How's the Market? On this page, you will find an executive summary of weekly market trends. 

Current statistics are for condominiums and townhomes in the Near North area of Chicago. This includes the Gold Coast, Streeterville, River North and Mag Mile. 

Week of January 15, 2018

  • The median list price for zip code 60610 for condos and townhomes this week is $550,000.
  • Inventory has been lightening lately and the Market Action Index has been trending up. Even though days on the market is increasing, these are mildly positive indications for the market.
  • The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller's Market condition. Below 30, conditions favor the buyer. For the week, the index is at 18, which means strong Buyer's Market.  

Supply and Demand:

  • Home sales have begun exceeding new inventory. This is a buyer's market so prices are not yet moving higher as excess inventory is consumed. 
  • If the trend continues and we are moving into a seller's market, we may see prices increase. 

Price:

  • While the median price has not moved in the last few weeks, we are relatively close to the market's high end. 
  • Should the Market Action Index continue to shift downwards over time, buyer's market conditions may intensify 

 

 

 

 

Highlights of the December  2018 Real Estate Market in Chicago Neighborhoods

Chicago Winter

The beginning of a new year often creates a desire to resolve to do something different, better and healthier. Many of us resolve to eat better, exercise more, learn a new skill, spend more quality time with loved ones and us our electronic devices more responsibly. 

Annual evidence indicates that many people also start thinking more seriously about their real estate plans, which translates in a bump of listing and buying activity each January. The same appears to be the case again on 2019 for much of the country. 

But let's take a look at how the market performed in December, which traditionally is one of the slowest months in real estate activity. 

Gold…

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November 2018 real estate market highlights

holiday decor at building entrance

What kept us up at night in November?

November and December often equates to a drastic slow-down in residential real estate, as people's focus shift from buying homes to buying gifts and plane tickets to visit family and friends. This year was different. The Federal Reserve raised interest rates one more time in 2018. While interest rate increases don't necessarily translate into mortgage rate increases, they can. 

While recent stock market activity have generated some heart-pounding drops, and - to a far lesser extent - rallying rises, that volatility has not translated into the same tidal waves within residential real estate. Increasing home prices and mortgage rates have rather created a sense of…

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How's The Market In Your Neighborhood?

Albany Park in October

 

What's new this month? 

Sales of existing homes and new listings continue to be on track of growth, due to the strong economy. Housing affordability is becoming a growing concern due to price increases, and is starting to affect new construction of single family homes. Builders are showing a sign of caution as prices of homes and mortgages rates increase. While housing is still considered relatively affordable, measures of affordability have shown a decline over the past years. 

Meanwhile, Chicago has been named one of the top 10 cities in the world. Global tourism and real estate advising group Resonance Consultancy named Chicago as one of the best cities in the world. Chicago was ranked number…

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Welcome to "How's The Market?"

Halloween in Gold Coast

This month in the news: The U.S. unemployment rate hit its lowest mark since December 1969, at 3.7 percent. The economy continues to show healthy signs of growth and the Federal Reserve has recently reacted by raising the benchmark rate by a quarter of a percentage point, which was the third time it did so in 2018.

However, according to Chicago Crains Business News, home sales in the Chicago area in September took their biggest downturn in 7 years. 

According to the data reported by Illinois Realtors, sales of homes in Chicago were down 16.6 percent in September from a year earlier. That's the steepest decline in sales of any month since May 2011, when sales were down 17 percent. The decline in Chicago is…

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Welcome to "How's The Market?"

Astor Street Chicago

 

This month in the news: Natural disasters, changing demographics and income levels, fluctuations in the financial markets, all affect residential real estate markets. Home prices in Seattle and San Francisco have skyrocketed due to the growth of e-commerce and the explosion of technology, while markets are suffering in areas hit by hurricanes and other natural disasters. 

This month, we are reminded by hurricane Florence, of the impact that such events can have on local markets. But from Katrina to Sandy to Harvey to Maria, experience shows that housing markets were bent but not broken. 

Here is a snapshot of Chicago neighborhood statistics for the month of August. 

According to statistics by the Chicago…

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Welcome To "How's The Market!" 

Chicago how's the market

If you have been following my weekly market updates, you notice that today's report has a different format. I think this format is easier to understand as it gives you a snapshot of whats going on in different neighborhoods. Today we start with an analysis of three areas - Near North (Gold Coast, Streeterville and River North), Lincoln Park and Lake View. I hope you enjoy reading and I would love to hear your feed back!

Market  Overview:

You may hear some talk about another real estate pricing bubble. While there are some indicators that might point in that direction, they are weak and any prognosis is premature.  As prices continue to rise and inventory is still tight, while wages don't rise as quickly, we…

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Welcome To Market Updates!

Here you will find a weekly update of housing market trends in different Chicago neighborhoods.

This week, we are looking at River North, zip code 60654

The median list price for townhomes and condominiums for this week is $519,000.

Inventory has been decreasing lately but the Market Action Index is falling, too. With days on market climbing, these appear to be market-slowing conditions, but it is at least partially due to seasonal fluctuations. 

Market trends River North July 25 2018

 

Supply and Demand

  • While prices have recently plateaued, this is a buyer's market and the supply of homes listed has started to increase relative to demand. 
  • This indicates that prices could resume a downward trend, however these are also seasonal…

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