Modern Home Statistics for September, 2020
Introduction
Hello, and thanks for reading. Sales continued to be strong in September, amongst a somewhat chaotic new school year, with changes in how kids are attending and working through school due to the pandemic. 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.
September 2020 New Listings
As of this writing, there are currently 100 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is down around 10% vs last month. September saw a slight increase in the number of modern homes that came to market compared with August, with 36 new listings in those areas, spread out over 20 different towns.
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 range from $299,000 for a 1,596 square foot long gable split level in Glen Ellyn, to $1,499,900 for a 3,582 square foot modern split level in Glencoe.
Size range
Sizes of homes range from 1,028 square feet in Glen Ellyn listed at $309,900, to a 7,617 square foot home in Barrington on the market for $1,095,000.
Distressed Properties
As far as I know, none of the 35 properties that came to market in September is a distressed property (foreclosure or short sale).
September 2020 Closed Properties
In September, 28 modern homes closed in the areas I track, spread across 17 towns, up quite a bit from August’s number. Remember that closings are typically at least a month or two behind new listings, so this tracks with increased buyer activity over the summer.
Price Range
Prices ranged from $105,000 for a 2,811 square foot foreclosure in Algonquin to $1,700,000 for the E. Fay Jones-designed 7,704 square foot hame in Barrington Hills that hit the market in July.
Size Range
Sizes of homes ranged from a 1,110 square foot home in Highland Park to the 7,704 square foot house in Barrington Hills mentioned above that sold for $1,700,000.
Market Time
Market time for the homes sold in September ranged from 3 days, for a 2,600 square foot home in Palatine that sold for $260,000, to 781 days for a 6,133 square foot home in Riverwoods that sold for $1,206,000. That home, 140 Pine Tree Lane, will show a market time of 169 days in the MLS, because that’s how long it was on in the last version of the listing before it went under contract.
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
Just the one foreclosure that closed in Algonquin in September 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.
