Archive for the 'Market Conditions' Category

Market Conditions: Chicago January 2024 Sales Fall 3.4% as Median Price Rises 6.3%

Inventory has been near record lows in Chicago for months. This impacts home sales. You can’t buy what isn’t on the market. January sales fell to the lowest levels since 2011, which was near the bottom of the housing bust. From the Illinois Association of Realtors: The city of Chicago saw a 3.4 percent year-over-year […]

Market Conditions: Chicago Sales Up 1.6% in December 2023: Have Sales Bottomed?

The Illinois Association of Realtors is out with the December 2023 data. Inventory remained near record lows but the year-over-year sales declines appear to be easing as sales were up in December. The city of Chicago saw a 1.6 percent year-over-year home sales increase in December 2023 with 1,470 sales, up from 1,447 in December […]

Market Conditions: Chicago November Sales at 12-Year Low as Inventory Sinks

The Illinois Association of Realtors is out with the November sales data. Inventory continues to decline in Chicago, the Chicago metro, and statewide. As inventory declines, sales have as well. But in November, sales didn’t quite sink to 2010 lows. The city of Chicago saw a 10.2 percent year-over-year home sales decrease in November 2023 […]

Market Conditions: New Luxury Downtown Condo Sales Fall Sharply in 4 Buildings YOY

Crain’s is reporting on new downtown condo sales for 2023. This group mostly includes luxury units as few buildings are putting up new units under $1 million. There are a few exceptions like the Reed at Southbank in Printers Row, which is selling 2/2 units under $800k. But there are 4 big new luxury condo […]

Market Conditions: Inventory Dips to New Lows in October 2023 as Sales Fall 7.5%

Anyone who is out looking to buy a home in the Chicagoland area knows just how low the inventory is. Meanwhile, prices continue to hold up even as sales declined again year-over-year in October. It was the lowest October for sales since 2011, which was during the housing bust. From the Illinois Association of Realtors: […]

Market Conditions: September Sales at 12 Year Lows But Median Price Rises 1.4%

In September, home sales fell again as rates rose. It was the lowest number of sales since 2011. From the Illinois Association of Realtors: The city of Chicago saw a 11.3 percent year-over-year home sales decrease in September 2023 with 1,830 sales, down from 2,064 in September 2022. The median price of a home in […]

Crib Chatter on Vacation Thru Oct 15

It’s time for a break so I’m taking off until Oct 16. Since it’s hurricane season, I will not be in the Caribbean on a beach this time. Alas. But it’s a big world, so I’m going out to explore it. Please be nice to each other while I’m gone. This is a really interesting […]

Market Conditions: Chicago Inventory Continues to Sink, Falling 30.9% YOY in August 2023

The Illinois Association of Realtors is out with the August data. August was before the rates spiked to 20+ year highs but rates were still over 7% in the month. It was still the lowest August since 2011, which was during the housing bust. From the IAR: The city of Chicago saw a 7 percent […]

Market Conditions: Chicago Sales Plunge YOY Again But Still Above 2011 Levels

With rates moving back towards 7% early this summer, that slowed Chicago housing sales once again. July sales plunged to their lowest since the housing bust in 2011. The city of Chicago saw a 20.0 percent year-over-year home sales decrease in July 2023 with 1,986 sales, down from 2,481 in July 2022. The median price […]

Market Conditions: June 2023 Sales Plunge 25.1% YOY on Low Inventory

Two years ago, June sales were at new highs. It was so hot, that June 2021 was better than even the bubble year Junes. But last year, mortgage rates spiked over 5% in June and that pushed down sales. In 2023, mortgage rates were even higher, over 6%. And June sales fell again. It was […]