 8032,8008,8007,8006,8005,8004,8003,8077
……………………………………………. 

newsletter_signup To get my newsletter delivered directly to your email address, select this link and sign up today!

 

Here’s a reprint of one of the January, 2013 email articles…
To say the housing market has changed drastically throughout 2012 is an understatement. Buyer confidence has been on the rise throughout the year, providing vital movement in the market. While sellers have notoriously waited to list their homes until the busy spring market, many industry sources indicate that the time to sell is now.The monthly supply of inventory (MSI) is one such source, providing an excellent gage for the housing market. MSI uses simple math to indicate how long it would take for all the homes currently on the market to be sold based on current inventory and sale rate. A “normal” or neutral market is six months of inventory. In 2009, the height of the housing crisis, the MSI was over 17 months, a definite buyer’s market.
In November, the MSI was down to just over four months, indicating a lack of housing inventory and a potentially prime seller’s market. The lack of inventory has created pent-up demand, driving market time down by 10 percent and creating a sense of urgency with buyers to find the right home.
What does this mean for sellers? Declining inventory + compelling pricing = shorter market time and more ‘sold’ signs.If you are thinking of listing in the near future, it’s important to have your home ready to hit the market.
Contact me today if you are interested in selling your home. I’ll work with you to develop a pricing and marketing plan, as well as advise you on the steps you can take to make your home more appealing to potential buyers.If you are considering buying a new home during this time of historically low interest rates, please contact me for the latest available properties.
I will be happy to provide you with market information specific to your desired neighborhood so you can find a home that suits your unique needs.

Pin It on Pinterest