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 […]
With the state’s economy shut down due to COVID-19, it’s not a surprise that April home sales plunged in Chicago and around the state. From the Illinois Association of Realtors: The city of Chicago saw year-over-year home sales decrease 22.2 percent with 2,018 sales in April, compared to 2,595 a year ago. The median price […]
Inventory is low this spring due to the coronavirus pandemic. Some sellers are afraid to list as they don’t want strangers walking through their home. Others may be waiting for the state to reopen for business. But buyers are still looking as Crain’s Dennis Rodkin reports: “It’s been very busy, kind of crazy,” said Ryan […]
The Illinois Association of Realtors is out with the March data. The Chicago market started out the spring home buying season on a strong note, with near record low mortgage rates and record low unemployment. But, in March, the COVID-19 state and city wide economic shutdown hit. Still, March was another strong month despite the […]
There’s a lot of discussion about how COVID-19 will impact the housing markets both immediately and long term. Closings are still getting done as buyers house hunt through virtual tours and remote appraisals and closings. Chicago’s inventory remains low as new listings have plunged. Each week the shutdown continues, the number of new listings seems […]
Does anyone care about what the housing market was doing before the coronavirus hit the US? It seems like another world now. But it’s good to have the data. It’s not surprising that Chicago home sales were up year-over-year in February. From the Illinois Association of Realtors: The city of Chicago saw year-over-year home sales […]
It’s time for an open thread on the impacts of the coronavirus on Chicago’s housing market. Yes, obviously the health and safety impacts take priority. But there will be economic impacts as well. With the stock market at record highs, unemployment at 50-year lows, and mortgage rates back to all-time lows, the Chicago spring housing […]