Crib Chatter

This 3-bedroom in The Mayfair at 189 E. Lake Shore Drive in the Gold Coast came on the market in May 2023.

Built in 1924, The Mayfair has only 28 units and an attached heated garage which is operated under a separate condo association called 180-190 East Walton Garage Condominiums. The building was converted into condos in 1996.

It has door staff, a fitness center, Pilates studio, on-site manager and on-site maintenance.

This unit has refinished hardwood floors throughout and crown molding. It also has a grand foyer.

The living room faces north over Lake Shore Drive with views of Oak Street Beach.

It has a separate dining room.

All three bedrooms are en suite but it looks like one that is used as an office doesn’t have any windows.

The primary suite has a walk-in-closet, a “spa” bath with heated floors and towel rack, a large shower with rain shower head, soaking tub, double granite vanity and separate commode.

The custom kitchen has white cabinets with a large island and high-end stainless steel appliances by Subzero, Bosch and Thermador.

French doors lead to a family room  which is south facing and overlooks a landscaped private terrace with 2 custom water fountains, outdoor gas grill, dining area and firepit.

This unit has the features that buyers look for including 3 HVAC units and a new air filtration system, a full laundry room with side-by-side washer/dryer and sink, and 2 deeded parking spaces included in the separate, heated, fully staffed garage.

It also has a “huge” private storage space.

This building is near the shops and restaurants of the Gold Coast and Mag Mile, including the shops on Oak Street. The beach is across the street and most of Streeterville, River North and the Gold Coast are easily accessible.

Listed in May 2023 for $1.7 million, it has been reduced $75,000 to $1.625 million.

That price is the lowest it’s been since the 1997 sale. Is this property a deal?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #2E: 3 bedrooms, 3.5 baths, no square feet

• Sold in October 1997 for $1.11 million
• Lis pendens filed in March 2010
• Bank owned in August 2010
• Sold as a bank sale in November 2010 for $1.9 million
• Sold in July 2020 for $1.807 million
• Originally listed in May 2023 for $1.7 million 
• Reduced
• Currently listed at $1.625 million 
• Assessments of $4,207 a month (includes heat, a/c, gas, parking costs included, security, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $37,148
• Central Air
• Side-by-side washer/dryer in the unit
• 2 car parking at 189-190 East Walton Condo Assoc.
• 2 fireplaces
• Bedroom #1: 17×20
• Bedroom #2: 13×15
• Bedroom #3: 11×18
• Family room: 15×17
• Kitchen: 14×26
• Living room: 24×19
• Dining room: 12×18
• Foyer: 15×18
• Deck: 32×18

This top floor 1-bedroom in the Theophil Studios at 143 W. Burton Place in Old Town came on the market in August 2023.

Built in 1892, the Theophil Studios is one of the Edgar Miller historic buildings in the West Burton Place Historic District. It has 6 units and there are some outdoor parking spaces behind the building.

There is no elevator. The building has storage and laundry in the basement.

From the Chicago Landmark Commission Report on West Burton Place:

Original construction: 1892; artist renovation: 1940

The Theophil Studios complex is a three-story, six-unit condominium building. Originally built in 1892 as a three-story flat building, the property today is a rectangular red brick, stucco and stone corner structure that fills the lot lines. The original structure was substantially remodeled in 1940. Generally Art Moderne in style, the geometrically composed principal façade has a vertical stucco panel with stacked circular windows beside a red brick panel with rectangular windows. Portions of the windows feature stained glass elements.

The east and south eleva-tions are comprised of white stucco accented with red brick and painted wooden features, in-cluding a partially concealed outside staircase. Decorative sculptural panels by artist Edgar Miller accent the ground floor and principal entry. The architect for the remodeling was Frank LaPasso. The front yard wall and fence at grade and cantilevered entryway roof were designed as part of the 1940s renovation and are considered significant.

This unit has most of its original features including original storage cabinets, parquet floors and a wood burning fireplace.

It has a skylight in the living/dining room.

It also is a corner unit with two walls of casement stained glass windows. There is a round window in the bedroom.

The kitchen has wood cabinets, stone counter tops and stainless steel appliances along with a peninsula that seats two.

The unit has a wall cooling unit but no washer/dryer in the unit. There is laundry in the basement (prior listing pictures shows 2 sets of washers/dryers.) There’s no parking but it’s available in the neighborhood.

It has a balcony with views over LaSalle.

This building is just steps away from the shops and restaurants on Wells in Old Town as well as the Gold Coast.

Listed at $249,900, it sold during the start of the pandemic, in August 2020, for $242,000.

Is this a deal for Edgar Miller lovers?

Colin Hebson and Robert Grilli at Dream Town have the listing. See the pictures and floor plan here.

Unit #3N: 1 bedroom, 1 bath, 800 square feet

• Sold in April 1994 for $90,500
• Sold in May 1998 for $150,000
• Sold in April 2001 for $203,000
• Sold in October 2006 for $250,000
• Sold in March 2014 for $222,000
• Sold in August 2020 for $242,000
• Currently listed at $249,000
• Assessments of $314 a month (includes heat, laundry, exterior maintenance, lawn care, scavenger)
• Taxes of $4222
• No central air- but wall units
• No washer/dryer in the unit but laundry room in the basement
• Designated storage
• Wood burning fireplace
• Bedroom: 10×14
• Living room: 12×14
• Dining room: 12×9
• Kitchen: 7×9

This 2-bedroom penthouse at 1529 S. State in the South Loop came on the market in August 2023.

1529 S. State was built in 2002 and has 143 units and attached garage parking.

It has door staff, an exercise room and a business office.

This is a corner penthouse unit with south and east views, 10 to 16 foot ceilings, “real” hardwood floors throughout the main living areas and solid wood doors.

There’s a fireplace in the living/dining room with built-in shelving.

The kitchen has Amish cabinets, granite counter tops with a peninsula overhang with seating for 2, stainless steel appliances, a gooseneck faucet and separate RO filtered water dispenser.

There is an office nook which is built-out with a desk that faces east for lake views.

The primary bedroom has a walk-in-closet, an en suite bathroom with separate shower aand soaking tub along with a double vanity. It also had a custom curved window and access to the terrace.

The second bedroom also has a walk-in-closet.

This unit has a private 300 square foot terrace with Brazilian hardwoods and edged with “serene” pebbles with “million dollar views” of Lake Michigan.

It has the features that buyers look for including central air, washer/dryer in the unit and one parking space included with a second one available for $30,000.

This building is near the shops and restaurants of the South Loop including the Roosevelt Collection as well as all the major supermarkets including Mariano’s, Trader Joe’s, Whole Foods, and Jewel.

It’s near several bus lines and the Roosevelt El line stop.

Listed at $485,000, is this the most affordable high rise penthouse on the market?

Matthew Engle at Fulton Grace Realty has the listing. See the pictures and floor plan here.

Or see it at the Open House on Saturday, August 12, 2023 from 12 to 2 PM.

Unit #PH 2: 2 bedrooms, 2 baths, 1417 square feet, penthouse

• Sold in October 2006 for $550,000 (per Redfin)
• Bank owned in January 2008
• Sold in May 2008 for $330,000
• Sold in December 2021 for $375,000
• Currently listed at $485,000
• Assessments of $1161 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $11,737
• Central Air
• Washer/dryer in the unit
• Garage parking included (second spot available for $30k)
• Fireplace
• Bedroom #1: 13×14
• Bedroom #2: 13×12
• Office: 7×13
• Foyer: 4×11
• Living/dining room combo: 13×24
• Kitchen: 12×11
• Walk-in-Closet: 6×10
• Terrace: 20×14

This 2-bedroom duplex penthouse at 909 W. Washington in the West Loop came on the market in August 2023.

Built in 2002, 909 W. Washington has 108 units and heated attached garage parking.

It has door-staff, an exercise room and a common terrace.

If this unit looks familiar, that’s because we chattered about it 10 years ago as prices were just starting to recover from the housing bust but the West Loop was not yet the red-hot neighborhood it has become. In fact, it had been on the market for months by the time we chattered about it.

Many of you seemed concerned about the wall of tall windows and actually heating/cooling that space. You can see our April 2013 chatter here.

If you recall, this unit is a corner penthouse with floor-to-ceiling windows extending up 23 feet in the living/dining/kitchen with skyline views. The 2013 listing said it was only one of two penthouse units in the building.

There are hardwood floors throughout, except for the second bedroom which has carpet.

The unit is a duplex with a second floor loft which could be used as a den or third bedroom. It is open to the main living space and also has hardwood floors.

The primary suite also has tall ceilings, a walk-in-closet and an en suite bathroom with a double vanity.

The second bedroom, which is near the entrance to the unit, does have a window (see the listing pictures from the 2022 sale).

The listing says the kitchen and baths were “recently” updated. It appears they were updated for the 2022 listing.

The kitchen has white cabinets, stainless steel appliances, a tile backsplash and an island with seating for three.

There’s a balcony off the living room with skyline views.

This unit has the features that buyers look for including central air, washer/dryer in the unit and one heated garage parking space is included.

This building is near the shops and restaurants of Halsted and Randolph Street as well as Fulton Market.

Listed at $775,000, that’s $32,500 above the May 2022 sales price of $742,500.

Will they get the premium just 15 months later?

Sam Johnston at Berkshire Hathaway HomeServices has the listing. See the pictures here.

Sorry, no floor plan but the 2022 listing has one. You can see the pictures and floor plan here (also includes a picture that shows the window in the second bedroom.) But Redfin is “down” tonight so I will put in the link in the morning.

Or you can see it at the Open House, on Saturday, August 12, 2023 from 1 pm to 3 pm.

Unit #1012: 2 bedrooms, 2 baths, 1479 square feet, penthouse, duplex

• Sold in January 2006 for $605,500
• Sold in June 2013 for $555,000
• Sold in May 2022 for $742,500
• Currently listed for $775,000 
• Assessments of $811 a month (includes doorman, exercise room, exterior maintenance, lawn care, scavenger)
• Taxes of $8926
• Central Air
• Washer/Dryer in the unit
• Heated garage parking included
• Bedroom #1: 11×20 (main floor)
• Bedroom #2: 10×12 (main floor)
• Living/dining combo: 14×23 (main floor)
• Kitchen: 10×12 (main floor)
• Den: 12×17 (second floor)
• Balcony

This 3-bedroom maisonette in 1544 N. State Parkway in the Gold Coast came on the market in August 2023.

Many of you will remember this maisonette from 2019 and 2020 as we chattered about it several times but it never sold.

1550 N. State Parkway was designed by Benjamin Marshall in 1912 and has just 32 units. It’s exterior is covered in limestone and it overlooks Lincoln Park.

The building has 24/7 door staff, bike storage, an exercise room, a common rooftop deck, a wine cellar, a guest apartment and walk-in storage units. There’s no parking.

But remember, this unit is in 1544 N. State Parkway, the shorter side building that is seen above in my poorly taken picture. There are 2 units in that building which share the courtyard in the front. These units have 2 separate entrances, either through the landscaped courtyard or through the building’s lobby.

This maisonette is the top floor, penthouse level, unit.

If you recall, the last time we chattered about it, the unit had sold in an auction from the bank in 2016. It was then renovated with a new kitchen and baths and put on the market. It doesn’t appear to have any of the original vintage features but there is crown molding in the living/dining/kitchen.

It has a bespoke kitchen with modern cabinets and a 10’4″ island with slabstone top. It has a 60″ Thermador, 48″ Wolf 6 burner range oven and Macauba stone countertops.

This kitchen has 2 islands with 2 separate sinks. The second island is a wet bar with a built-in wine chiller.

There are 7 inch wide plank hardwood floors throughout the main living areas.

The primary bedroom has an en suite bath with heated floors and a steam shower.

The second bathroom is “spa-like” with heated floors.

This unit has some of the features buyers look for including a side-by-side washer/dryer in the unit and space pac cooling. There’s no parking, however.

This building is adjacent to Lincoln Park and is near the shops and restaurants of Old Town and East Lincoln Park.

You may recall, the unit was originally listed in May 2019 at $1,049,999 but never sold and was withdrawn. It has come back on the market in August 2023 for $649,000.

Will this price get the sale done?

Amir Aouad at @properties Christie’s has the listing now. See the pictures and floor plan here.

Unit #A3: 3 bedrooms, 2 baths, 1800 square feet

• Sold in January 1988 for $289,000
• Sold in June 1997 for $335,000
• Sold in April 1999 for $442,000
• Sold in January 2004 for $865,000
• Sold in July 2006 for $950,000
• Originally listed in November 2009 for $1.135 million
• Lis pendens filed in May 2011
• Sold in March 2016 for $413,500
• Originally listed in May 2019 for $1,049,999
• Reduced several times
• Withdrawn in 2021
• Currently listed at $649,000
• Assessments are now $2764 a month (they were $2169 a month in April 2020 and $1947 a month in 2012) (includes heat, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are are now $23,773 (they were $21,887 in April 2020; $20,588 in December 2019 and $13,484 in July 2012)
• Space Pack air
• In-unit washer/dryer
• No parking – rental nearby
• Decorative fireplace
• Bedroom #1: 14×17
• Bedroom #2: 14×13
• Bedroom #3: 11×8
• Living room: 23×17
• Dining room: 17×11
• Kitchen: 16×22

This 3-bedroom at 2918 N. Pine Grove in East Lakeview came on the market in July 2023.

Built in 1917, 2918 N. Pine Grove has 26 units. The listing says it was designed by architect Roy France.

It has a common area with a patio and grill as well as outdoor furniture. There’s no parking with the building.

This is a corner unit with 22 windows and hardwood floors throughout.

It has some of its vintage features including crown and base moldings, 9 foot+ ceilings and original plaster cast crown molding in the separate dining room.

There’s a decorative fireplace in the living room.

The chef’s kitchen has custom wood cabinets, a 30″ double oven, Miele dishwasher, built in LG refrigerator, a wine fridge and granite counter tops and opens to the dining room.

The primary bathroom has Carrara marble tile, a double vanity, Hansgrohe steam shower and heated floors.

The second bathroom has been updated with classic white subway tile.

This unit has some unique features like curved walls in the primary bedroom and in the sunroom which could double as an office.

It has some features that buyers look for including in-unit Bosch washer/dryer and secure transferrable parking is available next door for $225 a month, but it doesn’t have central air. There are window units only.

The listing says there are modern updates including “4” recessed lighting throughout with Lutron Wireless dimmers & controls, electric shades, new copper plumbing and electric, and Kohler & Moen faucets.”

There is 8×5 walk-in storage.

This building is near all the shops and restaurants of East Lakeview, the Landmark movie theater, the Mariano’s and Trader’s Joes, Lincoln Park, and numerous bus lines.

The listing says its in the Nettlehorst school district.

Listed in July 2023 for $650,000, it has been reduced $25,000 to $625,000.

Is this now priced to sell?

Sharon O’Hara at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #2: 3 bedrooms, 2 baths, 1800 square feet

• Sold in January 1977 for $55,000
• Sold in December 1987 for $160,000
• Sold in March 1994 for $193,000
• Sold in March 1998 for $242,500
• Sold in July 2007 for $401,000
• Sold in June 2016 for $528,000
• Originally listed in July 2023 for $650,000
• Reduced
• Currently listed at $625,000
• Assessments of $636 a month (includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $8894
• No central air. Window units only.
• Washer/dryer in the unit
• Transferable secure rental parking next door for $225 a month
• Decorative fireplace
• Bedroom #1: 14×15
• Bedroom #2: 14×12
• Bedroom #3: 8×10
• Living room: 15×19
• Kitchen: 14×10
• Sunroom: 14×7
• Dining room: 14×17
• Foyer

This 3-bedroom in 2130 N. Lincoln Park West in East Lincoln Park came on the market in August 2023.

Built in 1928, 2130 N. Lincoln Park West has just 33 units and an attached garage.

The building has a on-site building concierge and engineer, extra storage, an exercise room and a common garden terrace.

The listing also says the recent projects that have been done over the last 5 years include: “Masonry, roof maintenance, replaced section of risers, renovation on exercise room, replaced vacuum pump in the boiler room, replaced flooring in the garage.”

This property is listed as “priced to sell” and that it is the “first time on the market in generations.”

It has east, south and west exposures with lake and Lincoln Park views.

This unit has some of its vintage features including a private elevator which opens into a 37 foot gallery with a barrel vaulted ceiling and “exquisite plaster detailed moldings.”

It has hardwood floors throughout and crown moldings.

The listing says it has a “large chef’s kitchen” with white cabinets.

It has wall unit cooling, an in-unit washer/dryer (is that it in the kitchen next to the dishwasher?) and an attached parking spot is included.

The listing says this is your chance to custom design your own Lincoln Park abode.

The building is across from Lincoln Park, the zoo, and near the shops and restaurants of East Lincoln Park and Old Town.

The listing says it’s in Lincoln Elementary school district.

At 3,000 square feet, that’s as large as many single family homes.

Listed at $849,770, is this priced right for a buyer to do a renovation?

Andrew Glatz at Crown Heights Realty has the listing. See the pictures and floor plan here.

Unit #7N: 3 bedrooms, 3 baths, 3000 square feet

• No prior sales price available
• Currently listed at $849,770
• Assessments of $1900 a month (includes heat, parking, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15,329
• No central air, but wall units throughout
• Washer/dryer in the unit
• Attached parking space included
• Bedroom #1: 18×16
• Bedroom #2: 17×14
• Bedroom #3: 12×10
• Living room: 24×16
• Dining room: 18×11
• Kitchen: 15×12
• Family room: 18×15
• Gallery: 38×8

This 3-bedroom duplex down at 1510 N. Dearborn Parkway in the Gold Coast came on the market in July 2023.

Built in 1897, 1510 N. Dearborn Parkway actually has 18 units and an elevator. The listing says its professionally managed with an on-site maintenance team.

There’s a bike room and additional storage in the basement. Additionally, there appears to be some parking spaces behind the building.

The listing says this unit is “rarely available.” It last sold in 2001.

Despite being over 120 years old, this unit doesn’t have any of its vintage features. But it does have a gas fireplace in the living room with custom built-in shelving and bay windows.

The living and dining rooms are on the first floor, along with the kitchen and the primary suite.

The kitchen has “high-end” wood cabinetry, premium stainless steel appliances, what look like stone counter tops, a wine refrigerator and a breakfast bar with seating for 2.

The primary suite has a “spa-like” bath with a large walk-in-shower with body sprays, a double vanity and jetted tub.

The lower level has the other two bedrooms, including one that is en suite, and 2 full bathrooms.

There’s also a recessed bar.

This unit has the features buyers look for including central air, washer/dryer in the unit and an “on-site” parking space is available for $50,000.

The listing says this property is “close to parks, bike trails, the lakefront, North Ave beach, Lincoln Park Zoo, Old Town, farmer’s market, Latin School, boutiques, crave-worthy restaurants, and all the very best of Chicago!”

This unit came on the market in July 2023 for $1.099 million, plus $50,000 for the parking.

Is this a good townhouse alternative?

Jacqueline Lafferty and John Irwin at Baird & Warner have the listing. See the pictures and floor plan here.

Unit #102: 3 bedrooms, 3 baths, no square footage listed, duplex down

• Sold in April 1997 for $403,500
• Sold in January 2001 for $647,000
• Originally listed in July 2023 for $1.099 million
• Currently still listed at $1.099 million
• Assessments of $783 a month (includes cable, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $16,043
• Central Air
• Washer/dryer in the unit
• On-site parking available for $50,000
• Gas fireplace
• Bedroom #1: 19×15 (main level)
• Bedroom #2: 15×12 (lower level)
• Bedroom #3: 14×12 (lower level)
• Living room: 19×14 (main level)
• Dining room: 11×6 (main level)
• Kitchen: 12×12 (main level)

This 5-bedroom Victorian at 4358 S. Berkeley in North Kenwood came on the market in July 2023. (Sorry, I don’t have a picture.)

Built in 1890, this house is on a 26×124 corner lot. It doesn’t have a garage but it has a “private side drive” with parking up to 4 cars.

This house was renovated in 2022 and while it is a vintage home, none of the interior vintage features remain. The listing describes it as “designed to maximize functionality and comfort, blending classic and contemporary styles.”

It has California-style light laminate wood flooring throughout, a new grand staircase, custom lighting, skylights and a new gas fireplace in the living room.

There’s a separate dining room.

The kitchen is a “chef’s dream come true” with white and blue (or gray) cabinets, Bosch appliances, quartz counter tops, a waterfall edge on the island which seats two, a microwave drawer and a wine cooler.

It also has a built-in dining banquet and storage.

4 bedrooms and 2 full baths are on the second floor. The baths have custom tile, heated toilets, rain shower and premium fixtures.

The top floor is entirely the primary suite with a walk-in-closet and en suite “spa bath” with custom tile, a large walk-in-shower with bench, a soaking tub and double sink.  It appears that the room is currently being used as a family room/exercise room.

The house has a private landscaped yard and deck as well as central air.

It appears that the lower level is an unfinished basement with the laundry room.

This house is close to the Lake, bike paths, and the shops and restaurants of Bronzeville including Bronzeville Winery.

It sold in May 2021 for $475,000 and has come back on the market, renovated, at $799,000.

Home prices in nearby Bronzeville are rising quickly. Will these sellers get their price?

Alexis Holland at Century 21 SGR has the listing. See the pictures here (sorry, no floor plan).

4358 S. Berkeley: 5 bedrooms, 4 baths, no square foot listed, single family home

• Sold prior to 1988
• Sold in May 2021 “as-is” for $475,000
• Currently listed at $799,000
• Taxes of $6635
• Central Air
• No garage- but parking for 4 cars on a “private side drive.”
• Lot measuring 26×124
• Gas fireplace
• Bedroom #1: 33×17 (third floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 13×10 (second floor)
• Bedroom #4: 19×15 (second floor)
• Bedroom #5: 11×10 (second floor)
• Living room: 15×12 (main floor)
• Dining room: 16×12 (main floor)
• Kitchen: 18×14 (main floor)
• Laundry room: 19×15 (basement)
• Deck

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 the slowest June since June 2020, when the pandemic spooked the real estate industry and froze many buyers and sellers.

From the Illinois Association of Realtors:

The city of Chicago saw a 25.1 percent year-over-year home sales decrease in June 2023 with 2,541 sales, down from 3,393 in June 2022.

The median price of a home in the city of Chicago in June 2023 was $355,000, down 3.3 percent compared to June 2022 when it was $367,000.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3321
• June 2017: 3380
• June 2018: 3191
• June 2019: 2850
• June 2020: 2072
• June 2021: 3908
• June 2022: 3393
• June 2023: 2541

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $299,900
• June 2017: $306,750
• June 2018: $314,900
• June 2019: $319,000
• June 2020: $329,000
• June 2021: $350,500
• June 2022: $367,000
• June 2023: $355,000

“Compared to May, the June data shows market activity is increasing, as summertime in Chicago continues to be a popular time of year to buy and sell,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago.

“Buyers and sellers are realizing that mortgage rates likely won’t hit the all-time lows we saw a few years ago and are making moves when they’re ready.”

The 30-year fixed rate mortgage was 6.71% in June 2023 up from May 2023 which was 6.43% and definitely higher than June 2022 which was 5.52%.

“The trend of rising prices and declining sales continued during June,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate (SHDRE) at the University of Illinois at Chicago College of Business Administration.

“Our forecasts indicate that prices will begin their expected seasonal decline over the next three months, while the number of sales continues to decline. Surveys suggest that consumer confidence in the economy has begun to increase again, which may moderate these trends toward declining prices and sales.”

Statewide, Illinois inventory declined 33.2% to 18,886 properties from 28,265 in June 2022. The IAR said it was the 4th lowest monthly average for inventory since 2008, which was when IAR started keeping the data.

In Chicago, inventory fell 32.2% to 5344 properties from 7883 a year ago. That continues the trend of declining inventory as the inventory was 9008 in June 2021.

• June 2021: 9008
• June 2022: 7883
• June 2023: 5344

The number of days on the market was up in Chicago by 7.7% to 28 days from 26 days last year.

On the price decline, most of it came from single family homes which fell 6.2% to $332,500. Condo prices were flat year-over-year at $375,000.

As we’ve seen the last few months, in Chicago June sales, it was condos which fell the most, at 29.4%, to 1607 while single family home sales fell 16.3% to 934.

Inventory remains tight and mortgage rates have remained elevated in July. But we are now coming up on better year-over-year comps. A year ago, the slowdown was already hitting.

Can monthly sales turn it around with inventory this low?

Illinois’ statewide home sales and housing inventory dipped in June [Illinois Association of Realtors Press Release, by Bill Kozar, July 20, 2023]