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As the financial markets reached new highs and mortgage rates new lows, demand for real estate remained strong throughout the nation. In Chicago, continued high demand was seen in the suburbs and in certain residential parts of the city. The downtown market, especially condos in luxury high rises in the Gold Coast. Streeterville, River North, Loop, West Loop and South Loop, showed continued low demand. In that area, we saw a 14 months supply by the end of the year. This indicates a strong buyers market. On a positive note, we saw the average sales prices go up in the last three months of 2020. 

Market Snapshot - City of Chicago

(the city of Chicago market snapshot represents the residential real estate activity within the 77 officially…

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State Of The Market

 As we were heading into fall in this unusual year, real estate continued to show some surprising trends. 

  • October continued to be busier than typical for the month. Buyer activity remained higher than normal, while housing supply was lower than one year ago in many areas. New listings in some city neighborhoods still saw multiple offers, keeping housing hot while the temperatures continued to fall. In other areas, especially in city center locations, supply was higher than demand, resulting in higher inventory and longer market time. Median prices have been able to stay strong, which is an indication that sellers are not desperate and are waiting for the market to recover, rather than slashing prices.
  • New Listings…
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Market Snapshot City of Chicago September 2020

The City of Chicago market snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors. All data provided by the Chicago Association of Realtors.

  • 2,597 properties were sold in Chicago in September 2020. This is a 29.5% increase from September 2019. 
  • The median sales price of all properties sold in Chicago in September was $323,250, up 10.7% from the same period last year.
  • The average time on the market until contract was 65 days, a 15.6% decrease from last year. 

State of the Market

  • Strong buyer activity has continued onto the fall, as predicted. In past years, this…
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Market Snapshot City of Chicago August 2020

The city of Chicago market snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS

  • 2,840 properties were sold in Chicago in August. This is a 9.2% increase from August 2019
  • The median sales price of all properties sold in the city in August was $335,000, an increase of 15.9% from August 2019
  • The average time on market was 70 days, a 1.4% increase from August 2019

State of the Market

  • The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales were at high levels, while inventory remained limited in many parts of Chicago and…
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Any homeowners looking to sell their home should be following a comprehensive checklist. Despite everything you may have heard or read about how to prepare your home for a successful sale, these lists have changed since Coronavirus. It's time to take a new look how to prepare for a successful sale in this new world. 

Modern city condo

As we get into a new season still marked by Covid-19, I think most people have realized that this is the new normal and it will remain like that for some time to come. It's time to adjust our lives and actions accordingly and selling your home is no different. 

From what I have learned in the past few months working with buyers and sellers, I found this list in a recent article for agents very accurate and to the point. Most of…

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View from 10 ED at sunset

 

Market Snapshot - City of Chicago July 2020

The City of Chicago Market Snapshot represents  the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS. All figures as reported by the Chicago Association of REALTORS.

  • 2,764 residential properties were sold in Chicago in July 2020. This is a 2.1% increase from July 2019
  • The median sales price of all properties sold was $329,500, an increase of 7.3% over July 2019
  • Listings stayed on the market an average of 69 days, an increase of 4.5% from the same time last year. 

State Of The Market

  • Strong buyer demand and constrained supply seem to define the markets for much of the country.…
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29D at night

Overview 

 

The City of Chicago market snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by  the Chicago Association of REALTORS. All information reported by the Chicago Association of REALTORS.

  • 2,041 properties were sold in Chicago in June 2020. This is a 28.4% decrease from June 2019
  • The median sales price of all properties sold in Chicago in June was $327,500, a 2.7% increase from last year
  • Listings stayed on the market an average of 83 days, a 22.1% increase from last June

State of the Market

  • Many states, including Illinois, were working on reopening the economy in June. This started to strengthen the real estate activity.  June…
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According to a recent article by Nicole Friedman in the Wall Street Journal, home prices across the nation continued to accelerate in April while sales dropped sharply among a limited amount of homes for sales in many markets. 

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the US, rose 4.7% in the year that ended in April, up from 4.6% annual rate the prior month. 

Sales of previously owned homes, which make up the bulk of the housing market, dropped 17.8% in April from a month earlier as the coronavirus pandemic shut down business activity in many parts of the country, according to the National Association of Realtors. 

Home buyers have been enticed…

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Overview

All information and statistics per Chicago Association of Realtors

(The City of Chicago market updates include the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors)

  • In May, 1,679 residential properties were sold in Chicago. This was a 43% decrease from May 2019
  • The median sales price of all properties sold in the city was $312,500, a slight decrease of 0.8% from May 2019
  • Listings stayed on the market an average of 83 days, a 13.7% increase from May 2019

State of the Market

While the effects of COVID-19 continue to affect the economy as a whole, real estate activity is beginning to recover in most of the country and especially…

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Spring in Lincoln Park

 

Overview

Market Snapshot City of Chicago April 2020

All information and statistics supplied by the Chicago Association of Realtors

(The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago communities as provided by the Chicago Association of REALTORS)

  • 2,039 properties were sold in Chicago in April 2020. This is a 21.4% decrease from April 2019
  • The median sales price of all sold properties was $338,500, up 9.2% from April 2019
  • Listings stayed on the market an average of 81 days until contract, a 3.6% decrease from last year

State Of the Market

  • While the stock market recovered from its biggest loss in March, the effects of COVID-19 continue to…
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