Crib Chatter

This 3-bedroom Sandburg Village townhouse at 1314 N. Sandburg Terrace in Old Town came on the market in August 2023. (The picture above is of some of the Sandburg Village townhouses but not this specific one.)

Thanks to The Cat for requesting that we chatter about this property.

Built in 1965, Sandburg Village was a planned community of high rises, townhouses and the artist lofts.

Village amenities include 2 pools, tennis courts, pickleball courts, a dog run, a package room, a playground, hospitality rooms, onsite cleaners, dentist, barbershop and nail salon. There is an extra fee for many of these amenities for the townhouses.

The listing says this townhouse is “tucked away.”

The main floor has the living/dining and kitchen, a full bath, with a Toto toilet and Sherle Wagner vanity, and a bedroom which is currently being used as a den which has built-ins and overlooks the private patio.

The living area features built-in cabinets and shelving and large floor-to-ceiling windows along with a sliding glass door that opens to the brick private patio, with a tree and landscaping. It’s fully enclosed with walls and fencing.

The living/dining/kitchen has a black and white checkerboard tile floor.

There is a de Guilio kitchen with white cabinets, granite counter tops, a breakfast bar, and luxury appliances including a Subzero refrigerator, a Thermador cooktop, a GE double oven and a KitchenAid dishwasher.

The second floor has the other two bedrooms and a full bathroom.

The primary bedroom has built-in cabinetry and hypoallergenic carpeting. The second bedroom is used as an office.

There is a lower level which the listing says could be used as a family room. There’s also a utility room with the washer/dryer.

The listing also indicates that a third bathroom could be added in the lower level.

It has central air and one car outdoor parking which is covered and has a garage door.

This townhouse is also on a shared landscaped courtyard, if you need even more outdoor space than your private patio.

Sandburg Village is between Old Town and the Gold Coast and is near all the shops and restaurants of both. It’s also near several bus lines and the Red Line subway.

It appears that this townhouse hasn’t sold in several decades.

Listed at $785,000, is this townhouse an oasis in the middle of the city?

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

1314 N. Sandburg Terrace: 3 bedrooms, 2 baths, no square footage listed, townhouse

• I couldn’t find a prior sale going back to 1986
• Originally listed in August 2023 for $785,000
• Currently still listed at $785,000
• Assessments of $443 a month (includes lawn care, scavenger, snow removal)(extra fee for other Sandburg Village amenities)
• Taxes of $11,664
• Central Air
• 1-car covered outdoor parking with garage door included
• Bedroom #1: 12×17 (second floor)
• Bedroom #2: 11×17 (second floor)
• Bedroom #3: 11×17 (main floor)
• Living room: 16×20 (main floor)
• Kitchen: 14×18 (main floor)
• Family room: 19×14 (lower level)
• Utility room: 14×17 (lower level)
• Patio: 16×23 (main level)

This 2-bedroom in the Astor Tower at 1300 N. Astor in the Gold Coast came on the market in May 2023.

Astor Tower Condos was built in 1962 by Bertrand Goldberg. It was originally the Astor Tower Hotel and had some famous customers including the Beatles.

It now has 78 condo units and garage parking. It has 24-hour door staff, on-site maintenance and management, a fitness center and a rooftop 360-degree deck.

Apparently, the building is not on the historic register, nor is it landmarked. Block Club Chicago has more on how it was built:

In 1959, Bertrand Goldberg began designing a strikingly modern high rise for Astor Street, juxtaposed by the surrounding classical revival townhouses and apartments. The Astor Tower featured a structural center core of poured concrete upon which twenty-four residential floors were hung, and further supported by twelve parameter columns. The core and columns rise for a full five stories before the residential floors begin, giving the building the shape of an “ice pop.”

This innovative design required Bertrand Goldberg Associates structural engineer Bert Weinberg to revise the building’s structural calculations, requiring three more stories to be added to the design, delaying the start of construction. Meanwhile, Marina City had broken ground beside the Chicago River in 1960 and was constructed as scheduled, with its first residents moving in to the finished first tower in 1962, a year prior to the opening of the Astor Tower Hotel.

This unit is a “rarely available” half floor corner unit with “breathtaking” lake and city views from its floor to ceiling windows.

There are “newer” hardwood floors throughout.

The kitchen is “eat-in” with sleek flat panel cabinets, stainless steel appliances and a panel ready integrated refrigerator, granite counter tops, a slab backsplash and a peninsula.

The primary suite is on the southwest corner with skyline and sunset views. It has a walk-in-closet and an en suite bathroom with marble vanities, rain shower and body sprays.

The unit has the features that buyers look for including central air, washer/dryer in the unit and 2-car tandem parking which is included.

This building is near the shops and restaurants of the Gold Coast, Rush Street, and Old Town as well as the beach and parks.

Originally listed in May 2023 for $699,900, it has been reduced $149,900 to $550,000.

That’s below all the sales prices since 2006.

Is this unit a deal?

George Furla and John Kosmopoulos at Dream Town have the listing. See the pictures here (sorry, no floor plan.)

Unit #26A: 2 bedrooms, 2 baths, 1600 square feet

• Sold in October 1999 for $315,000
• Sold in May 2006 for $680,000
• Sold in April 2010 for $810,000
• Sold in October 2014 for $772,000
• Originally listed in May 2023 for $699,900
• Reduced several times
• Currently listed at $550,000 (includes 2-car tandem parking)
• Assessments of $2889 a month (includes heat, a/c, doorman, cable, exercise room, coin laundry in the building, on-site engineer, party room, sundeck)
• Taxes of $11,851
• Central Air
• Washer/dryer in the unit
• OR, you can rent it. Listed on August 31, 2023 for $5750 a month
• Reduced
• Currently listed for rent at $5,000 a month (is THIS a deal?)
• Bedroom #1: 18×13
• Bedroom #2: 15×10
• Living/dining room combo: 18×27
• Kitchen: 11×7

This 2-bedroom in the Michigan Avenue Lofts at 910 S. Michigan in the South Loop came on the market in July 2023.

Built in 1911, it was converted to loft condos in 2001 during the loft boom. It has 262 units and attached garage parking.

The building has 24/7 door staff and an exercise room.

Sorry, but the picture above does not reflect the new Helmet Jahn (his last) high rise apartment building going up directly to the south. I need to update this picture as having a 70 story building next door is a big change for this building.

This unit, however, is a corner unit with north and east exposures. It does not face into the new building. It faces Michigan Avenue and Grant Park and has tree top views.

The listing says this unit has had “impeccable renovations” in 2021 in which “no expense was spared”.

Should it even be called a “loft” anymore?

It still has the 11 foot high ceilings but if you look at the 2011 listing pictures, you can see that they removed the exposed ductwork, one of the “loft” features.

These east facing units have no outdoor space BUT in the original conversion, the developer built in interior “sunrooms” that faced east, had a door and usually tile floors. That sunroom has been removed. (See the 2011 pictures.)

This unit has new hardwood flooring (still diagonal), fresh paint and a fireplace.

The kitchen has been “redesigned” and has a high end Dacor stainless steel appliance package, 2 tone white and wood cabinets, gray glass subway tile backsplash, and an island with seating for 4.

The bedrooms are in a split floor plan. Both have windows.

The primary faces east and has an en suite bathroom which has been renovated and which “rivals the luxurious atmosphere of a spa.”

The unit has the features that buyers look for including central air, in-unit washer/dryer and a tandem 2-spot parking space which is $50,000 extra (see listing picture).

This building is across from Grant Park, near Millennium Park, Buckingham Fountain, the shops and restaurants of the South Loop and Michigan Avenue as well as numerous bus line and the subway.

Listed in July 2023 at $625,000, it has been reduced to $595,000.

Buyers love “new” and this unit has the preferred view in this building.

Why isn’t this selling?

Susan Corcoran at Coldwell Banker has the listing. See the pictures here. Sorry, no floor plan.

Unit #204: 2 bedrooms, 2 baths, 1750 square feet, loft

• Sold in July 2001 for $437,500
• Sold in May 2011 for $485,000
• Originally listed in July 2023 for $625,000
• Reduced
• Currently listed at $595,000 (plus $50,000 for tandem 2-car garage parking)
• Assessments of $1242 a month (includes heat, a/c, gas, parking, cable, exercise, exterior maintenance, scavenger, snow removal)
• Taxes of $11,535
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 12×17
• Bedroom #2: 1212
• Living/dining room: 22×25
• Kitchen: 8×17

This 2-bedroom in Park Millennium at 222 N. Columbus on the New Eastside came on the market in September 2023.

Park Millennium was built in 2002 and has 480 units and attached leased garage parking.

It’s a full amenity building with door staff, an indoor lap pool, fitness center, sauna, sundeck with outdoor grills, a dry cleaner and even a grocery store.

This listing has been “completely renovated” and is now the “epitome of urban living.”

The unit has wraparound floor-to-ceiling windows.

It has light wide plank laminate wood floors throughout.

There is an “open concept” kitchen with self close white and gray cabinets, a breakfast bar with seating for three, white quartz countertops, a deep sink, brand new stainless steel appliances, and a herringbone backsplash.

The primary bedroom is en suite with an organized walk-in-closet.

The bathrooms have “contemporary” bathroom fixtures.

This unit has the features buyers look for including central air, washer/dryer in the unit and there is rental garage parking attached to the building.

This building is near Millennium Park, the Loop and Michigan Avenue as well as shops, restaurants and the Mariano’s and the Lakeshore East park.

It has come on the market for $479,950 after selling in May for $320,000.

Buyers love “new.”

Will this sell quickly?

Shawn Jones at Berkshire Hathaway HomeServices has the listing. See the pictures here (no floor plan).

Unit #1609: 2 bedrooms, 2 baths, 1170 square feet

• Sold in August 2005 for $390,500
• Sold in May 2023 for $320,000
• Currently listed at $479,950
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 12×10
• Living room: 18×17
• Dining room: 11×7
• Kitchen: 10×7

This 1-bedroom duplex up Sandburg Village Artist Loft at 1535 N. Sandburg Terrace in the Gold Coast came on the market in September 2023.

I have two pictures of these artist lofts in two different locations. I’m not sure if the picture above is the correct group but they all look similar.

I knew we had chattered about at least one of these unique artist lofts in the past, but imagine my surprise when I discovered that we actually chattered about this very unit when it was last on the market in 2011.

It had its original features and, boy, was the chatterati not having any of it. Some of the comments included:

Wilson: If someone were to give me this place for free, I would think twice before taking it. This place looks like a money pit to me.

miumiu: This place need a gut rehab as is it is depressing.

sonies: Don’t know why but this place reminds me of a bird house

To see even more of the comments, and pictures of the interior, check out our 2011 chatter here.

The Sandburg Village Artist Lofts were built in 1969 (not 1978 as the 2011 chatter says). There are 9 of them in this row. They have their own separate entrances, like a townhouse, and are duplex up.

These units apparently have access to the Sandburg Village north pool. The listing doesn’t say if there is an extra cost, however.

Apparently, the 2011 buyer was in agreement with the chatterati as this artist loft has been renovated.

There are dark hardwood floors on the main level and carpet in the bedroom which is on the second level.

A half-bath on the first floor was added.

The kitchen and full bath were “completely renovated” and the kitchen has white, European styled cabinets and stainless steel appliances.

The unique feature of this artist loft is a 17 foot span of paneled windows.

It also has a large private enclosed patio.

The listing says the north pool is out the back gate and parking is available in the Sandburg Village north lot.

The artist loft has features buyers look for including central air and washer/dryer in the unit.

Sandburg Village is near the shops and restaurants of Old Town, Lincoln Park, and the Gold Coast. It’s close to public transportation and parks.

The listing calls this unit “dramatic yet cozy.”

Listed at $450,000, do you now wish you had been the buyer in 2011 after all?

Caroline Moellering at @properties Christie’s has the listing. See the pictures here.

Or, you can see it in person at the Open House on Sunday, September 10, 2023, at 12 pm to 1:45 pm.

1535 N. Sandburg Terrace: 1 bedroom, 1.5 baths, duplex up, no square footage listed

• Sold in May 1988 for $87,000
• Sold in September 1996 for $160,000
• Sold in October 2011 for $190,000
• Currently listed at $450,000
• Assessments are now $201 a month (they were $140 a month in September 2011)
• Taxes are now $4307 (they were $3464 in September 2011)
• Central Air
• Washer/Dryer in the unit
• Rental parking nearby in the north lot
• Bedroom: 14×11 (second floor)
• Living room: 17×14 (main floor)
• Kitchen: 10×6 (main floor)
• Laundry: 3×3 (second floor)
• Terrace: 17×14 (main floor)

This top floor 2-bedroom at 1637 W. Olive in Andersonville/Edgewater came on the market in September 2023. Sorry, I don’t have a picture of this building but I wanted to crib on it anyway. Fountain above is in Lincoln Park.

Built in 1924, 1637 W. Olive was converted into condos in 2004. It is a walk-up with 3 units and outdoor assigned parking. It has a communal garden and there’s separate storage.

This unit has 3 exposures with treetop views and some of its vintage features including trim and solid doors.

The listing says the hardwood floors are “newer” as of 2019.

The listing also says the entire unit has been repainted.

It has a separate dining room which is open to the kitchen which has white cabinets, black granite counter tops, and stainless steel appliances including a new KitchenAid range with hood. There’s also an “herb garden” deck off the kitchen with room for a grill.

There’s a sun room off the living room which leads to a private south facing deck.

The listing has flipped the floor plan on the bedrooms with the second bedroom now being called the “primary” which is connected to a renovated bath (2022) with a refinished vintage tub with shower, white subway tiles and a heated towel rack.

French doors lead to bedroom 2 (which is the primary in the floor plan).

This unit has the features buyers look for including central air, washer/dryer in the unit and an outdoor parking space.

The listing says it’s available furnished.

It’s one block from popular Andersonville Clark Street shops and restaurants and less than 1/2 mile from the Peterson Ridge Metra Station which is expected to open this fall.

Listed at $400,000, that’s $90,000 above the 2021 purchase price.

Will this seller get full price?

Alex Till at Baird & Warner has the listing. See the pictures and floor plan here.

You can also see it at the Open House this Saturday, September 9, 2023, from 11 AM to 2 PM.

Unit #3: 2 bedrooms, 1.5 baths, 1225 square feet

• Sold in August 2004 for $255,000
• Sold in August 2014 for $240,000
• Sold in September 2016 for $287,500
• Sold in April 2021 for $310,000
• Currently listed for $400,000
• Assessments of $250 a month (includes exterior maintenance)
• Taxes of $5831
• Central Air
• Washer/dryer in the unit
• Outdoor parking space
• Bedroom #1: 16×12
• Bedroom #2: 13×10
• Sunroom: 8×8
• Living room: 14×10
• Kitchen: 13×8
• Dining room: 14×11
• Deck: 10×9

This 3-bedroom coach house at 119 W. Chestnut in the Gold Coast came on the market in September 2023.

Built in 1920, there are 9 units in the building including this coach house in the back.

There is a private dog park next to the building and a shared rooftop deck with city views.

If this unit looks familiar it’s because we chattered about it in 2020. It ended up selling in 2021.

See our chatter here.

If you recall, the coach house has been remodeled since the 2012 sale (you can see those pictures on Redfin.)

It has two entrances, front and back.

The first floor has a family room with a fireplace and heated marble floors. The listing says it could be a fourth bedroom or an office. There’s also a full bathroom.

The second floor has the living room, dining room, and kitchen along with a powder room. It has dark hardwood floors throughout.

The kitchen has been “remodeled” and has contemporary cabinets, stainless steel appliances and a large kitchen island with seating and what look like stone counter tops. If you look at the 2012 sales pictures, it appears that the wall between the kitchen and dining room was removed.

All three bedrooms are on the third floor, including the remodeled primary suite which has a professionally designed walk-in-closet and an en suite bath with heated floors, dual vanities, and spa-like marble shower. There’s also a second full bathroom on this floor.

The fourth floor has a private roof deck with city views, although you also have access to the front building’s shared rooftop deck, also with city views. In 2012 it had a pergola but that has been removed.

The coach house has central air.

But it’s most important feature appears to be the parking. It has a 2-car heated attached garage AND 2 tandem outdoor spaces.

This building is near parks, restaurants and shops of the Gold Coast and River North, including the new Whole Foods.

In 2020, this coach house was listed at $1.049 million and sold for $995,000. It’s come back on at $1.29 million.

Will this coach house finally get its million dollar price tag?

Matt Laricy at Americorp has the listing. See the pictures and floor plan and video here.

Unit #5: 3 bedrooms, 3.5 baths, 3603 square feet, coach house

• Sold in January 1987 (no price)
• Sold in November 2012 for $885,000
• Sold in July 2021 for $995,000
• Currently listed at $1.29 million
• Assessments are now $902 a month (they were $785 a month in July 2020) (includes cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are now $17,062 (they were $16,501 in July 2020)
• Central Air
• 2-car attached garage
• 2 tandem outdoor parking spaces
• 2 fireplaces
• Bedroom #1: 13×21 (third floor)
• Bedroom #2: 10×12 (third floor)
• Bedroom #3: 10×13 (third floor)
• Living room: 21×14 (second floor)
• Dining room: 11×19 (second floor)
• Kitchen: 10×16 (second floor)
• Family room: 21×15 (main floor)
• Storage: 19×18 (lower level)
• Deck: 22×43 (fourth floor)

This 7 bedroom single family home at 1515 N. North Park in Old Town came on the market in April 2023.

I don’t know when this house was built, but it was sometime after 2005. It’s on a double lot measuring 50 x 101.7 and has a unique front facing 2.5 car attached garage with a snow melt driveway.

The house is custom built with masonary brick and limestone and has a side yard.

The most prominent feature is the turret tower which the listing says has “panoramic” views of the city skyline.

The house has 12 foot ceilings, 8 foot doors and hardwood floors.

The living room has coffered ceilings and deep crown molding.

The kitchen is a “chef’s kitchen” with white custom cabinets, a Wolf range cooktop and custom copper hood, Wolf convection ovens, and a commercial Thermador refrigerator, granite counter tops, an island with black cabinets at the base, and a breakfast bar with seating for four. There’s also a separate eating area.

There are two bedrooms on the second floor, including the primary, three bedrooms on the third floor and two more in the lower level. The lower level bedrooms appear to share a bathroom.

The primary suite has a walk-out balcony and a private staircase to the turret which has a personal office. It also has 2 large walk-in-closets, and an en suite bathroom with a double vanity, steam shower and jetted bath.

Some unique features:

• A 5 stop elevator
• A top floor well appointed gym with a professional indoor sports court
• A 3-season room with a wood burning fireplace
• Grilling patio with built-in DCS chef’s grill
• Geothermal radiant heat
• Multiple laundry rooms
• Sonos multi-room sound system
• Covered roof top deck and multiple balconies

It has central air.

This house is near the shops and restaurants of Old Town including FoxTrot and Starbucks, and is near the Chicago History Museum, Second City and Lincoln Park. It’s also just a few blocks from the Brown line stop at Sedgwick.

Listed in April 2023 at $5.2 million, it’s still listed at $5.2 million.

The upper bracket has seen brisk sales in 2023. Will this house sell this year?

Chaz Walters at Coldwell Banker has the listing. See the pictures and floor plan here.

1515 N. North Park: 7 bedrooms, 5.5 baths, 8400 square feet, single family house

• Sold in August 2005 for $735,000 (looks like just the lot)
• Originally listed in April 2023 for $5.2 million
• Currently still listed at $5.2 million
• Taxes of $51,910
• Central Air
• 2.5 car attached garage
• 3 wood burning fireplaces
• 5 stop elevator
• Bedroom #1: 23×12 (second floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 16×12 (third floor)
• Bedroom #4: 14×14 (third floor)
• Bedroom #5: 14×12 (third floor)
• Bedroom #6: 17×14 (lower level)
• Bedroom #7: 17×15 (lower level)
• Living room: 17×15 (main level)
• Dining room: 17×13 (main level)
• Kitchen: 24×17 (main level)
• Eating area: 18×12 (main level)
• Family room: 29×19 (main level)
• Pantry: 8×6 (main level)
• Exercise room: 29×20 (lower level)
• Gym: 27×24 (fourth floor)
• Laundry room: 8×5 (second floor)
• Walk-in-closet: 9×7 (second floor)
• Balcony: 9×8
• Roof deck: 18×30

This 3-bedroom duplex-up penthouse loft in the Churchill Row at 2111 W. Churchill in the Bucktown came on the market in June 2023.

Churchill Row is a former cabinet factory which was converted into 39 loft condominiums in 2002.

It has attached garage parking but no other amenities.

When it was first converted, the big selling point was probably the nearby Churchill Field Park, but now it overlooks the famous, and popular, 606 Trail.

It’s a southeast corner unit with authentic loft features like exposed brick walls, large industrial windows, exposed duct work, timber columns, and 19 foot vaulted timber ceilings.

The first floor has the living/dining rooms and the kitchen, the third bedroom, which is not enclosed to the ceiling but does have windows, and a full bathroom.

The kitchen has been “updated” with wood cabinets, “newer” counters, backsplash, sink and faucet. It has an island that seats 4 and a walk-in pantry.

There’s also a balcony off the living room which overlooks the trail.

The second floor has the two other bedrooms, including the primary suite which has a vaulted ceiling with barrel edge finish and an en suite bathroom.

There’s a third full bathroom on the second floor, the laundry, a wet bar with refrigerator and two decks.

One is a larger roof deck which overlooks the 606 and Bucktown. It is accessed through the primary bedroom.

The second deck, shown on the floor plan, is accessed through the second bedroom.

The loft has features buyers look for including central air, washer/dryer in the unit and garage parking is included.

This building is near the shops and restaurants of Bucktown, an Aldi supermarket, and, obviously, the 606 Trail.

Listed in June 2023 for $899,900, it has been reduced $49,900 to $850,000.

This is a rare 3/3 loft with outdoor space. Why isn’t this selling?

Ron Ehlers at Compass has the listing. See the pictures and floor plan here.

Unit #307: 3 bedrooms, 3 baths, 2154 square feet, duplex up, penthouse, loft

• Sold in November 2002 for $498,500
• Sold in December 2015 for $700,000
• Sold in October 2020 for $750,000
• Originally listed in June 2023 for $899,900
• Reduced
• Currently listed at $850,000
• Assessments of $713 a month (includes exterior maintenance, lawn care, scavenger, Internet)
• Taxes of $15,282
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 13×12 (main floor)
• Living room: 15×12 (main floor)
• Dining room: 15×11 (main floor)
• Kitchen: 15×15 (main floor)
• Foyer: 5×7 (main floor)
• Laundry: 7×4 (second floor)
• Balcony: 5×13 (main floor)
• Roof deck: 14×22 (second floor)
• Roof deck: 4×22 (second floor)

With rates moving back towards 7% early this summer, that slowed Chicago housing sales once again. July sales plunged to their lowest since the housing bust in 2011.

The city of Chicago saw a 20.0 percent year-over-year home sales decrease in July 2023 with 1,986 sales, down from 2,481 in July 2022.

The median price of a home in the city of Chicago in July 2023 was $342,500, down 2.1 percent compared to July 2022 when it was $350,000.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,780
• 2017: 2,698
• 2018: 2,803
• 2019: 2,708
• 2020: 2,793
• 2021: 3,350
• 2022: 2,481
• 2023: 1,986

Interestingly, in the Chicago metro area and statewide, median home prices rose. Only in Chicago did the median price fall year-over-year. However, nothing is as clear cut as it seems because even the condo and single family home markets in Chicago were bifurcated.

Condo prices were up in Chicago by 2.8% to $365,000 median price while single family homes dropped 8.6% to $315,000.

In the Chicago metro median price rose 5.3% to $340,000 from $323,000. Statewide they rose 5.6% to $285,000 from $270,000.

“While median prices rose in the Chicago suburbs during July, they began their usual seasonal decline elsewhere in the state,” 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 continue to decline over the next three months, although they will remain higher than at this time last year. The number of sales remains low and is forecast to decline further over the next three months. Surveys suggest that consumer confidence in the economy has increased markedly over the last few months.”

Inventory continued to drop statewide, plunging 34.1% year-over-year to just 19,432 homes down from 29,774 in July 2022. Compare that to July 2021, when inventory was 34,518 or July 2019 when it was 59,600.

As we know too well, inventory in Chicago also declined again, falling 33.5% to 5,476 from 8,238. For comparison, it was 9,392 homes in 2021.

However, the number of days it took to sell a home statewide finally reversed course and actually rose by 2 days.

Statewide market times:

• 2016: 53 days
• 2017: 47 days
• 2018: 44 days
• 2019: 43 days
• 2020: 50 days
• 2021: 25 days
• 2022: 20 days
• 2023: 22 days

In Chicago, days on the market also rose, by 12% to 28 days from 25 days last year.

“The real estate market in July showed decreases in activity while median sales price held steady, which is typical of market ebbs and flows,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “We’re seeing buyers and sellers in a holding pattern due to student loan payments restarting, the school year beginning and a workforce returning to their offices.”

The average 30-year fixed rate mortgage was 6.84% in July 2023, up from 6.71% in June and well above the rates last year, when it seemed like the world was ending as rates spiked higher, at 5.81%.

How low will monthly home sales go this fall with rates now hovering around 7.5%?

Will sales plunge under even the housing bust lows of 2011?

July Illinois’ home sales and inventory fall while statewide median prices rise [Illinois Association of Realtors, by Bill Kozar, Press Release, August 22, 2023]