Crib Chatter

This 3-bedroom duplex penthouse in 436 W. Belmont in East Lakeview came on the market in July 2023.

Built in 2000, 436 W. Belmont has 16 units and garage parking. It’s an elevator building but does not have door staff but a Butterfly call system.

There are 4 guest parking spaces in front of the building but no other amenities.

The listing says this penthouse is the developer’s unit and still has the original owner.

It has vaulted ceilings and a gas fireplace in the living room. The listing also says it has a “unique and ultra private” front foyer which is a special feature for this unit only.

There appears to be hardwood floors on the main level in the living/dining room and carpeting in the bedrooms and loft.

The kitchen has granite counter tops, stainless steel appliances including a Viking built-in refrigerator, Thermador commercial grade stove with griddle that vents to the outside, a Bosch dishwasher (2022) and the microwave doubles as an oven.  There also appears to be a beverage refrigerator.

All three bedrooms are on the main floor with an open loft on the second floor.

The primary bedroom has an en suite with a Jacuzzi jetted tub and separate steam shower along with a “recently renovated” vanity, upgraded Toto toilet and heated tile floor (2023).  There’s also a private deck off the primary bedroom.

The listing says there are Grohe faucets throughout and a Brita water filtration system.

It has the features that buyers look for including central air and side-by-side laundry with a new washer/dryer (2023).

The unit also has newly updated LED recessed lighting (2023).

It faces south and has blackout Hunter Douglas blinds in the living room and wood shutters in all the bedrooms.

There is also a rooftop deck with south views on the second floor. The listing says that all exterior decks were “redone” in 2019.

This unit has a rare side-by-side 2 car private garage. It also has a large, private storage closet.

This building is near the Lakefront Trail, the shops and restaurants of East Lakeview, including on Broadway, the Mariano’s, and numerous bus lines.

Listed in early July 2023 for $985,000, it has been reduced $35,000 to $950,000.

Will the price cut get a deal done?

Lisa Petrik at Jameson Sotheby’s has the listing. See the pictures here (sorry, no floor plan).

Unit #401: 3 bedrooms, 2 baths, 2200 square feet, penthouse, duplex

• Sold in December 2000 for $515,000
• Originally listed in July 2023 for $985,000
• Reduced
• Currently listed at $950,000
• Assessments of $719 a month (includes parking, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $13,674
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 11×15 (main floor)
• Bedroom #2: 10×10 (main floor)
• Bedroom #3: 10×9 (main floor)
• Loft: 18×13 (second floor)
• Living/dining room combo: 18×24 (main floor)
• Kitchen: 11×9 (main floor)
• 3 private outdoor spaces

This 3-bedroom single family home at 625 W. Armitage in Lincoln Park came on the market in April 2023.

Built in 2017, it was designed by Liederbach & Graham and has a low maintenance corrugated steel exterior.

It is a smaller than standard Chicago lot measuring 17×80 and has a 1-car garage. Some of you may remember that a vintage 1-story cottage once stood on this lot.

Inside the house, it has Georgian pine ceilings, white oak flooring on the second and third floors with concrete floors in the basement, and a wood-burning fireplace in the living room.

The kitchen is a “chef’s dream” and has custom white Amish cabinetry, an island with blue cabinets that seats four, professional grade appliances, Carrara marble counter tops and a hot-rolled steel backsplash.

There are two bedrooms on the second floor including the primary which has a “roomy” closet, custom built-in shelving and a en suite bathroom with a steam shower.

The second bedroom is also en suite and has a private balcony.

The lower level has a large laundry room, storage and the third bedroom.

It has central air.

The listing says the garage roof is “ready for a new deck.” There’s no roof deck.

Additionally, the listing says, “the home is patrolled by a private 24-hour security team exclusively for this specific part of Lincoln Park.”

This home is near the shops and restaurants on Armitage, those on Lincoln and in Old Town. It’s a quick walk to Lincoln Park.

Originally listed in April 2023 for $1.75 million, it has reduced $100,000 to $1.65 million.

Zillow also shows that is has been available for rent. It was listed in May 2023 for $10,000 a month and has been reduced to $8750 a month.

Is this home a steal for a renter?

Vincent Anzalone and Amanda Lee Finck at Dream Town have the listing. See the pictures and floor plan here.

625 W. Armitage: 3 bedrooms, 2.5 baths, no square footage listed, single family home

• Sold in June 1993 for $174,500 (I only went back for 30 years so you could see the changes in the pricing)
• Sold in February 1999 for $292,000
• Sold in February 2002 for $410,000
• Sold in April 2008 for $485,000
• 2017 home originally listed in April 2023 for $1.75 million
• Reduced
• Currently listed at $1.65 million
• Listed for rent in May 2023 at $10,000 a month
• Reduced twice
• Currently listed at $8750 a month
• Taxes of $17,629
• Central Air
• 1-car garage
• 17×80 lot
• Wood burning fireplace
• Bedroom #1: 16×24 (second floor)
• Bedroom #2: 16×24 (second floor)
• Bedroom #3: 15×18 (lower level)
• Living/dining room: 16×15 (main floor)
• Kitchen: 16×21 (main floor)
• Laundry room: 15×15 (lower level)
• Balcony: (second floor)

This 4-bedroom penthouse in Academy Hall at 915 N. Hoyne in the Ukrainian Village recently came on the market.

915 N. Hoyne was built in 1905 and was the historic St. John’s school. It has 9 condos and garage parking.

There does not appear to be an elevator in the building. It was converted into the Academy Hall condos in 2018-2019.  The church next door was also converted at the same time but it had a different developer.

This top floor unit has soaring ceilings, beams, some exposed brick and skyline views.

It has white oak hardwood floors, custom lighting, built-in storage and is wired for sound.

The unit has a chef’s kitchen with modern wood cabinets and an oversized island with stone countertops and waterfall edge, and stainless steel appliances which is open to the living/dining room which has a fireplace.

There is a South Terrace off the living space which has a natural gas line, water and electric along with skyline views.

There’s also a half bath in this part of the condo as well as a wet bar with a wine refrigerator.

The primary suite has an en suite bath with a walk-in-shower and separate tub, a walk-in-closet and access to the North Terrace.

Down the hall in a separate wing, is the laundry room and the three other bedrooms along with two full baths.

I can’t tell if there is a step down to get to the two final bedrooms but the listing calls them “lower level” and the other two are on the “main” level so there might be.

This unit has the features buyers look for including central air, washer/dryer in the unit and 2-car garage parking.

This building is near the Mariano’s and shops and restaurants of Ukrainian Village and Wicker Park.

Listed at $1.35 million, it has more square footage, at 3000 square feet, than some homes in the neighborhood.

Could this condo be a single family home alternative?

Jennifer Riccolo DeBower at @properties Christie’s has the listing. See the pictures, video and floor plan here.

Unit #9: 4 bedrooms, 3.5 baths, 3000 square feet, penthouse

• Sold “new” in March 2019 for $1,200,539 (per Zillow)
• Currently listed at $1.35 million 
• Assessments of $436 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,926
• Central Air
• Washer/dryer in the unit
• 2-car garage parking
• Wine refrigerator
• Fireplace
• Bedroom #1: 22×14 (main level)
• Bedroom #2: 12×14 (main level)
• Bedroom #3: 12×19 (lower level)
• Bedroom #4: 11×17 (lower level)
• Dining room: 12×16 (main level)
• Living room: 29×19 (main level)
• Kitchen: 10×16 (main level)
• Laundry room: 8×11 (main level)
• Terrace: 14×30
• Deck: 13×35

This 2-bedroom duplex up in 235 W. Eugenie in Old Town came on the market in July 2023.

Designed by famed architect Harry Weese in 1962, the complex has 23 condos and outdoor parking. The listing says it’s an all-electric building which also has basement storage lockers and a bike room.

We have chattered about Harry Weese, and this building, numerous times over the years.

From The Art Institute of Chicago:

In 1940, Weese joined the Chicago office of Skidmore, Owings & Merrill, but was drafted into the U.S. Army Corps of Engineers in 1941. Weese returned to SOM in 1946, but left to open his own office, Harry Weese Associates, in 1947.

Throughout his career, Weese was an outspoken advocate for architecture and planning that embraced the social, political, and economic realities of contemporary urban life. Among his most recognized designs are the Washington, DC, metro rail system; the United States embassy in Accra, Ghana; and the Arena Stage complex near Washington, DC. Weese also led the restoration of Louis Sullivan’s Auditorium building in Chicago.

This unit is one of those on the second and third floors. It has hardwood floors throughout.

The first floor is the living room, dining room, kitchen and a powder room.

There’s a fireplace in the living room.

The kitchen has maple cabinets, granite counter tops and stainless steel appliances.

The two bedrooms and full bath are on the second floor along with 2 private decks, one facing north and one facing south.

The unit has the features buyers look for including washer/dryer in the unit (2022) and Minisplit AC installed in 2019. It also has one outdoor parking space which is included.

The listing says the following about the building:

The well managed home owner association with solid reserves replaced the roof in 2018, installed Ipe decks in 2018, and replaced the deck doors in 2021 and the south side lower louvered panels in 2023.

This building is in the heart of Old Town, near all the shops and restaurants of Old Town and Lincoln Park, near Lincoln Park and the Green City Market. There are several bus lines nearby.

Listed at $499,900, it last sold in 2016 for $444,500.

Will it get the premium in this low inventory market?

Nancy Huetteman at Redfin has the listing. See the pictures and 3D walkthrough here.

Or you can see it at the Open House on July 15 from 11 am to 1 pm.

Unit #T5: 2 bedrooms, 1.5 baths, duplex up, 1400 square feet

• Sold in May 1991 for $147,000
• Sold in April 1995 for $156,000
• Sold in October 2001 for $79,500 (typo?)
• Sold in May 2006 for $408,500
• Sold in February 2011 for $364,000
• Sold in May 2016 for $444,500
• Currently listed at $499,900
• Assessments of $334 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8228
• No central air but minisplit AC
• Washer/dryer in the unit
• Outdoor parking space included
• Fireplace
• Bedroom #1: 17×13 (third floor)
• Bedroom #2: 12×10 (third floor)
• Living room: 21×13 (second floor)
• Dining room: 13×9 (second floor)
• Kitchen: 10×7 (second floor)
• 2 private decks

This 2-bedroom in The Pierre at 2100 N. Lincoln Park West in East Lincoln Park came on the market in July 2023.

The Pierre was built in 1919 and has 102 units and valet parking. It’s a full amenity building with a doorman, an outdoor heated pool, racquetball/basketball courts, an exercise room, clubhouse and a sundeck with grills.

The listing says this unit has been “completely renovated” and every room has an east view over Lincoln Park and the lake. None of its vintage features remain.

It has wide plank hardwood floors in the living/dining and kitchen. There’s a built-in entertainment center in the living room.

The kitchen has gray wood cabinets, what looks like stone counter tops, “top of the line appliances” including a double oven and a beverage refrigerator.

The primary bedroom has an en suite bathroom with a steam shower with radiant floors and a built-in makeup area.

Both bedrooms have carpet.

The second bathroom also has a walk-in-shower. There doesn’t appear to be a tub in the unit.

It has some of the features buyers look for including central air, a Miele washer/dryer in the unit, and garage parking is available for rent in the building.

The Pierre is across the street from Lincoln Park, near the zoo, and the restaurants of East Lincoln Park and Old Town. There are multiple bus lines nearby.

It has listed at $569,900, which is $39,900 more than the December 2020 sales price of $530,000.

Buyers love “new.”

Will this unit sell quickly?

Art Collazo at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #6CN: 2 bedrooms, 2 baths, 1400 square feet

• Sold in November 2010 for $220,000
• Sold in August 2019 for $337,500
• Sold in December 2020 for $530,000
• Currently listed at $569,900
• Central Air
• Washer/dryer in the unit
• Valet garage parking is available for rent in the building
• Bedroom #1: 18×14
• Bedroom #2: 15×13
• Living room: 18×13
• Dining room: 11×13
• Kitchen: 13×8

This vintage 2-bedroom at 3534 N. Lake Shore Drive in East Lakeview came on the market in June 2023.

Built in 1924, 3534 N. Lake Shore Drive was designed by Rissman and Hirschfeld and has 164 units. There are just 2 units per floor.

The building has an exercise room, a laundry room, two shared courtyards, a dry cleaner, a bike room and an on-site engineer/manager. There isn’t door staff or parking.

The listing says this unit has elegance and vintage charm.

It has many of its vintage features including hardwood floors, high ceilings, custom millwork, and arched doorways as well as a formal dining room.

The chef’s kitchen has custom dark cabinets, quartz counter tops, a stone-tile backsplash, floating shelves and Thermador stainless steel appliances.

The primary bedroom shares a bathroom with the second bedroom.

There’s also a small office.

It has some of the features buyers look for including washer/dryer in the unit but it doesn’t have central air or parking. The listing says there are four new portable A/C units purchased in 2020.

The listing also says this building is in the Nettlehorst school district. It’s near the shops and restaurants of East Lakeview, the lakefront trail and parks, and bus lines.

Listed in June 2023 for $474,900, that’s $49,900 above the 2021 sales price of $425,000.

Will this seller get the premium?

Darrell Scott at Compass has the listing. See the pictures and floor plan here.

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

• Sold in June 1990 for $143,000
• Sold in July 1993 for $160,000
• Sold in March 2013 for $290,000
• Sold in June 2016 for $380,000
• Sold in May 2020 for $390,000
• Sold in July 2021 for $425,000
• Listed in June 2023 for $474,900
• Currently listed at $474,900
• Assessments of $1289 a month (includes heat, gas, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $6549
• No central air but 4 portable A/C units
• Washer/dryer in the unit
• No parking
• Bedroom #1: 17×13
• Bedroom #2: 17×14
• Office: 15×7
• Living room: 24×15
• Dining room: 19×15
• Kitchen: 15×13
• Foyer: 19×7

This 3-bedroom at 2026 W. Pierce in Wicker Park came on the market in June 2023.

Built in 2001, 2026 W. Pierce has 8 units and “secured” parking.

This unit has 10-foot ceilings and bay windows that look out onto Pierce Street.

It has hardwood floors in the open concept living/dining/kitchen along with a gas fireplace.

The kitchen has been “updated” and has cherry wood cabinets with “new” quartz counters and backsplash, including a waterfall edge on the peninsula with seating for 5 and stainless steel appliances. It also has a massive walk-in pantry.

Both bathrooms have been “redone” with light grey marble so you “feel like you’re in a spa”.

The listing says the following have been replaced:

• New A/C and furnace in 2021
• New water heater in 2013 (it says 2013- did they mean 2023?)
• New washer/dryer in 2020
• New kitchen appliances in 2021

The primary suite has an en suite bathroom with a double vanity and a walk-in-shower. It has carpet.

The second bedroom has carpet but the third has french doors and hardwood floors.

This unit has the features that buyers look for including central air, washer/dryer in the unit and a “secured” parking spot is included.

It has two outdoor spaces, a front, (shared?) balcony that overlooks Pierce Street and a private balcony off the primary suite.

This building is just steps away from Six Corners and all the restaurants and shops there including Big Star, Stan’s Donuts, La Colombe Coffee and Foxtrot Market. Wicker Park is nearby as well as the Blue Line subway stop at Damen.

Listed at $599,000, will the sellers get their asking price?

Zoe Carne at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #6: 3 bedrooms, 2 baths, no square footage listed

• Sold in June 2001 for $349,000
• Sold in April 2004 for $412,000
• Sold in May 2007 for $465,000
• Sold in May 2012 for $395,000
• Sold in June 2018 for $500,000
• Listed in June 2023 for $599,000
• Currently still listed at $599,000
• Assessments of $251 a month (includes parking, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9258
• Central Air
• Washer/dryer in the unit
• Secured parking space included
• Gas fireplace
• Bedroom #1: 22×13
• Bedroom #2: 10×10
• Bedroom #3: 10×10
• Living/Dining room combo: 25×16
• Kitchen: 15×9
• Laundry room: 10×6
• Pantry
• Balcony: 10×6
• Deck: 10×6 (shared?)

This 2-bedroom penthouse in the Tower Residences at 680 N. Lake Shore Drive in Streeterville came on the market in July 2023.

680 N. Lake Shore Drive is a unique building.

According to Wikipedia, it was completed in 1926. it was originally called the American Furniture Mart and was the largest building in the world when finished.

It has a total of 415 units in 3 different condo associations: The Tower, The Lake and the South Residences.

The South Residences has 120 units, the Tower has 131 units, and the Lake, 264.

This is a full amenity building with an indoor pool, exercise room and 24-hour door staff. It has attached garage parking.

There is commercial space in the building as well as a shopping concourse with a restaurant, coffee shop, Walgreens, a bank and other amenities.

This unit is a full floor duplex in the tower with 360 degree lake and city views measuring 2850 square feet. It is also the penthouse.

A private elevator opens directly into the unit which has a 50 foot open living/dining room.

It has what looks like stone floors throughout the first floor living areas with carpet in the bedrooms.

The primary suite includes a walk-in-closet and en suite bathroom. The second bathroom is on the main floor. It appears that both bathrooms have walk-in-showers and that there is no bathtub.

There are motorized window treatments in the living space.

The kitchen has white (cream?) cabinets, stone counter tops, a double oven and custom front appliances.

This unit has the features buyers look for including central air, washer/dryer in the unit and there are 3 garage parking spaces for sale at $65,000 each.

This building is near the shops and restaurants of Streeterville, the lake front trail and Northwestern Hospital.

Listed at $1.19 million, that’s under the 2012 sales price of $1.24 million.

Is this a deal for a penthouse?

Michael Horwitz and Charlie Cohen at Peak Realty Chicago have the listing. See the pictures and floor plan here.

Unit #2900: 2 bedrooms, 2 baths, duplex, penthouse, 2850 square feet

• Sold in January 1990 for $732,000
• Sold in May 1998 for $748,000
• Sold in January 2005 for $1.03 million
• Sold in December 2012 for $1.24 million
• Listed in July 2023 for $1.19 million
• Assessments of $1306 a month (includes heat, a/c, doorman, cable, exercise room, indoor pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $6636
• 3 garage parking spaces at $65,000 each (what are the assessments for the parking spaces?)
• Storage space
• Bedroom #1: 24×14 (second floor)
• Bedroom #2: 16×14 (main floor)
• Living room: 29×15 (main floor)
• Kitchen: 16×8 (main floor)
• Dining room: 16×12 (main floor)
• Foyer: 8×9 (main floor)
• Walk-in-closet: 13×9 (second floor)

This 3-bedroom duplex penthouse in The Marquee at 1464 S. Michigan in the South Loop came on the market in June 2023.

Built in 2007, The Marquee has 214 units and attached garage parking.

It has 24-hour doorstaff, an on-site engineer, fitness and exercise rooms, a bike room, dog run and theater room.

This unit has 2 living areas, the dining room and kitchen, along with a powder room, on the main floor.

The second floor has all three bedrooms and two full bathrooms along with the laundry.

The first floor has hardwood floors while the bedrooms have carpet.

The kitchen has white cabinets, granite counter tops, high end stainless steel appliances including an exhaust hood and a built-in Miele espresso machine. The listing says it has a massive island but it’s actually a breakfast bar that seats two.

There is a separate dining area.

The unit also has a massive wraparound terrace on the main level that runs the length of the unit with skyline, lake and sunset views.

On the second floor, the primary suite has floor to ceiling windows with views of the Willis Tower, a walk-in-closet with organizers, and en suite bathroom with double vanity, separate soaking tub, a walk-in-shower and Japanese toilet.

The other two bedrooms shares a full guest bathroom. I would note that 10 years ago, one of the Redfin agents noted in the listing notes that the third bedroom didn’t have a closet.

The unit has some unique features including high end electronic blinds in the living area and the primary bedroom controlled via control 4 app, August smart lock and smart lighting.

It has the features buyers look for including central air, washer/dryer in the unit and 2 side-by-side deeded parking spaces are available for $25,000 each, or $50,000.

Listed in June 2023 for $799,995, that’s nearly $150,000 above the 2019 sales price if you include the parking.

Will this penthouse get the premium?

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

Or see it at the Open House on Sunday, July 8, from 11 am to 1 pm.

Unit #2401: 3 bedrooms, 2.5 baths, duplex, penthouse, 2300 square feet

• Sold in October 2008 for $951,000 (included 2 parking spaces)
• Sold in September 2013 for $775,000 (included 2 parking spaces)
• Sold in February 2014 for $780,000 (included 2 parking spaces)
• Sold in September 2019 for $700,000 (included 2 parking spaces)
• Originally listed in June 2023 for $799,995 
• Currently still listed at $799,995 (plus 2 parking spaces for $50,000)
• Assessments of $1386 a month (includes heat, gas, doorman, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $15445
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 20×15 (second floor)
• Bedroom #2: 13×11 (second floor)
• Bedroom #3: 12×12 (second floor)
• Living room: 21×12 (main floor)
• Dining room: 22×13 (main floor)
• Family room: 12×10 (main floor)
• Foyer: 12×6 (main floor)
• Walk-in-closet: 11×8 (second floor)
• Terrace: 36×12
• Terrace: 33×7

It’s time to talk about the May sales data. It’s been trending the same for most of this year with sales down sharply year-over-year, median price coming down and inventory continuing to fall.

It was the slowest May since May 2020 which got hit as the market froze up when COVID hit and the lock downs started in March 2020. Before COVID, it was the slowest May since 2012, which was the bottom of the housing bust.

From the Illinois Association of Realtors:

The city of Chicago saw a 29.0 percent year-over-year home sales decrease in May 2023 with 2,397 sales, down from 3,374 in May 2022.

The median price of a home in the city of Chicago in May 2023 was $335,000, down 4.4 percent compared to May 2022 when it was $350,500.

May Sales:

• May 2008: 2119 sales
• May 2009: 1557 sales
• May 2010: 2057 sales
• May 2011: 1705 sales
• May 2012: 2037 sales
• May 2013: 2834 sales
• May 2014: 2453 sales
• May 2015: 2750 sales
• May 2016: 2980 sales
• May 2017: 3046 sales
• May 2018: 3047 sales
• May 2019: 2952 sales
• May 2020: 1701 sales
• May 2021: 3453 sales
• May 2022: 3374 sales
• May 2023: 2397 sales

Median Price Data:

• May 2008: $319,500
• May 2009: $225,000
• May 2010: $230,000
• May 2011: $190,000
• May 2012: $203,000
• May 2013: $234,000
• May 2014: $269,250
• May 2015: $281,000
• May 2016: $290,750
• May 2017: $305,600
• May 2018: $305,000
• May 2019: $315,000
• May 2020: $313,000
• May 2021: $350,000
• May 2022: $350,500
• May 2023: $335,000

“In May, we saw a tempering of the market compared to last month. An increase in closed sales compared to April is a sign of a summer market rife with opportunities,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “As always, eyes are on mortgage rates as they creep down.”

The average 30-year fixed rate mortgage was 6.43% up from April’s 6.34% and also up from May 2022 when it was 5.23%.

Across the state, inventory continues to remain tight. Statewide inventory fell 27.3% to 17,649 from 24,268 last year. That was the second lowest monthly average of homes for sale since 2008, which was when the IAR started keeping this data.

In Chicago, inventory fell 28% to 5125 homes from 7115 homes a year ago. For comparison purposes, in May 2019, before COVID, May inventory was 10,096, or nearly double 2023’s inventory.

“The number of home sales is significantly lower than at this time last year,” 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.

“Interest rates remain high, and homeowners who bought their properties at a time of low interest rates are reluctant to move to a new home that would need to be financed at a much higher rate. Although we predict home prices to follow the usual seasonal pattern and peak in June, we predict the decline in prices to be lower in July and August than was the case in 2021 or 2022. Our forecasts indicate that the number of sales will remain at about their current levels in July and August.”

In Chicago, the sales decline was more pronounced in condos than single family homes. Condo sales fell 32.6% to 1546 while single family homes fell just 21.2% to 851.

Days on the market also rose 17.2% to 34 from 29 last year.

Mortgage rates have continues to trickle up in June, instead of down.

But do mortgage rates really even matter?

Or is it the lack of inventory that is truly driving this market?

Illinois statewide home sales and housing inventory fell in May [Illinois Association of Realtors, by Bill Kozar, Press Release, June 22, 2023]