Archive for the 'Market Conditions' Category

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 […]

Market Conditions: Did the Cubs World Series Run Depress Chicago Home Sales?

The Chicago housing market appears to have slowed in October. But was it any worse than any other October? Data from agents about the number of showings on properties says “yes.” From Crain’s: Foot traffic through local homes for sale plunged more last month than in any of the previous four Octobers, according to data […]

Market Conditions: September Home Sales Third Hottest in Last 10 Years

Without further ado, here are the September home sales numbers. From the Illinois Association of Realtors: The city of Chicago saw a 3.2 percent year-over-year home sales decrease in September 2016 with 2,336 sales, down from 2,414 in September 2015. The median price of a home in the city of Chicago in September 2016 was […]

Market Conditions: Were August Sales Held Back By Low Inventory?

How’d the Chicago market hold up in August? Inventory remained extremely low statewide and in the city of  Chicago. From the Illinois Association of Realtors: The city of Chicago saw a 2.6 percent year-over-year home sales increase in August 2016 with 2,770 sales, up from 2,701 in August 2015. The median price of a home […]