Modern Home Statistics for July, 2020
Introduction
Hello, and thanks for reading. The hotter-than-average real estate market continued into July and still continued to set records for my office and for Baird & Warner, which is amazing! Note that, all real estate (not just modern homes) considered, we’ve seen a bump of 5% in home values out here in the burbs compared with last year, with some specific areas boasting as much as 15%-17% vs. last year. These are significant numbers because for the past 5 years or so, we’ve had extremely low – almost flat – value increases. Maybe 1/2% at most. These days, we’re also seeing more situations where homes are selling with multiple offers. There’s no way to know, of course, if this will continue, but… 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.
July 2020 New Listings
As of this writing, there are currently 118 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is again down, albeit just slightly. July saw a slight increase in the number of modern homes that came to market compared with June, with 35 new listings in those areas, spread out over 21 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 $150,000 for a 1,352 square foot ranch in Aurora, to $1,950,000 for a 7,704 square foot modern home in Barrington Hills designed by E. Fay Jones, built in 1996.
Size range
Sizes of homes range from 1,110 square feet in Glenview listed at $499,000, to a the 7,704 square foot home E. Fay Jones house mentioned above.
Distressed Properties
As far as I know, none of the 35 properties that came to market in July is a distressed property (foreclosure or short sale).
July 2020 Closed Properties
In July, 34 modern homes closed in the areas I track, spread across 23 towns, up from 23 in June. Remember that closings are typically at least a month behind new listings, so this tracks with increased buyer activity starting in mid-May.
Price Range
Prices ranged from $190,000 for a 2,520 square foot home in Algonquin to $2,340,000 for a 2001 home of 7,950 square feet in Chicago.
Size Range
Sizes of homes ranged from 1,155 square feet in Lombard to the 7,950 square foot house in Chicago mentioned above.
Market Time
Market time for the homes sold in June ranged from 2 days, for a 3,400 square foot home in Palos Park that sold for $514,350, to 355 days for the Chicago home mentioned above. That home, 2517 N. Greenview Ave., will show a market time of 8 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
None of the modern homes that closed in July appear to have been distressed properties.
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.
