Archive for the 'Market Conditions' Category

Market Conditions: June Sales Tumble 1.7% But Still Near 10-Year High

The Illinois Association of Realtors is out with the June numbers. It was another strong month as last year, June was the strongest since 2006. The city of Chicago saw a 1.7 percent year-over-year home sales decline in June 2017 with 3,266 sales, down from 3,321 in June 2016. The median price of a home […]

Crib Chatter is On Vacation: Open Post About June Sales and Market Conditions

I will be on vacation this week. But I know you are all DESPERATE to talk about the June sales numbers and tight inventory. So while I can’t post the numbers here in the post, I’m sure someone (er…Gary) will post them in the comments section. We know from Gary’s prior updates that June was […]

Market Conditions: Is a Glut Building in the Chicago Luxury Housing Market?

Luxury home sales were hot in the first half of 2017. This shouldn’t be surprising as the stock market continued to hit new all time highs. Usually, new highs in the stock market equals strong luxury home sales. From Crain’s: Sales of high-end homes in Chicago and the suburbs grew sharply in the first half […]

Market Conditions: Sales Fall 0.2% YOY But 2016 Was the Hottest May in 9 Years

The Illinois Association of Realtors is out with the May housing report. Once again, it was another strong month. The city of Chicago saw a 0.2 percent year-over-year home sales decline in May 2017 with 2,973 sales, down from 2,980 in May 2016. The median price of a home in the city of Chicago in […]

Market Conditions: Is Chicago’s Condo Market in a “Frenzy”?

Anyone who has been trying to buy a condo in the GreenZone this year under $600,000 has stories of how hot the market is. Crain’s is reporting that condo market times fell to just 52 days in May, the lowest market time since January 2007. Chicago condos have been selling so fast this year that agent Sherri […]

Market Conditions: Is the Day of Reckoning Coming for Luxury Downtown Apartments?

Anyone in Chicago can see the cranes. They are everywhere. Downtown, Hyde Park, Bucktown, Logan Square, Lincoln Park, and Lakeview. Chicago has more construction cranes (over 40) than ANY other city in America. Most of the buildings going up are luxury apartment towers. Crain’s says 2,000 of these apartments will be completed this summer in the […]

Market Conditions: Is Tight Inventory Keeping Sales Depressed? April Sales Fall YOY

The Illinois Association of Realtors is out with the April sales data: The city of Chicago saw a 4.4 percent year-over-year home sales decline in April 2017 with 2,586 sales, down from 2,706 in April 2016. The median price of a home in the city of Chicago in April 2017 was $297,150, up 3.9 percent […]

Market Conditions: As Prices Soar, is the West Loop in Another Bubble?

We’ve chattered about the incredible asking prices on some condos in the red hot West Loop this year. Now, Crain’s is reporting that a new construction penthouse condo listed at $5.6 million has gone under contract in 900 W. Washington. It would be the most expensive condo ever sold in the neighborhood. By far. The […]

Market Conditions: Chicago Housing Market Back to Pre-Recession Levels in March

The spring market started off on a blistering pace as buyers rushed to buy on fears of rising mortgage rates. From the Illinois Association of Realtors: The city of Chicago saw a 15.3 percent year-over-year home sales increase in March 2017 with 2,478 sales, up from 2,149 in March 2016. The median price of a […]

Market Conditions: Was Tight Inventory the Reason Sales Fell 4% in February YOY?

The Illinois Association of Realtors is out with the February 2017 home sales. Tight inventory has been an issue at price points under $1 million. According to the IAR, home sales fell year over year even with the best winter weather ever. The city of Chicago saw a 4.0 percent year-over-year home sales decrease in […]