We’ve been chattering about the impacts of the pandemic and the protests and looting on Chicago real estate for several months. The data shows that sales of downtown condos are slow as inventory has exploded to well over 12 months in several downtown neighborhoods. But single family home inventory was just 2.8 months citywide at […]
7 months into the coronavirus pandemic, the impacts on the Chicago housing market are still shaking out. In addition to the pandemic, the protests and looting of stores on the Mag Mile, and elsewhere in the city, also have had an impact on the city’s housing market. But how much? It’s become clearer that there […]
The Illinois Association of Realtors is out with the August sales. During the month, there was a second looting episode while the coronavirus pandemic continued. Many thought there would be fleeing from the city to the suburbs and other states but sales continue to see year-over-year gains in the strongest August in 4 years. The […]
We’ve been waiting to get the updated data to see what is happening in the downtown apartment and condo markets. As we’ve been chattering about for several months, residents of New York City and San Francisco have been flocking out of the city center to the suburbs, and other states, to escape the city after […]
July’s sales data is out from the Illinois Association of Realtors. While the housing market has been red hot across the country, Chicago notched only a 0.6% sales gain in July. The city of Chicago saw year-over-year home sales increase 0.6 percent with 2,725 sales in July, compared to 2,708 a year ago. The median […]
A few months ago, there was a lot of discussion about city dwellers fleeing big cities for the suburbs because of COVID-19. There’s evidence that this is the case in New York City, but so far, despite trying to find examples of it, Chicagoans seemed okay with staying in the city despite the pandemic. But […]
The June housing data is out. Sales were the lowest since 2011, which was near the bottom of the housing bust. Reminder these closings would have been properties under contract in March, April and May, which was during the coronavirus shutdown. The city of Chicago saw year-over-year home sales decrease 29.1 percent with 2,020 sales […]
Here on Crib Chatter, we’ve been debating what’s going to happen to Chicago’s real estate market this year. What will happen to all the luxury apartment rentals that have been going up downtown for the last decade? The above picture is of One Bennett Park at 451 E. Grand in Streeterville which has an apartment […]
The May home sales data is out and, as expected, it was bad as the COVID-19 lockdown continued. From the Illinois Association of Realtors: The city of Chicago saw year-over-year home sales decrease 43.6 percent with 1,666 sales in May, compared to 2,952 a year ago. The median price of a home in the city […]
While home selling/buying was considered “essential” and was not shutdown in Chicago during the COVID-19 restrictions, sales still plunged in March and April. Those are key months in the spring home buying season. The question was, would we see a big rebound in both buyers and inventory when the city reopened or would the recession […]