Modern Home Statistics for January, 2020

Introduction

A Keck & Keck ranch in Barrington that closed in January

Hello and Happy Leap Year! 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.

January 2020 New Listings

As of this writing, there are currently 80 modern homes listed in the Chicagoland area in the areas I track. January saw an increase in the number of modern homes that came to market, with 10 new listings in those areas, spread out over 8 different towns. We started seeing a higher concentration of new listings toward the end of the month as we headed toward the Spring market.

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, 5 of the 10 homes listed in January had been previously listed without selling / closing.

One final comment: If you’re wondering how there could now be 80 properties on the market when there were 51 last month and only 10 new listings came to market in January, that’s because I’m writing this on the last day of February, so this month’s listings are also in the overall count. Next month, providing I’m able to get this out mid-March, those two numbers will be a bit more in line.

Price Range

Prices range from $264,900 for a 2,364 square foot 2-story home in Flossmoor, to $1,190,000 for a 4,246 square foot 1957 home renovated in 2014 in Winnetka. This home has been on and off the market without finding a buyer for nearly 5 years, first coming on in February of 2015. The highest list price since then was $1,425,000. The buyers paid $930,000 for the home in 2013.

Size range

Sizes of homes range from 1,360 square feet in Barrington listed at $355,000, to the 4,246 square foot home I mentioned above in Winnetka.

Distressed Properties

Only one of the homes new in January (a home in Barrington near the Fox River) is a distressed property.

January 2020 Closed Properties

In January, only 5 modern homes closed in the areas I track, spread across 3 towns. This isn’t surprising given the time of year and, again, people being busy with holidays in November,  December and January when these listings went under contract.

Price Range

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.

Size Range

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

Market time for the homes sold in January ranged from 35 days, for a 1,225 square foot split-level home in Glenview that sold for $290,000, to 900 days for a 4,216 square foot home in Barrington that sold for $335,000.

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 Barrington noted above (28627 W. North Drive), here’s what the listing & pricing timeline looks like, to give you an example:

  • 6/20/17 – Listed at $475,000
  • 7/13/17 – Went under contract
  • 2/21/18 – Listing canceled
  • 2/22/18 – Re-listed at 4475,000
  • 5/24/18 – Price changed to $449,000
  • 7/29/18 – Listing canceled
  • 7/29/18 – Re-listed at $425,000
  • 2/26/19 – Price changed to $399,000
  • 5/31/19 – Listing canceled
  • 6/20/19 – Re-listed at $389,900
  • 7/30/19 – Price changed to $369,999
  • 8/23/19 – Price changed to $349,999
  • 11/11/19 – Listined canceled
  • 11/11/19 – Re-listed at $375,000
  • 11/29/19 – Price changed to $349,999
  • 12/23/19 – Went under contract
  • 1/14/20 – Closed at $335,000

So the published stats will be that the home closed at 96% of list price after 43 days, but the reality is that the home closed at about 71% of its original list price after 900 days.

Distressed Properties

None of the homes that closed in January was a distressed property.

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.

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