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). 

Breaking down South Loop attached condo / town house sales (unit sales down about 20%)

South Loop attached units sales (condos, town homes) January 1st to May 19th.

South Loop attached unit sales and median price has dipped year to year. Unit sales are down about 20% and median price down about $15,000. These are pretty steady numbers considering the pause when the pandemic was declared. 

198 condos and attached town homes have sold so far this year. The median price of a closed unit is about $370,000.  Median price for one bedroom units is about $265,000, two beds about $400,000, three beds jumps to about $682,000 and four beds or more about $800K.

246 units sold over the same period in 2019 with a median price of about $385,000.

April and May Closings
49 units closed in April this year while 68 units closed in 2019.  23 units closed from May 1st to May 19th this year while 47 units sold over the same period in 2019. 


I've been reading many indicators that this may be the bottom of the coronavirus affected sales. Our MREDLLC.com / Chicago Association of Realtor stats indicate that Chicago purchase contracts have been up for four straight weeks.

We see from the graph the solid lines (contracts) trending up and catching up to same period last year.

Lincoln Park Q1 2020 condo sales up 8%... then there's April

The Orchard condo homes in Lincoln Park are taking full shape as part of the Lincoln Common development. 32 units are advertised starting around $1.5 million. 

First Quarter Lincoln Park sales were looking good. 215 Lincoln Park condos (attached units, townhouses) closed in First Quarter of 2020. That's up 8.6% from First Quarter 2019 (198 closed).
April was the first full calendar month of sales since the Illinois stay-at-home order took effect.

April condo closings in Lincoln Park were down 28%. 111 condo units closed April 2020.  154 units closed April of 2019. For some perspective:

• April Lakeview condo closings were down 6%. 
• Near North April condo sales were down 40%.  
• Lincoln Square had 34 condo closings in both April 2019 and 2020. 
• North Center had the same amount of April closings with 42 units closed in both 2019 and 2020.

We've been busy in Lincoln Park over the First Quarter of 2020. Lately we have been doing showings for an out of state client that needs to move to Chicago.  We've conducted video walk-through tours (with my commentary) to the enjoyment of our buyers. A couple condos we showed near the end of April sold within the first couple weeks of listing on the market. Some folks are taking advantage of low mortgage interest rates and better values than they would have found in the beginning of the year.

Q1 Near North condo sales consistent over five years

SoNo condos on the left.  The popular Near North luxury towers bordering Lincoln Park and Old Town feature a condo tower and separate rental apartment building with 24/7 amenities for residents.  The surrounding area has countless dining, fitness, shopping and entertainment opportunities. All photos Eric Rojas, Broker, Kale Realty.

Before the COVID crash I started the year spending some time in the Near North Side Community Area (with highly desirable Old Town, Gold Coast, River North, Streeterville neighborhoods). Let's take a look at greater Near North condo sales.

30 West Oak in Gold Coast of the Near North Side Community Area. The desirable luxury condo building known for large units was built in 2006-2007.

Near North attached sales (condo, townhouse) Jan 1st to March 31st

456 attached units sold in 1st quarter of 2020 with a median price of about $400,000.  The highest  priced sale in Q1 is 451 East Grand Unit 6311, Chicago IL 60611 for  $6,250,000 .  The lowest priced condo sold is 233 East Erie Street, Unit 1205, Chicago IL 60611 for $120,000. The one bed, one bath unit was a foreclosure sale.

In 2019 Q1 430 units sold with a median price of about $370,000.
2018, 543 units closed over Q1 with a median price of $415,000
Looking back at 2015, 488 units closed with a median price of  $390,000.

Gold Coast modern town homes at 1009 North Dearborn

Unit sales and median price have been consistent Q1 over the past five years with very similar numbers in 2015 and 2020. 

Old Town Triangle has a message for you (sales stats too)

In case you forgot...  wash your damn hands!       (All photos Eric Rojas, Broker, Kale Realty)

There have been a bevy of inspirational messages posted in windows and on front gates around Chicago. These homeowners in Old Town Triangle neighborhood of Lincoln Park care about your safety.  Message heard loud and clear.  I also love the red door.

Brick sidewalk and a red door, messages in the window... charm for days.

Old Town Triangle sales area I use to compare stats over time. If choosing a house apples to apples in size for my family this is probably my top location in Chicago. Not going to happen (and Lincoln Square is just fine too). 

Only one single family home has sold in Old Town Triangle first quarter of 2020 (January 1st to March 31st). 438 West Eugenie Street sold for $4,100,000 cash before being listed on the MLS. Do yourself a favor and flip through the photos. I feel it's one of the more attractive home renovations I've seen in awhile. Five single family home properties sold over the same time frame in 2019 with prices ranging from $665,000 to $1,900,000.

A typical frame house in Old Town Triangle proper. The buildings and lots tend to be smaller in the true historical potion of the neighborhood.

A good handful of single family homes will be available at any time in the greater Old Town Triangle luxury market of Chicago. However one sold (closed) home in any three months period is a rare low number.  Five homes are currently under contract with asking prices ranging from $1,250,000 to $1,875,000. 17 homes are listed for sale. Most have high market times (they've been on for awhile). Only one home was listed NEW in the last two weeks. Three homes have been put on temporary status which means they are unavailable for showings. 

A pretty condo building in the middle of Old Town Triangle

Thirty-three condo units (attached units) have closed from January 1st to March 31st, 2020.  The median price of a closed condo is about $431,000. Only 26 condo units sold last year over the same period with a median price of about $257,500 (the median price suggests high-rise units on North Clark and small vintage condos made up the bulk of sales first quarter 2019).

Twenty-six attached units sold in 2018 with a median price of $338,000
Twenty units sold same period 2017 with a median price of $323,000
Twenty-five units sold in 2016 with a median price of about $390,000

West Ridge condo median price dips a little 1st Quarter 2020

Our most recent West Ridge listing is at 6015 N Mozart Unit 102, Chicago IL 60659 in the West Ridge neighborhood.

We have a listing back on the market in the West Ridge Community Area of the North Side. The first time we listed the unit we had lots of showings and multiple offers in the first week. Unluckily those buyers backed out due to the current virus outbreak situation.  The market has been climbing in West Ridge and the demand for nice condos in stable buildings is strong. Those priced out of Lincoln Square and/or Edgewater are turning to West Ridge to be close to amenities like parks, grocery stores, restaurants and services for less money.

West Ridge attached unit sales (condo/ townhouse)
Sixty attached units have sold from January 1st to March 26th, 2020. The median price of a sold condo is about $126,000. Median price is down about $10,000 from same period in 2019. Condos in the southeastern portion of the West Ridge Community Area tend to sell for more than in the northwest portion of the area. Since 2016 median price is up over the same period about $20,000.

Over the same period of 2019 sixty-four attached units sold with a median price of about $138,500.
Over same period of 2018 sixty-five attached units sold with a median price of about $135,000.
Going back to 2016 sixty-six units sold for a median price of only $105,000.

398 total attached units sold over 2016 with a median price of about $110,000. Three years later in 2019 about 345 attached units sold overall with a median price of about $145,000. Median price climbed about 31%

Bowmanville condo sales in 2015

Bowmanville offers diverse housing stock tucked among gardens and public green space.

23 condo units (attached homes) have sold January 1st to October 10th this year in the Bowmanville neighborhood of Lincoln Square.  The median price of a condo is about $250,000.  25 units sold same period in 2014 for a surprising median price of about $340,000.  A look at sales in 2014 shows more of the newer construction and large units in the area were listed and sold. This year, we saw a handful more of older resale and smaller units hit the market.

The Bowmanville neighborhood located in the northern portion of Lincoln Square community area.

Back in 2011, 19 units sold with a median price of about $295,000.  9 out of the 19 sold were three bedrooms units and look like great deals now for the square footage and finish level.

This two-unit building at 2253 W Foster, Chicago IL 60625 is now near completion.  The top floor duplex is offered for sale at $579,900 and the lower unit duplex is $549,900

The most expensive sold attached unit this year is 2130 W Foster Ave Unit B, Chicago, Illinois 60625 for $540,000.  This is part of an interesting two unit newer "town house" development built in 2009. The lowest sale is 5221 N Hoyne Ave Unit G, Chicago, Illinois 60625 for  $135,000.  The updated garden unit has central air and heat.