Constellation


 

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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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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Your latest Chicago Neighborhood Report

 

In January, the unemployment rate rose 4%, the highest jump in seven months. In the long run, this may not be of much significance, as other economic factors are showing continued growth in the job force, including 100 straight months of employment gains. The construction sector had its best month of employment since last February. With the Fed apparently holding off on further rate increases, 2019 is beginning favorably for local residential real estate. 

The cold Weather in February has stalled some buying and selling actions. Even so, economic fundamentals remain positive for a robust housing market. 

Let's look at how the market performed in the different Chicago neighborhoods. 

Gold Coast,…

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According to Crain's Chicago Business, the Ritz-Carlton Residences on Michigan Avenue are close to selling out their remaining luxury condos.

If you have been looking for a luxury Michigan Avenue condo for sale in the last 13 years, the Ritz-Carlton Residences were always a great, but very unique option. The location right on Michigan and Erie couldn't be better and the quality of life at the residences is beyond comparison. 

As the name indicates, the amenities and services at these homes are more like a luxury hotel than a residential condo building. I've always believed in the success of this concept, even though it surely appeals to a very distinct buyer. 

As the article indicates, there have been many price adjustments and marketing efforts…

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According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.

Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.

The chart below shows the median weeks on the market from 1987 to today.

So, here is what you should consider:

The local Chicago market mirrors the national conditions. If you have been debating whether or not to list your home for sale, know that current market conditions are primed…

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Easter and Passover

 are - like many other holidays - associated withe special food. Most holiday foods are seasonal treats and the Easter cake is no exception. When I did a search for Easter cakes, I came up with a large variety of very different recipes, mostly defined by geographical origin. I consider myself a very open minded and forward thinking person, but when it comes to Holiday treats, I stick with tradition. Due to my Swiss heritage, I am partial to that country's version of Easter cake, but that is just because there isn't a better version anywhere else in the world! In Switzerland this cake is as popular as Easter eggs, the only debate is whether it's prepared with rice or semolina. 

When it comes to personal preferences, real…

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When mortgage interest rates rise, you may be tempted to put your home buying plans on hold, but there are three reasons you shouldn’t let higher interest rates deter your home buying plans.

 When you shop for rates, shop at least three lenders using the same type of loan – 30-year fixed rate, adjustable, hybrid and so on. Do so at the same time because rates can change as much as several times daily.

  1. Interest rates fluctuate. Mortgage interest rates rise and fall based on the lender’s viewpoint toward the economic outlook. News that suggests a slowing economy tends to bring rates down, while a rosy manufacturing or jobs report can send them back up.
  2. You have some control over rates. The rates you see advertised aren’t what you’ll necessarily…

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