Archive for the 'Market Conditions' Category

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 […]

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 […]