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 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 […]
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 […]
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 […]
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 […]
The Chicago Tribune recently reported on people who keep second homes in Chicago. Some used to live here and simply kept their apartments. Others buy because Chicago has great restaurants, museums and culture and it’s still affordable compared to “comparable” large cities with the same amenities. O’Hare Airport, and its many international routes, doesn’t hurt either. […]
We’ve already been chattering about how slow the fall has been in Chicago real estate. The official October sales numbers are now out from the Illinois Association of Realtors and sales fell to a 5 year low: The city of Chicago saw an 8.8 percent year-over-year home sales decrease in October 2016 with 1,981 sales, […]
The building above is The Aurelien at 833 N. Clark in the Gold Coast. (Who thinks up these building names???) It is expected to begin leasing in 2017. We’ve chattered about the luxury apartment market off and on over the last several years on Crib Chatter. Thousands of new apartments have been built since the […]
The Chicago housing market appears to have slowed in October. But was it any worse than any other October? Data from agents about the number of showings on properties says “yes.” From Crain’s: Foot traffic through local homes for sale plunged more last month than in any of the previous four Octobers, according to data […]
Without further ado, here are the September home sales numbers. From the Illinois Association of Realtors: The city of Chicago saw a 3.2 percent year-over-year home sales decrease in September 2016 with 2,336 sales, down from 2,414 in September 2015. The median price of a home in the city of Chicago in September 2016 was […]