Hello, and thanks for reading. Despite some very wintery weather, January continued the trends of the previous months, and we’ve seen homes selling quickly due to continued buyer demand and a general shortage of inventory. 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.
January 2021 New Listings
As of this writing, there are currently 90 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is up from the previous month, however, compared with demand, it’s still very low. Of the homes on the market, only 41 of those 90 are not already under contract.
January saw a bit of an increase in the number of modern homes that came to market with 22 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.
Prices of modern homes currently on the market range from $399,900 for a 2,728 square foot ranch in Barrington, to $6,350,000 for a 6,603 square foot modern home in Glencoe built in 2010.
Sizes of homes range from 2,157 square feet in for a ranch in Highland Park, to a 7,512 square foot house in South Barrington built in 1979 that’s listed for $1,385,000.
As far as I know, none of the modern homes that were listed in January was a distressed property.
January 2021 Closed Properties
In January, 23 modern homes closed in the areas I track, spread across 17 towns, so again, slightly up vs. December. Remember that closings are typically at least a month or two behind new listings.
Prices ranged from $245,000 for a 1,956 square foot ranch in Flossmoor to $1,047,500 for a 5,985 square foot contemporary house from 1990 in Highland Park.
Sizes of homes ranged from a 1,285 square foot home in Schaumburg that sold for $405,000 to the 5,985 square foot home in Highland Park mentioned above that sold for $1,047,500.
Market time for the homes sold in January ranged from 2 days, for a 2,636 square foot home in Oak Park that sold for $600,000, to 601 days for a 3,990 square foot home in West Chicago that sold for $455,000.
The average market time for homes that closed in January was 102 days, and the median was 43 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.
Two homes, one in Roselle and another in Highland Park, required court approval for their sales.
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.