Modern Home Statistics for June, 2021
Introduction
Hello, and thanks for reading. And watching! I hope you’re finding the videos of the last couple of months useful. If you’re thinking of buying or selling a modern home soon, PLEASE contact me so we can talk about specific issues that could affect your sale or purchase.
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.
June 2021 New Listings
As of this writing, there are currently 80 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is down quite a bit vs a couple months ago. Only 34 of those 80 are not already under contract. Note that the 80 number includes homes on the Private Listing Network (aka “PLN”). Recent changes made to the private network allow us, as agents, to easily share PLN listings with our clients, so there’s no reason to not count such homes.
June saw a decrease in the number of modern homes that came to market with just 29 modern homes listed, vs 46 in April.
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 that came to market in June ranged from $195,000 for a 2,250 square foot ranch in Blue Island built in 1961, to $6,000,000 for a 3,951 square foot modern home on 17 acres in Wheaton adjacent to the Morton Arboretum built in 1947.
Size Range
Sizes of modern homes listed in June ranged from 1,176 square feet for a ranch in Deerfield, to an 8,217 square foot modern home designed by Walter Carlson in Barrington Hills that was built in 1973.
For the Price Range and Size Range stats above, I’m omitting a couple of properties that were de-listed and re-listed.
Distressed Properties
As far as I know, none of the properties that came to market in June was a foreclosure.
June 2021 Closed Properties
In June, 36 modern homes closed in the areas I tracked (across 25 towns), up from 30 in April. Remember that closings are typically at least a month or two behind new listings.
Price Range
Prices ranged from $236,000 for a 2,036 square foot home in Elgin built in 1956, to $2,000,000 for a 5,080 square foot home in Lake Forest that has been added onto and extensively remodeled over the years.
Size Range
Sizes of homes ranged from a 1,409 square foot home in Downers Grove built in 1967 that sold for $701,000 to a 6,569 square foot home in Barrington Hills built in 1978 that sold for $930,000.
Market Time
Market time for the homes sold in June ranged from 2 days (4 different homes) to 575 days for a house in Northbrook. That home had been on and off the market since May of 2019.
The average market time for homes that closed in June was 67 days, and the median was 6 days, both of which are significantly shorter than for homes that closed in April.
Note that when I give you the average and media market times, I’m giving those numbers based on the actual market time, not the “Last” market time, so the number I’m providing are a bit more real / realistic.
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
As far as I know, none of the homes that closed in June 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.