City of Chicago sees slowing real estate activity in June 2022, prices still up

Chicago Association of Realtors City of Chicago numbers show the slowing real estate action in June 2022 (year over year).  New listings, existing listings, closings were down.  Median prices were up slightly and market times were down. 

The grip of rising mortgage interest rates may have slowed purchase activity and closings year over year. However this has been little relief to Chicago buyers facing high home prices and stiff buyer competition.  

Anecdotally speaking it remains difficult to secure single family homes for our buyers without a a multiple offer bidding war. New listings may be up about 6% this June compared to last but June/ July trickle of expensive listings is still frustrating for buyers.

Wilmette single family home sales - High end market takes off

 

Our clients are looking to move from Chicago to Wilmette for a larger yard. All photos Eric Rojas, Broker, Kale Realty.  

We've been hot on the trail of Wilmette single family homes priced in the $900,000 to $1.2M range this year. Despite acting quickly and aggressively each purchase offer we've made has resulted in a multiple offer situation. We suffered a loss just last weekend. Rising interest rates have not seemed to affect demand in this price-point...yet. 

Let's take a look at recent Wilmette single family home sales. 

Wilmette Single Family Home Sales January 1st to June 25th (year over year)

$2,000,000 is a mere drop in the bucket for Wilmette lakefront homes. All photos Eric Rojas, Broker, Kale Realty.

162 single family homes have sold in Wilmette from January 1st to June 25th of 2022.  The median price of a sold home is $900,000. Thirteen homes sold for over $2M. That's only two less than the past five years combined (same period year over year).

The highest priced sold home sold this year is 1330 Chestnut Avenue, Wilmette IL 60091 for $4,950,000.
The lowest priced sold home this year is 535 Leclaire Avenue, Wilmette IL 60091 for $292,600.

How do the 2022 first-half sales stack up against the pre-pandemic market? 

In 2017, 195 homes sold with a median price of  $710,000. One home sold over $2M.

In 2018, 209 homes sold with a median price of about $815,000.  Seven homes sold over $2M.
In 2019, 186 homes sold with a median price of $619,000. Interestingly no homes sold over $2M

The pandemic hit in the middle of spring market 2020. 

Over January 1st to June 25th of 2020 only 140 homes sold with a median price of $720,000.  Three homes sold over $2M. Over the same period of 2021... when the real estate sales phenomenon really hit...  a robust 227 homes sold with a median price of  about $865,000. Four homes sold over $2M. 

Under Contract! Lincoln Square condo on convenient North Damen Avenue

 

The condo building at 4856 N Damen, Chicago IL 60625 in the Lincoln Square/ Ravenswood neighborhood.

We recently helped our awesome clients secure a two beds, two baths condo with garage parking along the North Damen Avenue commercial district of Lincoln Square. 4856 N Damen Avenue #2 is asking $429,900. We once again faced a multiple offer situation in this tight market. Our clients made a swift, strong and professional offer. After some negotiations the sellers accepted our offer and were now cruising to the closing.

The 4800 to 5000 blocks of North Damen Ave feature newer construction condo buildings and convenient shops, cafes and restaurants. The Damen Brown Line is two block away. 
 

The Damen corridor is popular among condo buyers (condo/ attached units/ townhomes). The median price of a condo sale along the 4600-5200 Blocks of North Damen in Lincoln Square is a hefty $485,000 over the past 12 months.  The highest priced condo sale is 4854 N Damen Unit 3 for $881,950.  The three bedrooms new construction penthouse features a walk-out roof-top deck.

The lowest priced condo sold over the last 12 months is 4737 N Damen, Unit 2F for $317,500. 

Andersonville condo sales steady year over year (new duplex-down listing coming soon!)

 

We'll be listing a three bedrooms duplex-down condo at 5135 N Ashland later this week. The great looking home is located just steps from popular Andersonville restaurants, shops, bars, services and awesome street fests! 

Here's a look at Andersonville condo sales (attached units, townhouses) so far in 2022.

5135 N Ashland is located just around the corner from iconic Andersonville businesses like Hopleaf and Simon's as well as the Swedish American Museum. 

For Andersonville sales comparison purposes I use the area from North Broadway to North Ravenswood and West Argyle to West Bryn Mawr. The area is is in close proximity to the attractive North Clark Street retail district.

Andersonville condo sales

72 condos sold in the greater Andersonville sales area above from January 1st to June 3rd, 2022. The median sales price of a condo in this area is about $365,000 this year.  The highest price for a sold condo is $895,000 at 1721 W Berwyn #3, Chicago IL 60640 . The four bedrooms, two and one-half unit featured a huge walk-out roof deck and garage parking.

19 three bedrooms condos sold with a median price of about $620,000. 

37 two bedrooms condos sold with a median price of about $355,000

15 one bedroom condos sold with a median price of  about $210,000. 

Same period (year over year) condo sales January 1st to June 3rd

2022, 72 condos sold with a median price of about $365,000

2021, 77 condos sold over the same period with a median price of about $365,000

2020, 50 condos sold with a median price of  $351,000

2019, 64 condos sold with a median price of about $355,000

2018, 57 condos sold with a median price of about $310,000

All statistics pulled from MREDLLC.com 
All listings mentioned here are exclusively listed by 
Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

312-939-5253

New for sale! Bucktown three bedrooms condo with huge private deck, two car parking $539,999

1653 W Cortland #2 features a spacious living room leading to 200 sq/ft walk-out private deck.

 

Check out our new Bucktown listing at 1653 West Cortland #2, Chicago IL 60622. Asking $539,999.  The three bedrooms, two baths home features a huge walk-out deck and two car (tandem) parking.  

Exclusively listed by Eric Rojas, Broker - Kale Realty

2447 N Ashland Chicago IL 60614 - erojas@kalerealty.com

Check out the 3D tour link for walk-through! BUCKTOWN 3 beds condo with fantastic walk-out deck and two car parking (tandem). Spacious and open living/ dining area, gas fireplace. Living room opens to huge almost 200 sq/ft private south facing deck for amazing indoor/ outdoor living. Large kitchen area with new range, new counter tops, backsplash and renovated island all in 2022. New refrigerator 2020. 

Love, love, love this open airy kitchen and dining areas!

Primary suite with Juliet balcony, WIC, ensuite bathroom in marble tile, dual sinks, dual shower heads, and body massage sprays. 

In-unit laundry w/large capacity w/d. Large 6'x10' exterior storage closet in basement. Freshly painted, new outlets, light fixtures, dimmers (2022), building roof maintenance (2020), rear metal stairwell painting and new landings (2020), NEW AC unit (2020), building sealing (2022). One block from the 606 Trail & Walsh Park, 2 blocks to Armitage Metra (new station renovations!) and the new Lincoln Yards development! Unique and charming block close to Blue Line and all Bucktown has to offer. 

-Property tax successful appeal, tax savings of $2,900 per tax year 2021-2023. 

-Monthly assessment $225.00. 

-Self managed building. 

-2 pets okay, no weight limit.

-Rentals allowed, minimum 6 month lease. 

-Boutique four unit building, 100% owner occupied. 

Charming block with local shops, restaurants and bars steps away.

Super tight Ravenswood Gardens / Ravenswood Manor home sales market

Ravenswood Gardens and Ravenswood Manor neighborhoods are popular for their vintage custom homes and leafy riverside location close to CTA Brown Line transportation. 

Our clients are prepping their home for sale in the Ravenswood Manor neighborhood of the Albany Park Community Area.  The greater area of Ravenswood Gardens (east of the river) / Ravenswood Manor (west of the river) is known for it's custom over-sized bungalows, Craftsmans and stately stuccos. Let us not forget the riverside views, local businesses and great schools.

Ravenswood Gardens / Ravenswood Manor sales area. 

So far in 2022 only five homes have sold in the Ravenswood Gardens / Ravenswood Manor neighborhoods.  About 45 Ravenswood Gardens/ Ravenswood Manor single family homes sold over the past twelve months. The median price of a home sale during that time is about $815,000.  

Currently there are only two homes actively for sale in the above pictured area, both listed at over $1.6M.  Only two homes are currently under contract. Active listings, contracts and sold units reflect incredibly low inventory for this spring market!

Recent home sales:

2021: 44 single family homes sold with a median price of about $800,000

2020: 38 single family homes sold with a median price of about $650,000

2019: 39 single family homes sold for a median price of $650,000

2018: 34 single family homes sold for a median price of about $790,000

2017: 34 single family homes sold for a median price of about $787,000

2016: 39 single family homes sold for a median price of about $620,000

Did you buy a house around 2010? If so you're house wealthy

 

The sun has been shining on home ownership over the last decade

A recent report by the national Association of Realtors researches shows homeownership brought tremendous wealth gains over the past decade:

• A homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth
• Total housing wealth rose $8.2 trillion from 2010 through 2020, with 6.3 million more new homeowner households.
• From 2010 through 2020, the metro areas with the greatest increase in middle-income homeowners were Phoenix, Austin, Nashville, Dallas, Houston, Atlanta, Orlando, Portland (Oregon), Seattle and Tampa.
• The aggregate value of housing wealth rose across all income groups, but those in the high-income group gained 71% of the increase in housing wealth.

If you bought just about anything in Chicago in over 2010-2012 you are doing really well on re-sale.  This is not always the case.  Often too many people look at their home as an investment rather than where they really need or want to live.  However it is undeniable you have a chance to gain wealth over time by owning your home. You almost always get something back when selling real estate after holding for a little while... never the case when renting.

Bucktown condo sales in 2022

"Newer" construction condos and mixed use buildings with popular Bucktown businesses line North Damen Avenue.

We're working with clients on the sale of their Bucktown condo.  The three bedrooms, two baths home with two car parking and enormous deck will hit the market this spring. The neighborhood is among the best in Chicago for walkable restaurants, cafes, shops and transportation. Let's take a look at over-all condo sales around Bucktown.

Bucktown sales area

Bucktown condo sales January 1st to March 11th

58 condos sold so far in 2022 with a median price of $467,500. 75 condos sold in the crazy market of 2021 over the same period with a median price of $480,000. 

• 8 one bedroom condos sold with a median price of  $250,000
• 24 two bedrooms condos sold with a median price of  $410,000
• 25 three bedrooms condos sol with a median price of $607,000
• Only one four bedrooms condo has sold thus far for $660,000

 

Lincoln Square home sales (new construction pushes up price-point)

 

Green wind screens and new construction are the norm around Lincoln Square, Chicago. Single family home construction and prices have been soaring. Pictured is one of three homes under construction on West Ainslie near Lincoln Ave. The homes have 165' long lots. (Photos Eric Rojas, Broker, Kale Realty)

Home Sales This Year

28 single family homes have closed in Lincoln Square from January 1st to March 10th of this year.  The median price of a closed home during this time is $784,000. That median price isn't eye popping for the area... BUT 12 of the homes closed sold for over $1M and one home sold for over $2M.   

Currently 22 single family homes are under contract with a median asking price of $1.1M (much higher than the $784,000 closed median price so far this year). 13 of the 22 homes under contract are listed over $1M and one is $2.45M.

A two-flat building sits between newly built homes on West Winona of Lincoln Square.  The house  pictured on the right sits on          a 30'x150' lot.

I know of over a dozen new construction homes in Lincoln Square currently under contract from $1.395M to $2M. Many of these new construction homes under contract are not listed (shown) on the MLS.   We'll probably see a record average price and record median price for homes by the end of 2022.

Chicagoland area residential prices up as inventory lags last year

New construction is the name of the game in Chicago (all photos Eric Rojas, Broker, Kale Realty)

 The story of spring 2022 in our MRED market? From January 1st to March 7th of the year:

🤔UNDER CONTRACT UNITS are DOWN

🤔NEW LISTINGS are DOWN

BUT

🧐OPEN HOUSES are UP

🧐SOLD PRICES are UP🔥

🧐NEW residential listings lag same time last year

Tight inventory and high prices have slowed sales a little bit from last year's record pace. However people are lining up for open houses and every transaction we are personally involved in is a MULTIPLE OFFER

Check out all the recent stats HERE