Hello and Happy New Year! I’m hopeful that 2020 will bring great things for all of us! As a reminder, these statistics cover all the modern homes that I’ve been tracking, and are not necessarily listed or sold by me. Data is from our MLS (Multiple Listing Service) system, which is called MRED, as well as from various county information sources.
December 2019 New Listings
As of this writing, there are currently 51 modern homes listed in the Chicagoland area in the areas I track. December saw a reduced number of modern homes come to market, with just 5 new listings in those areas, spread out over 3 different towns. This isn’t too much of a surprise considering how busy many people are during December with holidays, travel, etc. Also, I should probably mention that some of the “new listings” in any given month may have actually been on the market before. There’s not a good way to cross-reference that in our MLS, unfortunately, but I can tell you that in this case, 2 of the 5 homes listed in December had been previously listed without selling / closing.
Prices range from $234,900 for a 2,464 square foot ranch in North Barrington (which is up for auction this time around), to $8,750,000 for a 10,147 square foot Tony Grunsfeld home on nearly 4 acres of Lake Michigan waterfront in Highland Park. This home has been on and off the market without finding a buyer for three and a half years now (it first came on in July of 2016).
Sizes of homes range from 1,400 square feet in Elgin listed at $239,900, to the 10,147 square foot home I mentioned above.
Only one of the homes new in December, that one being the North Barrington ranch mentioned above, is a distressed property.
December 2019 Closed Properties
In December, 11 modern homes closed in the areas I track, spread across 8 towns. This is slightly down from November which, again, isn’t too surprising since people are typically very busy in December already without adding packing, moving and closing to their to-do list.
Prices ranged from $293,750 for a 1,802 square foot home in Lake Zurich to $765,000 for the 3,429 square foot former personal residence of Joseph Fujikawa in Winnetka.
Sizes of homes ranged from 1,482 square feet in Glenview that sold for $359,900 to 3,429 for the Fujikawa residence in Winnetka mentioned above.
Market time for the homes sold in December ranged from 2 days for the Fujikawa residence in Winnetka mentioned above to 161 days for a 3,288 square foot 1985 contemporary in Lake Forest on about 2 acres that sold for $634,950.
Regarding market time, it’s important to note that listings often get “canceled” and relisted, meaning the listing is canceled on our MLS even if the listing agreement between the seller and their agent is still in effect. The home is then re-listed on the MLS, often at a new price, but sometimes at the same price, just so that the home shows up as a “NEW” listing. This can cause serious inaccuracies in both sale price to listing price ratios, as well as market time, because the original listing, price and market time won’t be factored in if they were under a different listing number.
In the case of the home in Lake Forest noted above (14521 Trailway Drive), here’s what the listing & pricing timeline looks like, to give you an example:
- 6/7/19 – Listed at $750,000
- 7/18/19 – Listing canceled
- 7/18/19 – Re-listed at $699,000
- 9/5/19 – Listing canceled
- 9/5/19 – Re-listed at $689,900
- 11/7/19 – Listing canceled
- 11/7/19 – Re-listed at $689,900
- 11/12/19 – Home went under contract
- 12/10/19 – Home closed for $634,950
So the published stats will be that the home closed at 92% of list price after just 5 days, but the reality is that the home closed at about 85% of its original list price after 161 days.
Two of the modern homes that closed in December were distressed properties. These were a 1,664 square foot home in Wilmette that closed at $370,000 as a foreclosure, and a 3,043 square foot house in Kildeer that closed at $476,506 as a short sale.
For More Detailed Information
If you’d like more specific information about the market where you live, I’d be happy to set up a meeting with you to come visit your home, even if you’re not thinking of selling soon. I’ll have you give me a tour of your house, we’ll talk about its features and quirks and then I can prepare a market report that will show you data specific to your property. The market report will give you a good idea of what you could realistically expect to sell your home for at that time. When you are ready to sell, I’ll create another, updated market report then that reflects current data at the time it’s prepared. There’s no cost or obligation for any of this, although I certainly would love to work with you when you’re ready to sell. Appointments are scheduled on a first-come, first-served basis as my schedule permits.
I always make an effort to provide information in these updates that’s as accurate as possible, however, I don’t track every town in the Chicago suburbs. If you’re curious about the market for modern homes specifically in your area, please let me know and if I’m not already tracking that area, I’ll start! Note that data provided is from various sources and I cannot control the accuracy or completeness of that data. Homes discussed in these updates are listed and sold by various brokerages and real estate agents and do not necessarily represent my personal listings or sales as a Realtor.