Archive for the 'Market Conditions' Category

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 […]

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 […]