With months supply of homes hovering around 4.7 months, the Chicago Old Town real estate market is still a sellers market, which mirrors broad national trends (for more details on national real estate statistics, click this link). However, median and average sales prices are up over a year ago. Yet even with a relatively low months supply of homes, buyers are still able to negotiate sales prices below original listing prices. The statistics below delve into the details. Here is a map showing how we define the Chicago Old Town real estate market:
Chicago Old Town Residential Real Estate Market Statistics
Following is a series of charts showing key residential real estate market trends in Chicago Old Town for attached, single-family homes, January 2017 – September 2018 (unless otherwise noted).
From January 2015, after reaching a peak of 328 sales for the 12-month period ending in June 2018, Closed Sales in Chicago Old Town for the 12-month period ending August 2018 came in at 299 units (a 8.8% decrease from the 12-month period ending June 2018, a 1.3% decrease from the 12-month period ending August 2017, and a 4.5% decrease from the 12-month period ending August 2016). For the 12-month period ending September 2018, closed sales came in at 291 units (a 2.7% decrease from the 12-month period ending August 2018, a 5.2% decrease from the 12-month period ending September 2017, and a 6.4% decrease from the 12-month period ending September 2016). These decreases in unit sales mean that this market is beginning to soften slightly. However, as detailed below, both Median and Average Sales Prices increased slightly, which means that this remains a relatively healthy market for sellers. Thus, this market is essentially balanced.
Median and Average Sales Price
The near parity between Median and Average Sales Prices for the Chicago Old Town real estate market means that this market is not experiencing much volatility in pricing; thus, both buyers and sellers can approach this market with confidence. For attached single-family properties in Chicago Old Town, the September 2018 Median Sales Price was $450,000 (23.3% increase from September 2017) and the Average Sales Price was $443,537 (3.2% increase from September 2017).
Median and Average Market Times
Listing market times for Chicago Old Town are trending up, although Median and Average Market Times are still below 90 days. Accordingly, sellers in this market area should set their expectations in accordance with these time frames. Additionally, these increasing market times may, at first glance, seem to indicate that buyers will have more choice in inventory and flexibility with making offers. However, as detailed below, since the months supply of homes in Chicago Old Town is below six months, it’s generally considered a sellers market. For attached single-family properties in Chicago Old Town, the September 2018 Median Market Time was 49 days (145.8% increase from September 2017) and the Average Market Time was 70 days (45.8% increase from September 2017).
Median and Average Percent of Last List Price
Median and Average Percent of Last List in the Chicago Old Town real estate market is trending down, which means buyers have a little more power in making offers (i.e., making an offer that’s below list price and having this offer accepted by a seller). Regarding Last List Price, “last list price” is the price that immediately precedes the sales price of a property (for example, a property could initially enter the MRED MLS at a $460,000 sales price and then after a few weeks this price is adjusted to $450,000; the former price is the original list price and the latter price is the last list price). This statistic is also known as a SP:LP ratio (Sales Price:List Price ratio); a SP:LP over 100% means a property sold for more than last listing price, whereas a SP:LP under 100% means a property sold for less than last listing price. For attached single-family properties in Chicago Old Town, the September 2018 Median Percent of Last List Price was 96.3% (0.8% decrease from September 2017) and the Average Percent of Last List Price was 97.8% (0.4% decrease from September 2017).
Months Supply of Homes for Sale
For attached single-family properties in Chicago Old Town, the September 2018 months supply of homes was 4.7 months (30.6% increase from September 2017). When a market approaches six months of supply (meaning it would take six months for available homes to sell in Chicago Old Town if no additional homes were listed and demand kept at its current pace) it’s generally considered a balanced market. Thus, this market is still a sellers market. However, the upward trend is something to watch in Q3 and Q4 of 2018.
Showings Per Listing
Showings per listing for attached single-family homes in Chicago Old Town for September 2018 was 3.9 showings (14.7% increase from August 2017). The slight uptick in September 2018 is still representative of healthy listing times and relatively strong buyer interest in a market with relatively low months supply of homes.
Q2 2018 Old Town Coast Real Estate Market Statistics
Continuing our analysis of the Chicago Old Town real estate market, we’ll now focus on Q2 2018 sold property statistics for condos, co-ops, and/or town-homes in buildings with eight or more units (the building types we specialize in here at Lux Home Chicago):
Chicago Old Town Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 82
- Sold Price: $338,750 median / $442,918 average
- Listing Market Time: 12 days median / 30 days average
- SP:LP: 98% median / 99% average (113% was the highest SP:LP)
In summary, the Chicago Old Town real estate market, based on months supply of homes, is still a sellers market. However, buyers seem to have decent price-negotiation power as indicated by SP:LP ratios ranging between 96% and 98%.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.