Modern Home Statistics for February, 2020
Hello, and thanks for reading this. So much has happened since the last update. We’re now all engaged in social distancing as a normal part of our lives as we try to get through the coronavirus pandemic together.
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.
February 2020 New Listings
As of this writing, there are currently 152 modern homes listed in the Chicagoland area in the areas I track. February saw a significant increase in the number of modern homes that came to market, with 41 new listings in those areas, spread out over 22 different towns. There are two primary reasons why there’s been such a huge increase. First is that the Spring market started “officially” (but, really, unofficially) after the Superbowl. Second is that I expanded my tracking to some new areas.
Also, I should probably 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 range from $239,900 for a 1,324 square foot ranch in Sleepy Hollow, to $1,699,900 for a 3,824 square foot 1973 ranch in Winnetka.
Sizes of homes range from 1,212 square feet in Arlington Heights listed at $264,000, to a 6,700 square foot home in Highland Park listed at $750,000.
As far as I know, none of the modern homes listed in February are distressed properties.
February 2020 Closed Properties
In February, only 6 modern homes closed in the areas I track, spread across 5 towns. Again, not too surprising since it was still pretty slow until after the superbowl.
Prices ranged from $194,250 for a 2,464 square foot foreclosure in North Barrington to $1,000,000 for a 6,560 square foot, 2-story 1965 modern home in Lake Forest.
Sizes of homes ranged from 1,474 square feet in Glen Ellyn that sold for $380,000 to the 6,560 square foot house that I mentioned above that sold for $1,000,000 in Lake Forest.
Market time for the homes sold in January ranged from 4 days, for a 3,095 square foot home designed by Bruce Goff (and later expanded by Perkins & Will) in Northfield that sold for $615,000, to 406 days for the Lake Forest home mentioned previously.
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.
Only the one home in North Barrington Mentioned above 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.
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.