Real Estate Blog

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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Overview

 

Market Snapshot City of Chicago

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

  • 2,097 properties were sold in Chicago in March 2020. This is a 1.7% increase from March 2019.
  • The median sales price in Chicago for March 2020 was $320,000, up 10.1% compared to the same period last year
  • Listings stayed on the market an average of 105 days until contract,  a 2.9% increase from March 2019

State of the Market

  • As COVID-19' impact spread across the country in March, the stock market decline that had started in February, continued downward before recovering a bit towards the end of the
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Overview

After hitting a record low in the last week of February, mortgage rates on a 30 year fixed mortgage rose slightly this week, according to Freddie Mac. You may ask yourself why this happened, considering that the Fed lowered the prime lending rate to practically zero. Apparently, a combination of an increase of rates in the bond market and an increased demand for refinancing contributed to the increase. Meanwhile, the continued spread of COVID-19 is changing the way real estate business is conducted. Even though real estate is listed as an "essential business" under the Governor's shelter-in-place order, agents must follow the CDC guidelines as public health must be the highest priority. Therefore, no open houses should be held and private

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As the situation with coronavirus (COVID-19) continues to develop, we at Engel & Völkers Chicago are taking steps to continue providing our services while keeping everyone safe. We know that buying or financing a home can be stressful at the best of times, and we're still here to help during this challenging period.

Keeping everyone safe

The health and safety of our clients, business partners and employees is our highest priority. We have implemented policies to limit person-to-person interactions and utilize phone and Internet communication to help protect all parties.

Serving our clients

Thanks to the largely digital nature of our industry, our operations are currently continuing largely uninterrupted. We continue to stay in touch with our clients - sellers

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When planning to buy a new home, don't be intimidated by these common myths!

Uptown Benjamin Marshall

"The first step is to look for a house"

Before you start browsing for new homes, you have to do some homework. To know the true price you can afford, talk to a mortgage lender and get pre-approved. A lender will break down he monthly payments so that you know what you can comfortably spend. That will translate to your target purchase price. 

Once you are pre-approved, you can focus your search in your price range. When you find a house you like, you are prepared to make a strong offer with your pre-approval letter. Many home sellers will nit even consider an offer that does not include a pre-approval letter. 

During the mortgage approval process, the lender will

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Christmas Tree in Benjamin Marshall Building

Market Snapshot - City of Chicago

The City of Chicago Market Snapshot represents the residential real estate activity in the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors. 

 

  • In November 2019, there were 1,660 residential properties sold in Chicago. This was a 10.3% decrease from November 2018.
  • The median sales price of all these properties sold was $270,000, an increase of 3.1% of the same time the previous year 
  • Average days on the market from listing to contract was 80 days, the same as in November 2018

State of the Market

  • In November, the Federal Reserve Bank reduced its benchmark rates for the third time in 2019. This action came as no surprise. Mortgage rates
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New Year Chicago

Are you finding yourself in the January hole after all the holiday celebrations? It doesn't have to be that way! 

Discover all that Chicago has to offer and start the new year and decade! You don't have to travel far or break the bank to take advantage of all these activities; it's all happening right here!

Drop me a note or send me a picture from your favorite venue!

The Loop  

Rush Hour Concerts at the French Market

Ogilvie Station - every Wednesday and Thursday

River North

Free "Chicago Gallery News" River North Art Gallery Tours

 714 N. Wells Meeting Place - Saturday mornings

West Loop

Glassblowing demonstrations and classes

Ignite Glass Studio - demos every Sunday, class dates vary

Near North Side

Free

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September 2019 Residential Real Estate Updates for Chicago Neighborhoods

10 East Delaware Pl 

For buyers who have been planning to invest in real estate in the US, Chicago currently offers the best opportunities. Here are some facts to remember: 

  • Chicago has the third largest gross metropolitan product in the United States. The city has also been rated as having the most balanced economy in the United States. This is due in large part to its high level of diversification.
  • According to World Business Chicago, the city's metro area is home to more than 400 major corporate headquarters, including 31 Fortune 500 headquarters and 300 corporate R&D facilities. Some of the most well known are Boeing, Walgreens and McDonald's.
  • Today the city is known as the fourth
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August 2019 Home Sales Updates for Chicago Neighborhoods

Roof top views

 

Recent mortgage rate declines are a positive sign in the slowing housing market in the city of Chicago. Buyers have a bit more buying power and which gives them a little more incentive to lock in a home purchase in the fall market. On the other hand, stock market volatility and general uncertainty about the economic slowdown may temper buyer enthusiasm. Sellers need to be aware of these facts when pricing their properties for a competitive listing. As rents continue to rise, the value proposition of owning a home remains a compelling option for most people. 

Let's look at how the market is reacting to the conditions in different Chicago neighborhoods

Gold Coast, River North,

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July 2019 Housing Sales Statistics For Select Chicago Neighborhoods

 

Welcome back to our Chicago neighborhood market report after the summer break!

How is the market? According to Tommy Choi, president of the Chicago Association of Realtors, "the market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there. We expect this to continue, particularly in the heels of the Federal Reserve's rate cut."

Let's look at mortgage rates a bit more closely. Rates have continually fallen through 2019 to date and are at their lowest level in many years. At the same time, home price appreciation is slowing. Historically, these conditions meant an increase in home buying activity. This

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