Modern Home Statistics for December, 2020
Introduction
Hello, and thanks for reading. Sales continued to be strong through the end of the year, despite the typically busy schedules of people during the holidays and the colder weather. In fact, buyer demand is stronger than ever, with inventory at only 60% of what it was in December of last year, so there’s never been a better time to sell a modern home. If you’re thinking of buying or selling a modern home soon, PLEASE contact me so I can talk through how the processes are different during the coronavirus pandemic and in the current market situation.
As a reminder, the statistics that follow 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 2020 New Listings
As of this writing, there are currently 73 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is way down, echoing the huge disparity we’re seeing between buyer demand and available homes for sale. Of the homes on the market, only 40 of those 73 are not already under contract (except for a few that are temporarily off-market).
October saw a decrease in the number of modern homes that came to market with just 17 new modern home listings.
As always, I like to 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.
Price Range
Prices of modern homes currently on the market range from $169,000 for a 1,513 square foot ranch in Wheaton, to $1,399,999 for a 5,090 square foot modern home in Oak Brook built in 1985.
Size range
Sizes of homes range from 1,395 square feet in for a ranch in Wheaton that sold for $220,000 after being on the market for just 2 days, to an 8,578 square foot house in Des Plaines built in 1960 that’s sitting on just over 4 acres and is listed for $1,200,000 .
Distressed Properties
An 1,806 square foot ranch on Sheridan Rd in Highland Park was subject to court approval. It was on the market for about 10 days and sold for $405,000. A 1,984 square foot ranch in Riverwoods is “likely to be a short sale” per the listing agent.
December 2020 Closed Properties
In December, only 19 modern homes closed in the areas I track, spread across 15 towns, so again, slightly down vs. recent months. Remember that closings are typically at least a month or two behind new listings.
Price Range
Prices ranged from $110,000 for a 2,86 square foot ranch in Kankakee to $1,520,000 for a 4,080 square foot house in Glencoe designed by Irving Moses.
Size Range
Sizes of homes ranged from a 1,028 square foot home in Glen Ellyn that sold for $305,000 to a 5,880 square foot home built in 1969 in East Dundee that sold for $525,000.
Market Time
Market time for the homes sold in October ranged from 2 days, for a 1,395 square foot home in Wheaton that sold for $220,000, to 882 days for a 2,726 square foot home in Ottawa that sold for $300,000.
The average market time for homes that closed in December was 109 days, and the median was 34 days.
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. This is why I don’t typically discuss the ultimate sale price as a percentage of the list price, because it really is meaningless.
Distressed Properties
A 1,999 square foot modern home in Flossmoor that sold for $175,875 was a foreclosure.
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.
Disclaimer
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.