Modern Home Statistics for September, 2021
Introduction
Hello, and thanks for reading. First things first: I need to apologize for being absent the last few months. The real estate market has been crazy this year and I was completely swamped with work. I never complain about having work to do, but it did mean that I didn’t have time for much else, including getting updates out on the normal schedule. Things have leveled out a bit, and I’ve also got some additional help now. I have a new transaction coordinator named Brenda Haas who has been working with me for the last couple of months. If you’re one of my clients, you’ll be introduced to her when we go under contract for your purchase or sale. And as always, 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.
September 2021 New Listings
As of this writing, there are currently 59 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 earlier in the year. In fact, I think this is the fewest modern homes on the market at any time that I can remember in the last 8 years.
Only 35 of those 59 are not already under contract. Now THAT number is actually a bit higher than I would expect given previous activity, which is another indication that things are leveling off a bit. This could be due to a number of reasons, such as slightly higher interest rates, buyers who have temporarily pulled out of the market due to not wanting to be in multiple offer situations, or specifics about the homes themselves.
Note that the 59 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.
September saw a decrease in the number of modern homes that came to market with just 16 modern homes listed last month. For reference, most of 2021 has seen about twice that many modern homes (or more) come to market each month.
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 September ranged from $230,000 for a 2,244 square foot ranch in Olympia Fields built in 1962, to $1,390,000 for a 5,451 square foot multi level home designed by Don Erickson in Park Ridge built in 1962. Note that this house has been on & off the market a few times without selling.
Size Range
Sizes of modern homes listed in September ranged from 1,196 square feet for a 1955 ranch in La Grange Highlands, to an (claimed) 6,800 square foot modern home in Prospect Heights built in 1968.
Distressed Properties
As far as I know, none of the properties that came to market in September was a foreclosure or short sale.
September 2021 Closed Properties
In September, 23 modern homes closed in the areas I tracked (across 17 towns), which again is down quite a bit from the last time that i updated stats, but to be honest, this isn’t necessarily that significant since every transaction has a different closing time frame for different reasons.
Price Range
Prices ranged from $249,000 for a 2,158 square foot home in Wauconda built in 1957, to $1,275,000 for a 4,445 square foot home in Glenview that was built in 1973.
Size Range
Sizes of homes ranged from a 1,120 square foot home in Wheaton built in 1957 that sold for $316,000 to a 6,675 square foot contemporary-style home in Northbrook built in 1992 that sold for $1,120,000.
Market Time
Market time for the homes sold in September ranged from 3 days (1 home) to 255 days for Frank Lloyd Wright’s Carr house in Glenview, that eventually sold via auction.
The average market time for homes that closed in September was 31 days, and the median was 16 days, which are both very brief market times compared to “normal” for the Chicagoland area.
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 September was a foreclosure or short sale.
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.
