August 2019 Home Sales Updates for Chicago Neighborhoods
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, Magnificent Mile and Streeterville
The Near North Side saw a slight increase in new listings and closed sales in August compared to the year before. The median sales price continued to decline, marking a 4% drop in year to date sales in condos and a whopping 28% drop for houses. Time on market has increased. These conditions create a market that's favorable for buyers.
New listings and closed sales for condos slightly increased in August compared to the previous year. Listings and sales for houses were down in August but up year-to-date. Median sales price slightly decreased for condos and houses year-to-date and market time is longer. Current conditions favor the buyers.
New listings and closed sales were down for houses and condos for the month and year-to-date, compared to last year. Median sales price also decreased for both. Market time is up for both markets, creating favorable conditions for buyers.
New listings and closed sales are down for houses and condos for the month and year-to-date. Median sales prices are virtually unchanged from the year before but it takes 10 to 20 days longer to sell a property than last year. Conditions have not change much over the past 12 months. With prices still relatively low for this attractive area, there are some good opportunities for buyers.
There are more homes on the market but sales have slowed, both for the month and year-to-date. However, median sales prices have held stable for the year and market time is down, indicating that there is a good proportion of active buyers and sellers.
New listings and closed sales for houses were down for the month and year-to-date, but saw an increase in activity for condos. Median sales prices continued to decline for houses but saw a slight increase for condos. The trend in this area is a slowing in the market for houses but increased activity for condos, this is due to an increase of new condo developments in the area.
New listings and closed sales for houses are up but prices have come down slightly. For condos, the market has not changed much since last year.
Near West Side
New listings and closed sales for houses are up from last year and the median price has slightly increased as well. For condominiums, the market has slowed a bit; closed sales and prices are down a bit from a year before.
There were slightly more listings in August and year-to-date than in the previous year but closed sales and median sales price are down a bit. This indicates a slowing of the market in the area that is dominated by commercial real estate. Market time for residential listings has increased a bit. These are conditions favorable to buyers.
Near South Side
The residential market appears to be very stable in this area immediately south of the Loop. Sales numbers and prices are almost unchanged from the year before but time on market has increased a bit, indicating a slowing of demand, that may have a negative effect on prices in the future.
Posted by Andreas Holder on