Slow roll: February 2023 home sales in Chicago

 

As expected Chicago over-all home sales over the 77 Chicago community areas were down year to year in February 2023. Important to most home sellers and buyers is median price slipped 3.1% year to year.  We know March has seen a couple strong weeks due to a dip in interest rates a couple months ago. However, its expected prices will remain flat for March.

• 1,218 properties were sold in the City of Chicago in February 2023. This is a 36.7% decrease from February 2022.

• The median sales price in the City of Chicago for February 2023 was $310,000, a 3.1% decrease from February 2022.

• The City of Chicago saw listings average 94 days on the market until contract, which is a 2.5% increase from February 2022.

Of course not all market areas are the same.  Lincoln Square single family home median sales price was up 17% in February year over year.  Lake View condo median price was up in February 3.5%.  

I gather stats from the Chicago Association of Realtors and MREDllc.com (our area MLS). 

Home sales in Bell School district of North Center, median price about $1.2M

2414 West Berenice, Chicago IL 60618 in Bell school district listed for $750,000.  Redefined Realty & Management is the listing broker.  All photos Eric Rojas, Broker, Kale Realty

Late last week I took a look at a renovated bungalow in Bell School district.  The new listing is priced at $750,000.  I know for many this sounds crazy... $750,000.  For a renovated "move in ready" 3 or 4 bedroom house $750,000 in North Center is good 😭.  I was 50% looking for me (my wife did not know) and 50% doing my research.  Even though I think I could get a little better price on this house I can't leave my block... even for a top rated school and great location.

The 2400 block of Berenice is just west of North Western Ave... the house is adjacent to a rental car lot. A new construction building is underway across the street. You generally get a little break on price living adjacent to commercial buildings. At the west end of the block is Revere Park.  The location is close to the many great restaurants and bars of Roscoe Village as well as awesome sports facilities.

Here's a quick look at single family and small multi-unit home sales in Bell School district 2018.

- Eight single family homes have closed in Bell School district thus far in 2018.
-Median price is about $1.2 million
- Seven home are under contract with a median price about $1.25 million.
-23 homes are active for sale with a median asking price about $1.275 million. Only three of the twenty-three homes are listed for sale under $900,000 in Bell School district. 

Do not despair.  Rejoice people.  If this is not for you there are other places to live in Chicago too. Just ask me.

What's up with Lincoln Square home sales? The price!

Agents like nothing more than seeing my four kids entering an open house! The familia checks out a new gut renovation  open house on the 2200 block of West Leland priced at $1,049,000.

Lincoln Square continues to be more popular than ever for home buyers.  The addition and enhancement of public and private schools, improved infrastructure and increased (and trendy) entertainment options have made palpable changes to neighborhood once slow to develop. I suspect there is a higher number of million dollar home sales than in past years as new construction homes push the envelop for this once working class enclave. Let's take a look.

Lincoln Square single family home sales
111 Lincoln Square single family homes sold so far in 2017 with a median price of about $688,000.  25 of the 111 home sales have been for over $1 million.  Three of those homes sold for over $2 million.  
 

New retail build-outs and infrastructure improvements have gone hand and hand with a new class of luxury builds.

In 2016, 83 single family homes sold over the same period with a median price of about $655,000. 16 of those sold homes sold for over $1 million. One of those homes sold over $2 million.


Over the same period in 2007 and 2008 at the height of the bubble a combined 17 homes sold over $1 million with the highest sale about $1.5 million.

Belmont Cragin Chicago home sales see value and mulitple offers

Rows of smart bungalows and well kept lawns on the 4900 block of West George. My favorite part? Spotless street and neighbors out talking, smiling and waving.

You need house? Belmont Cragin got nice house under $300K. And it go fast! We are in our second multiple offer situation this month on "move in" quality brick homes. Let's take a look at neighborhood house sales and prices so far in 2017.

The Belmont Cragin neighborhood is basically North Cicero on the east, North Narragansett on the west, West Belmont Ave to the Metra's Milwaukee District/West tracks to the south. First time buyers from Wicker Park, Logan Square/ Hermosa neighborhoods are looking just west for an affordable, well conditioned house. Developers/ flippers are selling fully renovated one story bungalows in the $300s. Market prices are heating up as older neighbors sell dated but well kept homes.




Belmont Cragin home sales January 1st to May 12th.
107 houses have closed in 2017 so far. The median price of a sold single family house is $219,000. Median price is up $60,000 since 2014!  Many houses around the median price (and for a bit more) are brick homes in really good shape. Additionally homes listed around the median price usually sell in multiple offers.

130 houses sold over the same period last year with a median price of $212,000.
In 2015, 99 homes sold with a median price of only $185,000.
In 2014, 96 homes sold over the same period with a median price of $159,900.

The highest homes sale thus far in 2017 is 5337 W Barry Ave, Chicago, Illinois 60641 for $445,000.  The gut renovated two story home featured four bedrooms, four bathrooms and contemporary finish level.

North Center homes growing like weeds in an alley!

This North Center new construction home is being built on an irregular lot off West Pensacola... in an alley! (all photos Eric Rojas, Broker, Kale Realty0

You know your neighborhood is hot when houses spring up in peculiar places. Every so often there is a unique house built among the many nice - dare I say vanilla - new construction homes around the North Side. This little ditty near Pensacola and Lincoln Ave above is a good reminder to check in on North Center single family homes this year. 

North Center single family home sales January 1st to April 30th, 2017
62 North Center homes closed in the first four months of 2017.  The median sales price for a closed house is a measly $1,100,000 (that gets you a house in an alley... j/k).  Over the same period in 2016, 53 homes had closed with a median price about the same at $1,150,000. 

Looking back at 2012 only 25 single family homes sold with a median price of about $680,000. Like half the houses and sales price only five years ago.  As the saying goes "hindsight is... making me depressed!" or something like that.
 

Dreamy North Center, Chicago

But hey! There is plenty of inventory at the moment.  About 111 homes are listed for sale in North Center at the time of this writing so let's get shopping.  Median asking price for a house is about $1.2M and I know there is a deal in there somewhere.
 

Near North Chicago single family home sales in 2015: Median price over $2.1 million

 

The high end homes of River North (All photos Eric Rojas, Broker, Kale Realty)

 If you are in the market for a single family home in the Near North Side community area of Chicago we can make it happen! Near North is close to downtown and features two of the most desirable Chicago neighborhoods Old Town and River North.

A handful of single family home charmers remain in Old Town of Near North.

A total of 26 single family homes were sold in 2015 (per MLS data for code 8008 Near North Side community area). Closed prices ranged from $920,000 for a 1997 built house at 1521 N Larrabee St , Chicago, Illinois 60610 and topped off at $4,689,900 for 729 N Kingsbury St , Chicago, Illinois 60654 in River North's mansion row. The median sale price is near $2,170,000 for 2015. Property taxes for these homes ranged from around $11,000-$57,000/per year making the average around $27,000/year.

For Sale Now

There are 31 Near North single family homes  active on the market. Current asking prices range from $1.5 million to (wait for it....)       $17 million.  Two homes are under contract at the moment for $2.1 million and $2.9 million asking prices respectively.

Overall market time for closed homes is around 75 days however the majority of homes sell within 21 days. Market times are determined from the last ascertainable listing date (keep in mind a listing may have been on the market then cancelled and brought back new at some point).  The latest "NEW" listing duration would be tallied for the closing stats.

 

Data, as usual, culled from MREDLLC.com and read, packaged, analyzed, computed and spit out by Eric Rojas and Bob DePalma Brokers, Kale Realty

 

More Old Town

More River North

Black Gold! Single family home sales up 33% in Gold Coast and other fun facts

The Gold Coast may be Chicago's most know and searched neighborhood internationally.  Housing stock is both historic and eclectic.  There are simply relatively few Gold Coast single family dwellings in existence and I gather most homes are bought for the lifestyle over pure necessity. A typical year averages one home sale a month.

Gold Coast row home entrance. Photo Eric Rojas, Real Estate Broker - Kale Realty

I use the YoChicago.com defined boundaries for the Gold Coast.   Oak Street on the south, North Avenue on the North, North Clark Street on the west and  Lake Michigan on the east.  You can do worse when looking for information on codified and generally accepted neighborhood information than YoChicago.com.

Gold Coast Single Family Home Sales 2013

Gold Coast single family home unit sales were up 33% year over year.  20 single family homes (both row and totally detached homes) sold in 2013. The median price for the year was about $2.3 million.  15 homes sold in 2012 with a median about $2.3 million as well.

The highest priced sale was a fairly astounding $7.125 million cash for 1336 N State Street (that great street!).  The 1914 home with fourteen rooms is completely detached, has corner exposure while totally renovated and restored to the highest quality.  It's the 4th highest sale price since 2007 and the 2nd highest sale price for a single lot home since 2007.

The lowest single family sale in 2013 was $970,000 cash for a late 1800s row house at 55 W Schiller.  The home was "untouched" since 1945 and in need of complete renovation and restoration.

Gold Cost row home entrance. Photo Eric Rojas, Real Estate Broker, Kale Realty

Twelve of the twenty homes sold for over $2 million.  Six of the twenty homes were sold ALL CASH including the highest three sales for the year (totaling almost $14 million).

2013:  20 homes sold with a median of $2.3 million
2012:  15 homes sold with a median of $2.3 million
2011:  10 homes sold with a median of $3.7 million
2010:  10 homes sold with a median of $2.4 million
2009:    9 homes sold with a median of $2.1 million

More Gold Coast posts here

Stats gathered and analyzed by Eric Rojas from MREDLLC.com, our local MLS

Single family homes a rare find, sell in multiple offers in Ravenswood School District

We recently represented buyer clients on a purchase offer for 4543 N Hermitage in the Ravenswood neighborhood.  The house was listed for sale at $799,000 in the Ravenswood School boundaries and we knew it would sell quickly over the list price.  Our clients that live nearby immediately made a great offer but another offer was accepted in the first couple days.  Bob and I have represented several listings and buyers in this immediate area we are big fans of the location.

4543 N Hermitage pictured here is a nice late 1980s built home on a gorgeous block. It's located in the Ravenswood Elementary School attendance boundaries.  Many homes in the Ravenswood School district have over-sized lots.

The Ravenswood School boundaries are roughly between West Irving Park Road and West Leland Ave and North Damen Avenue and North Clark Street.  This desirable location is near great CTA transit options (Damen, Montrose and Irving Brown Lines), very walkable and full of new and old restaurants, businesses and retail developments.  Yet, most streets have a mostly quiet residential feel.  The neighborhood has charm, old architecture, colossal new houses and modern conveniences.

A large home is being built on a more than triple lot at Hermitage and Montrose near Ravenswood School.

Single family home sales in Ravenswood School District past 24 months

Only about 16 home sales (some include homes needing gut rehab) have been recorded in the MLS over past 24 months in Ravenswood School district boundaries.  The median price of a house is about $700,000 and market times are very short in most cases.  The most expensive home sold during this time was 4431 N Hermitage for $2,850,000.

New construction on North Hermitage (Photo Eric Rojas, Real Estate Broker)

There have also been at least 4 or 5 private new builds completed in these boundaries.  I've been able to photograph most of these new builds over the past couple years for the blog.  The majority of these homes have been on double lots (50' wide) and the average retail value would be well over $2,500,000 if the houses were sold on the market.

You can view some of the new construction houses we pointed out on our blog at this link

All sales statistics pulled from MREDLLC.com our local MLS and analyzed by Eric Rojas, Real Estate Broker with Kale Realty.  The numbers are fairly accurate given the recorded sales and coordinates referenced but should be used only as a guide.

 

Lincoln Square single family home sales 2013: Prices up, inventory low

It's been a dynamic year for Lincoln Square Community Area single family home sales.  In addition to houses changing hands, we've also seen significant renovations and custom new construction builds that have not been for sale (private builds).

New construction in the Bowmanville neighborhood of Lincoln Square (all photos Eric Rojas)

Lincoln Square single family home sales Jan 1st - July 5th

54 single family homes have sold between January 1st and July 5th of this year.  The median price is about $500,000.  Unit sales are only up about two homes over same period 2012.  Median price is up this year about $50,000.

The highest priced sale is a new construction house at 2104 W Sunnyside for $1,367,500 (closed in January). The original property was bought cash for $275,000... a steal considering the build and new sale! The lowest priced closing this year is a foreclosure sale at 5003 N Western for $169,900 cash (closed in May).   The busy and commercial Western Ave usually has the lowest residential sales in the Lincoln Square Community Area.

Foreclosure/ Short Sales

8 closed single family homes were listed as a foreclosure or short sale on the MLS.  The highest of these sales was a small, but renovated, house at 5255 N Damen for $310,000.  That was a short sale.

Under Contract

At the time of this writing, 29 single family homes are under contract. The median price of under contract homes is about $675,000.  Only 20 single family homes are actively listed in the Lincoln Square Community area at this time.

North Center condo unit sales up 8%

We posted North Center single family homes sales were up 8% in 2012 over 2011.  Coincidentally, North Center attached home sales (condo and town house) were also up 8% for the year.  The median price of a sold attached home dropped in 2012 from $360,000 to $330,000.  Many North Side neighborhoods experienced increases in condo AND single family home unit sales in 2012. 

Our North Center condo sale at 1958 Byron

 Distressed
 29 of the 246 attached units sold (8.5%) were either listed as a short sale or foreclosure (bank owned, REO).


North Center Attached Home Sales
2010       305 sold units
2011       227 sold units
2012       246 sold units

More Chicago Market statistics HERE

Housing Prices Crashing...Except for the Midwest, Chicago

A little good news if you live in the Midwest:

"Sales were weak in all parts of the country except the Midwest, where sales posted an increase of 3.4 percent. Sales dropped by 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the West."

Chicago prices and availabily vary greatly by neighborhood. if you are interested in a specific neighborhood like Lake View, Lincoln Park or Ravenswood etc... it's best I address them with you on a case by case basis.

Chicago Single Family Home Prices, Statistics and Appreciation for October 2007

Crains ran a report on the Standard & Poor's/Case-Shiller home price index that shows Chicago area single family homes posting a 3.2 percent decline over the same time last October. This is .08 percent less than September's numbers.

Of course this is the "Chicago area" which will include other metropolitan areas... not just your Lakeview or Lincoln Park single family home (which I'd still like to find a decent one for under $800K).

For more information on how the Standard & Poor's/Case-Shiller home price index "works", click HERE