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

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. 

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

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.

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

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

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

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

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

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

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