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News & trendsMarket conditions

Chicago ranks 10th among large metro areas in home price appreciation

RealtyTrac graphic

RealtyTrac just released its October 2014 Residential & Foreclosure Sales Report. According to the report: … the median sales price of U.S. single family homes and condos in October was $193,000, up 2 percent from the previous month and up 16 percent from a year ago to the highest level since September 2008 — a ...

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Posted by Joe Zekas on November 26, 2014
ChicagoDowntown / Loop

South Loop condo building reverts from rentals

1555 Wabash at arrow

Condo sales may be heating up in the South Loop. Condo sales at the new 1345 Wabash, Adler Place and Harbor View are apparently robust enough to encourage what we’d taken to calling the “washout on Wabash” to switch from rentals to sales. The 176-unit project at 1555 S Wabash went into a Chapter 11 ...

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Posted by Joe Zekas on November 19, 2014
ChicagoDowntown / Loop

Was the Q3 downtown apartment market really that slow?

Streeterville

Chicago Real Estate Daily reported yesterday on the state of the downtown apartment market: After flying high in the first half of the year, the downtown apartment market has lost some altitude in the second. Leasing activity fell more than expected in the third quarter, dragging down rents and occupancies at downtown buildings, according to ...

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Posted by Joe Zekas on November 18, 2014
ChicagoFar North

The after-party hangover at Sheridan Park’s Dover Courts

Dover Courts

More than six years ago I wandered into a “developer close-out” party at Dover Courts, 4601-17 N Dover in the Sheridan Park neighborhood in Uptown. At the time, the 64-unit double-courtyard condominium was said to be 70% sold. A 3-bedroom was being offered at $344,900. One-bedrooms started at $184,900 and all the two-bedrooms were reported ...

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Posted by Joe Zekas on November 12, 2014
ChicagoFar North

Bowmanville home aims to crack the $1 million mark

2209 W Farragut

It’s been nearly two years since we visited the 2200 block of Farragut for the video tour, above, of a home with Eric Rojas, one of YoChicago’s advertisers. The home, at 2209 W Farragut, was listed for sale at $419,000 and sold for $420,000. A newly-built 5-bedroom, 3 ½ bath home just down the block ...

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Posted by Joe Zekas on November 5, 2014
News & trendsMarket conditions

Chicago-area home prices continue to rise year-over-year

CoreLogic

Home prices nationwide, including distressed sales, increased 5.6 percent in September 2014 compared to September 2013, according to the just-released CoreLogic Home Price Index (HPI). This change represents 31 months of consecutive year-over-year increases in home prices nationally. “Home prices continue to rise compared with this time last year but the rate of growth is ...

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Posted by Joe Zekas on November 5, 2014
News & trendsMarket conditions

Available MLS-listed North Lakefront rentals on the rise

Kardas, Aqua

There were 946 homes, apartments and condos listed for rent in the local MLS yesterday in the six North Lakefront Zip Codes that we track: 60614, 60657, 60613, 60640, 60660 and 60626. That’s the largest number we’ve seen since we began tracking in January of 2012, when there 558 listings. Listings increased in all of ...

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Posted by Joe Zekas on October 28, 2014
News & trendsMarket conditions

Chicago-area foreclosure rate continues to decline

East Garfield Park

Foreclosure rates in the Chicago area decreased for the month of August over the same period last year, according to newly released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.57 percent for the month of August 2014, 40.6% below the August 2013 rate of ...

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Posted by Joe Zekas on October 23, 2014
News & trendsMarket conditions

Have free rent offers slowed the for sale market?

Streeter Place view

More than a dozen real estate brokers have told me that the for-sale market slowed perceptibly and dramatically beginning several months ago. None of them ventured much of an explanation for what they were seeing and none of them, when queried, had any familiarity at all with what was happening in the high-rise rental market ...

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Posted by Joe Zekas on October 20, 2014
News & trendsMarket conditions

Chicago foreclosure rates on the mend

Foreclosed homes

In October of last year Chicago had the 3rd highest foreclosure rate in the nation among metro areas with a population greater than 200,000. In the third quarter of this year, according to data recently released by RealtyTrac, Chicago had the 19th highest foreclosure rate, with one in every 208 housing units in some stage ...

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Posted by Joe Zekas on October 16, 2014
News & trendsMarket conditions

Percentage of home sales for cash continues to fall

CoreLogic graphic

The following arrived via news release from CoreLogic: Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June ...

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Posted by Joe Zekas on October 15, 2014
ChicagoDowntown / Loop

Record number of new downtown apartments opening in 2015

Tower crane

Renters will have a bonanza of new apartment offerings to choose among in downtown Chicago next year. We define downtown Chicago as the area bordered by the Stevenson Expressway on the south, North Ave (1600 N) on the north, Lake Michigan on the east and Ashland Ave (1600 W) on the west. The downtown market ...

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Posted by Joe Zekas on October 14, 2014
ChicagoNorth Side

MLS-listed Lincoln Park rentals up 72% year-over-year

Lincoln Park aerial view

At this time a year ago there were 138 homes and condos listed for rent in Lincoln Park ZIP Code 60614 in the local Multiple Listing Service. As of yesterday that number had soared to 237, nearly a 72% year-over-year increase. Available units in Lakeview ZIP Code 60657 increased 45% year-over-year, from 157 to 228. ...

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Posted by Joe Zekas on October 1, 2014
News & trendsMarket conditions

Chicago-area foreclosure rate drops sharply year-over-year

East Garfield Park

Foreclosure rates for the month of July in the Chicago metro area decreased sharply over the same period last year, according to newly-released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.66 percent for the month of July 2014, a 36.5% decrease from July of ...

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Posted by Joe Zekas on October 1, 2014
News & trendsMarket conditions

Chicago-area home sales down 12.9% in August

Aerial view downtown

The following arrived via a news release from Redfin: This past August, typically one of the hottest selling months of the year, the number of newly listed homes dropped 9.3% nationally (month over month), while the median sale price dipped 1.4% (MoM). Usually lower inventory serves as a driver of higher prices, making August 2014 ...

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Posted by Joe Zekas on September 25, 2014
ChicagoDowntown / Loop

A surge in MLS-listed downtown rentals

Aerial downtown

The number of homes and condos listed for rent in the 14 downtown ZIP Codes that we tracked rose 14% from 6 weeks ago, and 13% over the same time a year ago. The overall increases mask significant differences among the Zip Codes. While most remained relatively flat or declined, a number showed substantial increases ...

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Posted by Joe Zekas on September 19, 2014
ChicagoDowntown / Loop

Will the North Loop absorb all the new apartments?

Block 37

Five years ago there were fewer than 200 rental apartments in the Loop north of Madison St, at MDA City Apartments. Since that time nearly 1,900 apartments have become available at Randolph Tower, 215 West, Oakwood 200 Squared, 73 East Lake and OneEleven . Construction is underway on 432 units at 200 N Michigan and ...

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Posted by Joe Zekas on September 15, 2014
News & trendsMarket conditions

Cash sales fall to a third of the home market

CoreLogic graphic

The following is from a CoreLogic news release: Cash sales made up 33 percent of total home sales in June 2014, the lowest share since September 2008 (considered the unofficial start of the financial crisis), and down from 36.3 percent in June 2013. While the cash sales share also fell month over month from the ...

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Posted by Joe Zekas on September 10, 2014
News & trendsMarket conditions

Chicago-area home prices up 7% year-over-year in July

Skyline view

From a CoreLogic news release: Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared to June 2014.* Excluding ...

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Posted by Joe Zekas on September 3, 2014
News & trendsMarket conditions

North Shore – Barrington area home price growth is moderating

Barrington kitchen

The following arrived via a news release from the North Shore – Barrington Association of Realtors: Home prices on the North Shore continued to rise last month, but at a lower rate, reflecting the national picture. The medium home sale price in the North Shore – Barrington market increased 0.6 percent in July to $417,500, ...

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Posted by Joe Zekas on August 27, 2014