Crib Chatter

The Chicago market remains tight, with low inventory. But June sales have now dropped to housing bust levels.

From the Illinois Association of Realtors:

The city of Chicago saw a 15.0 percent year-over-year home sales decrease in June 2024 with 2,235 sales, down from 2,630 in June 2023. The median price of a home in the city of Chicago in June 2024 was $379,925, up 6.3 percent from June 2023 when it was $357,500.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3321
• June 2017: 3380
• June 2018: 3191
• June 2019: 2850
• June 2020: 2072
• June 2021: 3908
• June 2022: 3393
• June 2023: 2630
• June 2024: 2235

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $299,900
• June 2017: $306,750
• June 2018: $314,900
• June 2019: $319,000
• June 2020: $329,000
• June 2021: $350,500
• June 2022: $367,000
• June 2023: $357,500
• June 2024: $379,925

“Continued inventory shortages are likely impacting closed sales and the median sales price, forcing many buyers to wait to get into the market,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Both buyers and sellers should focus on having conversations with local REALTOR® experts to discuss the nuances of their market. A REALTOR® will be able to advise on options to move forward.”

Statewide, inventory finally saw a slight year-over-year gain, rising 1.9% to 19,404 properties from 19,043 last year.

Has the inventory finally found a bottom statewide?

Chicago inventory continued to fall, however, declining 8.6% to 4,826 from 5,281 last year.

Here’s the June inventory for the last couple of years:

• June 2021: 9008
• June 2022: 7883
• June 2023: 5281
• June 2024: 4826

The average 30-year fixed rate mortgage came off the recent highs at 6.92% in June 2024 from 7.06% in May. It’s still above last June, which averaged 6.71%. And it’s certainly above June 2022 where it was 5.52%.

“Prices continued to rise in June,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration. “Our forecasts indicate that prices will begin their typical seasonal decline over the next three months. The number of sales is forecast to decline also. Surveys indicated that consumer confidence in the economy remains at approximately the same level that it has been for the past few months.”

Number of days on the market until the sale fell 7.4% in Chicago to 25 days from 27 last year.

On the rise in median price, both single family home and condo median rose in June. Single family home median price was up 9% to $865,000 where condo median was up 4% to $390,000.

Is Chicago soon to see a $400,000 median home price?

Illinois home sales fell, median prices reached new high and inventory ticked up in June [Illinois Association of Realtors, Press Release, by Bill Kozar, July 23, 2024]

This 2/1 at 3749 N. Pine Grove in East Lakeview came on the market on July 17, 2024. I don’t have a picture of this building.

Built in 1905, it has 24 units and no parking. The units have separate storage.

This top floor unit has some of its vintage features including a coffered ceiling, a wood mirror in the foyer, millwork, hardwood floors throughout and a wood burning fireplace in the living room.

It has a dining room.

There are some exposed brick walls.

The kitchen has been “updated” and the listing says it was remodeled in 2017.

It has 42 inch white maple cabinets, granite counter tops, stainless steel appliances, and black glass subway tiles for the backsplash.

There’s a breakfast bar.

The king-sized primary bedroom has a walk-in-closet.

The unit also has a private outdoor deck.

It has some features that buyers look for including washer/dryer in the unit. There’s no central air but there are window units.

And there is no parking but the listing says the current owners have rented a spot at 3730 N. Lake Shore Drive for $175 a month.

This building is near the golf course and Clocktower Cafe, the shops and restaurants on Broadway, the Sheridan red line stop and multiple bus lines and Wrigley Field.

The listing says there are “multiple offers” but as of July 21, it hadn’t been listed as “contingent” yet. That will likely change this week.

Listed at $385,000, how high will this sell for as inventory remains low in Lakeview?

Are multiple offers common on most properties in Lakeview?

Megan Wood and Russell Burton at Compass have the listing. See the pictures and floor plan here.

Unit #3: 2 bedrooms, 1 bath, 1200 square feet

• Sold in March 1992 for $137,000
• Sold in July 1998 for $170,000
• Sold in November 2001 for $230,000
• Sold in June 2004 for $310,000
• Sold in September 2014 for $286,500
• Sold in February 2018 for $320,000
• Currently listed in July 2024 for $385,000
• “Multiple offers”
• Taxes of $6209
• Assessments of $511 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
• No central air (window units)
• Washer/dryer in the unit
• No parking but seller rents at 3730 n lsd for $175 a month
• Wood burning fireplace
• Bedroom #1: 15×10
• Bedroom #2: 11×10
• Living room: 12×19
• Dining room: 14×12
• Kitchen: 8×12
• Balcony: 4×8

This is the first time in a decade that a condo building is not under construction in downtown.

We shouldn’t be surprised, then, that apartment to condo conversions are starting.

The second one of the year was just announced last week and the sales center is about to open shortly.

It is Chateau on Wells at 707 N. Wells in River North. The building has been rebranded as it was known as The Hensley when it was luxury apartments.

The building’s website says it has the “effortless elegance of the Parisian lifestyle.”

Built in 2016, by architect Pappageorge Haymes, it is a boutique building with just 43 units on 11 floors and separate deeded garage parking.

This building will have 1, 2 and 3-bedroom units including penthouses.

From Crain’s:

The condos, which will be priced from $443,000 to about $1 million, “fill an inventory gap that we saw,” Shastri said. “It’s that under-a-million market, where there’s no new product coming to the market.”

While the high-end condo market in downtown neighborhoods continues to struggle with the impact of crime and affluent empty nesters’ declining interest in city condos, both Shastri and the Chateau on Wells listing agent, Matt Laricy of Americorp, said there’s strong demand for their price range, particularly from people who work downtown and want to live nearby.

The units will have wood accent walls and the kitchens will have quartz calaccatta gold monaco countertops.

They will each have private outdoor space as well.

Parking is available for $40k extra.

Currently, there are 5 units available and others will be coming to the market as soon as those leases expire.

Prices start at $443,000 for 1-bedrooms, $538,720 for 2-bedrooms and $889,709 for the three bedrooms.

This building is near the shops and restaurants of central River North, including the Goddess and Grocer and a small park directly to the north (see picture below).

Will the largest units sell quickly at this price point?

Matt Laricy at Laricy-Americorp has the listing. See the developer’s website, including some floor plans, here.

I’m not sure about the building’s amenities or if it has door staff.

This 2-bedroom in the Farallon at 600 N. Dearborn in River North came on the market in June 2023. (Yes, the frog lives on in my photo.)

The Farallon was built in 2001 and has 162 units and attached garage parking.

It has 24/7 door staff and an exercise room.

This unit is a southeast corner unit with a split floor plan. It has views of downtown and Marina City.

The listing says it has $80,000 in recent upgrades.

The kitchen has white cabinets, quartz counter tops and luxury appliances including Fisher and a Paykel refrigerator along with a built-in beverage center.

There is a dining space next to the kitchen.

The primary suite has a walk-in-closet and en suite bathroom.

The unit has a balcony.

This unit has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is available for $20,000 extra.

The Farallon was among the first of the new River North buildings that was built during the housing boom years. It sold out nearly immediately.

The building is near the shops and restaurants of River North, several bus lines and the Red line subway.

Listed in June 2023 at $495,000, it has been reduced $100,000 to $395,000. That’s below the 2014 price of $425,000.

Is this a deal?

Yehuda Cohen at Dream Town has the listing. See the pictures and floor plan here.

Unit #1612: 2 bedrooms, 2 baths, 1135 square feet

• Sold in April 2003 for $355,000
• Sold in May 2005 for $377,500
• Sold in August 2012 for $333,000
• Sold in November 2014 for $425,000
• Originally listed in June 2023 for $495,000
• Reduced
• Currently listed at $395,000
• Assessments of $1082 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $8679
• Central Air
• Washer/dryer in the unit
• Heated garage parking is $20,000 extra
• Bedroom #1: 13×13
• Bedroom #2: 13×12
• Living room: 14×12
• Kitchen: 9×8
• Dining room: 8×8
• Balcony: 11×5

This 2-bedroom loft in the Soda Pop Factory Lofts at 1001 W. Altgeld in Lincoln Park came on the market in June 2024.

The Soda Pop Factory Lofts at 1001 W. Altgeld was converted into 9 lofts in 1987. I don’t know the original age of the building. It has a center courtyard and attached garage parking.

The listing for this unit says it’s “rarely available.”

It is a second floor loft with exposed brick walls and exposed ductwork along with tall ceilings.

There are built-in bookcases and a gas fireplace.

The kitchen is “updated” and has dark wood cabinets and stainless steel appliances along with a breakfast bar.

The listing says there’s a “new” hall full bath.

The primary suite has a second full bath and full ceilings.

The second bedroom opens to the living room and the listing says this makes it an “ideal office.”

The bedrooms are carpeted. There appears to be hardwoods in the main living areas.

Stairs lead to the private, “oversized” deck with skyline views.

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

The Soda Pop Factory Lofts are near the shops and restaurants on Fullerton, Lincoln and Halsted and is near the Fullerton El line stop and several bus lines.

Listed at $550,000, are two bedroom units with parking in Lincoln Park now selling in the $500,000s?

Maria Kernahan and William Kernahan have the listing. See the pictures here (sorry, no floor plan).

Unit #7: 2 bedrooms, 2 baths, 1188 square feet, loft

• Sold in December 1994 for $206,000
• Sold in August 1998 for $254,500
• Sold in December 2001 for $320,000
• Sold in September 2007 for $455,000
• Listed in June 2024 for $550,000
• Currently still listed at $550,000
• Assessments of $395 a month (includes scavenger, snow removal, parking)
• Taxes of $7883
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 17×11
• Bedroom #2: 10×9
• Living room: 18×14
• Kitchen: 12×7
• Deck: 19×30 (second floor)

This 3-bedroom townhouse in Fulton Station at 320 N. Clinton in River West came on the market in July 2024. (Picture above is of 310 N. Clinton side of the street)

Built in 1998, Fulton Station has 24 townhouses with attached garages.

This is an end unit townhouse and has three outdoor spaces including a first floor enclosed patio, a second floor balcony off the kitchen and a roof top deck.

The listing says this townhouse has been “updated.”

The first floor has the garage, a full bath and the third bedroom, or den/family room, which has hardwood floors and leads to the patio.

The second floor has the living/dining room combination which has a fireplace, and the kitchen.

The kitchen has wood and white cabinets, an island with seating, granite counter tops and stainless steel appliances. It also has a side-by-side washer/dryer and a beverage refrigerator.

The third floor is the two remaining bedrooms, which have carpet, and one full bathroom. There is not a primary en suite bathroom.

The roof top terrace is one floor up with its own entrance.

Fulton Station is near the shops and restaurants of Fulton Market, the West Loop, the Loop and the Riverwalk.

Listed at $799,999, it also came on the market as a rental.

On the Redfin calculator, including taxes and the assessment, with 20% down ($160,000) with a 30-year fixed rate mortgage of 7%, you would have a monthly payment of $6095.

Is this a rental steal at just $4500 a month?

Andrea Allen and Carol Duran at Berkshire Hathaway HomeServices have the listing. See the pictures and floor plan here.

Unit A: 3 bedrooms, 2 baths, no square footage listed, townhouse

• Sold in August 1998 for $315,000
• Sold in July 2002 for $448,000
• Sold in March 2005 for $477,500
• Sold in January 2021 for $655,000
• Currently listed at $799,999
• OR you can rent it for $4500 a month
• Assessments of $350 a month (includes exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $13,925
• Central Air
• 1-car attached garage
• Fireplace
• Bedroom #1: 14×13 (third floor)
• Bedroom #2: 15×11 (third floor)
• Bedroom #3: 17×10 (main floor)
• Living room: 17×7 (second floor)
• Kitchen: 17×11 (second floor)
• Dining room: 15×9 (second floor)
• Walk-in-closet: 4×12 (third floor)
• Rooftop deck: 17×24 (fourth floor)
• First floor patio
• Balcony (second floor)

The Illinois Association of Realtors is out with the May 2024 home sales data.

Sales remain low in Chicago as inventory continues to decline. It was the slowest May since May 2020, which was impacted by the covid pandemic.

However, with such a tight market, median price is still on the rise. But note, that median is determined by the mix of the sales.

The city of Chicago saw a 2.4 percent year-over-year home sales decrease in May 2024 with 2,404 sales, down from 2,462 in May 2023. The median price of a home in the city of Chicago in May 2024 was $362,000, up 8.1 percent from May 2023 when it was $335,000.

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: 2462 sales
• May 2024: 2404 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
• May 2024: $362,000

“In May, we saw closed sales and days on market decrease while median sales price increased,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Sellers should work with their REALTORS® to be prepared for a quick sale and buyers should get the ball rolling sooner rather than later as sales prices drift upwards. If you haven’t already, now is the time to talk to a REALTOR® to start exploring your options.”

For the first time in several years, statewide inventory actual rose year-over-year. It rose 2.1% to 18,295 from 17,925 in May 2023.

Is this a sign that inventory has finally bottomed?

In Chicago, however, inventory fell again. It declined 5.2% to 4,808 from 5,073 last year. For comparison:

• May 2019: 10,096
• May 2022: 7,115
• May 2023: 5.073
• May 2024: 4,808

The average 30-year fixed rate mortgage was up from April to 7.06% from 6.99%. It was also higher than a year ago when it was 6.43%.

It’s been pretty clear that any time the mortgage rate is above 7%, sales slow.

“Prices and the number of sales continued to increase during May,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration. “Our forecasts indicate that prices will begin their typical seasonal decline over the next three months. The number of sales is forecast to decline also. Surveys provide a mixed picture of the state of consumer confidence in the economy, despite low unemployment rates and significant declines in the rate of inflation.”

In May, days on the market actually declined 20.6% to 27 days from 34 days last year as buyers moved quickly to purchase once a new property was listed.

The spring market remained tight but now that summer is here, is it finally loosening?

Illinois home sales increased in May as the number of available homes rose [Illinois Association of Realtors, Press Release, by Bill Kozar, June 21, 2024]

This 4-bedroom historic row home at 1820 N. Lincoln (the one with the blue door) in the Old Town Historic District came on the market in June 2024.

Built in 1879, this row home is on a 23×70 lot. It’s a fee simple row home so there are no assessments.

There is no parking. It is leased in the neighborhood.

The listing calls this “vintage Chicago charm.”

It has a foyer with the living room, dining room and kitchen on the main floor.

There are hardwood floors, oversized windows and the original fireplace in the living room.

The row house has two other fireplaces, including one in the dining room and one in the lower level, in the family room.

The kitchen has gray cabinets, stainless steel appliances and a tile backsplash.

There is also a half bath on the main floor.

Leading off the kitchen is a private patio.

Three bedrooms are on the second floor with the fourth in the lower level. The lower level bedroom is en suite.

The laundry room and mud room are also in the lower level.

The row home has central air.

There are pictures in the listing of a roof top deck, but it’s unclear from the floor plan or listing how you access it.

This property is near the shops and restaurants of Old Town and East Lincoln Park. It’s also just a few blocks from Lincoln Park and the Zoo.

This row home has rarely been available. The last sale was in 2001.

Listed at $1.05 million, is this a dream home for vintage lovers?

Karen Schwartz at Dream Town has the listing. See the pictures and floor plan here.

1820 N. Lincoln: 4 bedrooms, 2.5 baths, no square footage, row home

• Sold in December 1986 for $205,000
• Sold in June 1994 for $305,500
• Sold in April 2001 for $500,000
• Currently listed at $1.05 million
• No assessments (fee simple)
• Taxes of $14,280
• Central Air
• No attached parking- but rental in the neighborhood
• 3 fireplaces
• Bedroom #1: 16×14 (second floor)
• Bedroom #2: 11×11 (second floor)
• Bedroom #3: 9×8 (second floor)
• Bedroom #4: 9×8  (lower level)
• Living room: 11×14 (main floor)
• Dining room: 12×13 (main floor)
• Kitchen: 11×10 (main floor)
• Family room: 11×20 (lower level)
• Laundry room: 11×11 (lower level)
• Private patio
• Rooftop deck?

This 5-bedroom single family home at 1225 W. George in Lakeview originally came on the market in April 2023.

We have chattered about this home several times, including last year.

You can see that chatter here.

If you recall, the base of this home is an old Culinary Foods Inc. warehouse. It was transformed into a single family home in 1999 by architect Larry Booth and has won architecture awards.

The home has many loft like features including heated concrete floors on the main level as well as exposed brick walls and high ceilings.

It has skylights.

Built on an irregular lot measuring 75 x 102 x 87.99 x 56.4, it has a 2-car garage.

The kitchen has modern cabinets, luxury stainless steel appliances and two islands with quartz countertops. One island seats 6.

The second floor has 4 out of the 5 bedrooms and they are all en suite. This includes the primary suite which has an en suite bathroom with dual vanities and a walk-in-closet.

You will also find the laundry room on the second floor.

The fifth bedroom is on the main floor and has its own separate entrance. It’s marketed as a studio space as it has a kitchen.

The indoor lap pool is also accessed from this level.

There are several outdoor spaces, including a garden off the kitchen and a terrace off the primary suite which overlooks George Street, and the listing says there is the “ability” to build out more space on the rooftop.

The house has central air.

This property is in central Lakeview but is near the shops and restaurants on Lincoln, Wellington and Diversey. The listing says it’s in the Harriett Tubman school district.

Listed in April 2023 for $4.175 million, it has a new agent and has been reduced $675,000 to $3.5 million.

This is $100,000 below the 2017 sales price.

Last year, when we chattered about this house, several of you thought it was overpriced at the $4 million level.

After the price reduction, is this house now a deal for the square footage?

Emily Sachs Wong at @properties Christie’s now has the listing. See the pictures here. Sorry, still no floor plan.

1225 W. George: 5 bedrooms, 5.5 baths, 7400 square feet, single family home

• Sold in July 1997 for $114,500
• Then renovated into a single family home in 1999
• Sold in February 2017 for $3.6 million
• Originally listed in April 2023 for $4.175 million
• Reduced
• Currently listed at $3.5 million
• Taxes are now $78,115 (they were $76,371 in 2023 and $35,492 in September 2016)
• Central Air
• 2-car garage
• Fireplace
• Indoor lap pool
• Studio with a kitchenette
• Bedroom #1: 23×19 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 17×10 (second floor)
• Bedroom #4: 23×13 (second floor)
• Bedroom #5 (studio): 30×22 (main floor)
• Living room: 28×25 (main floor)
• Dining room: 23×21 (main floor)
• Kitchen: 22×15 (main floor)
• Foyer: 21×9 (main floor)
• Den: 13×13 (second floor)
• Laundry: 7×7 (second floor)
• Family room: 22×16 (main floor)

This vintage 3-bedroom at 537 W. Roscoe in East Lakeview came on the market in May 2024.

Built in 1923, this building has two wings with 26 units. It appears to have a common outdoor space (see listing pictures with a patio with couches). There’s no parking or other amenities.

This unit has some of its vintage features including vintage doors with crystal doorknobs, hardwood floors and vintage French doors that lead to the primary suite.

There’s no fireplace.

It has a unique 3 exposure living room with “recently refinished” French windows.

The unit has a separate dining room.

The kitchen has been “updated” and has custom white cabinets, with open walnut shelving (new since the 2020 sale), stainless steel appliances and a reverse osmosis filtration system.

Unusual for many vintage units, there is actually a primary suite with a walk-in-closet and en suite bathroom with Kohler fixtures and a Toto washlet with heated seat.

The other two bedrooms are “queen sized.”

The second bathroom has been “renovated to perfection” with a walk-in rain shower with body sprays and a Toto washlet with heated seat.

This unit has the features buyers look for including central air and in-unit washer/dryer but it doesn’t have any parking. Rental parking is available in the neighborhood.

The building is in the Nettelhorst school district and near the shops and restaurants of Broadway and East Lakeview.

Originally listed in May 2024 for $565,000, it went under contract in just a week. But it has come back on the market at the same price in June, at $565,000.

Buyers love “new.”

Will this go under contract (again) this month?

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

Unit #2: 3 bedrooms, 2 baths, 1500 square feet

• Sold in September 1991 for $120,000
• Sold in November 1994 for $170,000
• Sold in August 2011 for $352,500
• Sold in April 2017 for $447,500
• Sold in July 2020 for $456,500
• Originally listed in May 2024 for $565,000
• Under contract in May 2024
• Re-listed in June 2024 for $565,000
• Assessments of $666 a month (includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8684
• Central Air
• Washer/dryer in the unit
• No parking- rental in the neighborhood
• Bedroom #1: 13×15
• Bedroom #2: 13×12
• Bedroom #3: 9×12
• Kitchen: 10×13
• Dining room: 16×13
• Living room: 21×13