Modern Home Statistics for November, 2019
Introduction
Hello and Happy Holidays! I hope you’ve had a nice Christmas and/or Hanukkah, and that you’ve got some good plans lined up for New Year’s Eve, whether staying at home and relaxing or going out to someplace fun with your favorite people. 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.
November 2019 New Listings
As of this writing, there are currently 57 modern homes listed in the Chicagoland area in the areas I track. November saw a reduced number of modern homes come to market, with just 11 new listings in those areas, spread out over 9 different towns.
Price Range
Prices range from $225,000 for a 1,645 square foot ranch in Riverwoods, to $1,950,000 for a 8,346 square foot ranch on 2 acres in Winnetka.
Size range
Sizes of homes range from 1,170 square feet in Deerfield listed at $365,000, to 8,346 square feet in Winnetka (the sam house noted above).
Distressed Properties
None of the newly listed homes in November is a distressed property.
November 2019 Closed Properties
In November, 15 modern homes closed in the areas I track, spread across 12 towns. This is slightly up from October.
Price Range
Prices ranged from $100,000 for a 3,234 square foot ranch in Olympia Fields to $875,000 for a 4,290 square foot ranch house in Highland Park.
Size Range
Sizes of homes ranged from 1,128 square feet in Palatine to 5,883 square feet in Long Grove.
Market Time
Market time for the homes sold in November ranged from 10 days for a 2,639 square foot home in Riverwoods that my clients purchased for $549,000 to 304 days for the 5,883 square foot new-ish modern home mentioned above in Long Grove, which sold for $858,000 including seller concessions of $7,000..
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 Long Grove noted above (3434 Monitor Lane), here’s what the listing & pricing timeline looks like, to give you an example:
- 10/15/18 – Listed at $1,250,000
- 10/15/18 – Listing canceled (not sure why it was canceled on the same day)
- 10/16/18 – Re-listed at $1,250,000
- 10/25/18 – Listing canceled
- 10/25/18 – Re-listed at $1,250,000
- 2/7/19 – Price changed to $1,200,000
- 5/24/19 – Listing canceled
- 5/28/19 – Re-listed at $1,200,000
- 8/1/19 – Listing expired
- 8/29/19 – Re-listed at $1,025,000
- 9/10/19 – Home went under contract
- 11/24/19 – Home closed for $865,000 (with $7,000 in seller concessions so the net sale price was $858,000)
As you can see, the reality – that the home closed at about 69% of its original list price after 304 days – is much different than what the MLS will show for the last listing, which is that the house closed at 84% of its list price after being on the market for just 13 days.
Distressed Properties
The house mentioned above that sold in Olympia Fields for $100,000 was a bank-owned forclosure and in very poor condition. It had huge cracks in the slab foundation and serious roof issues resulting in long-term water entry into various parts of the house, and lots of mold. A home in Downers Grove that was 1,238 square feet and sold for $205,000 was a Short Sale. It had disclosed window leaks and mold issues, despite having been recently remodeled, and also had issues with the in-floor HVAC ductwork.
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 at that time 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.
