Archive for the 'Market Conditions' Category

Should We Be Worried About the Rising Million Dollar Home Inventory? 2820 N. Paulina in Lakeview

This 5-bedroom contemporary single family home at 2820 N. Paulina in Lakeview came on the market in November 2016. But for those long time readers, they would remember this house because we’ve chattered about it several times before, including in 2013 when it was bank owned. See the 2013 chatter here. This was a new […]

Market Conditions: January Starts Off Hot, Hot, Hot: Will 2017 Be a Record Year?

The January sales numbers are out and it was another strong month. It obviously also helped that there was no snow or bitter cold during the month. So what else is there to do? Might as well house shop. From the Illinois Association of Realtors: The city of Chicago saw a 9.3 percent year-over-year home […]

Market Conditions: December Sales Fall 7% As Inventory Falls and Rates Rise

We’ve finally got the “official” December sales data and as Gary has already told us, sales declined. From the Illinois Association of Realtors: The city of Chicago saw a 7.0 percent year-over-year home sales decrease in December 2016 with 1,932 sales, down from 2,077 in December 2015. Year-end home sales totaled 28,033, a 1.9 percent […]

The Biggest Story of 2017: Will Rising Mortgage Rates Stunt Chicago’s Housing Market?

The last time we chattered about rising mortgage rates it was 2013 and 2014. But then mortgage rates dropped again in 2015 and were a non-issue until the November election, which saw a quick spike higher. Suddenly, the average 30-year mortgage rate is sitting at 2-year highs around 4.3%. Many buyers were caught off guard, but […]

The Second Biggest Story of 2017: Will There Be an Apartment Bust?

We’ve chattered several times this year about the thousands of new apartments, many of them “luxury” that are being built all over Chicago. Normally, this would be a good sign that the Chicago economy was strong and jobs were being created. But the number of new apartments is well above current absorption rates while rents […]

The Third Biggest Story of 2017: Will the Luxury Market Continue to Sizzle?

2016 finally saw signs of life in the new condo market but most of the announced developments were luxury buildings. And why not? The new buildings, such as No. 9 Walton in the Gold Coast, are selling out as demand in the upper bracket remains strong. Even the Ritz-Carlton, which first began marketing over 9 years […]

Market Conditions: November Home Sales Were the Strongest in 10 Years

Sales were slow in October as Chicagoans obsessed about the Cubs but all that changed after the World Series and the election in November. It was like a switch was flipped and buyers rushed out. It was the second strongest November for sales in the last 10 years. Only 2009 was stronger but that was the […]

Market Conditions: Is Chicago the Perfect Second Home City?

The Chicago Tribune recently reported on people who keep second homes in Chicago. Some used to live here and simply kept their apartments. Others buy because Chicago has great restaurants, museums and culture and it’s still affordable compared to “comparable” large cities with the same amenities. O’Hare Airport, and its many international routes, doesn’t hurt either. […]

Market Conditions: Chicago October Home Sales At 5 Year Low

We’ve already been chattering about how slow the fall has been in Chicago real estate. The official October sales numbers are now out from the Illinois Association of Realtors and sales fell to a 5 year low: The city of Chicago saw an 8.8 percent year-over-year home sales decrease in October 2016 with 1,981 sales, […]

Market Conditions: Is the Luxury Apartment Market About to Bust?

The building above is The Aurelien at 833 N. Clark in the Gold Coast. (Who thinks up these building names???) It is expected to begin leasing in 2017. We’ve chattered about the luxury apartment market off and on over the last several years on Crib Chatter. Thousands of new apartments have been built since the […]