Modern Home Statistics for June, 2020

Introduction

Hello, and thanks for reading. The hotter-than-average real estate market continued into June, and in fact it was my office’s best month in history! 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.

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.

June 2020 New Listings

As of this writing, there are currently 122 modern homes listed in the Chicagoland area in the areas I track, so the total number of modern home listings is down. June saw about the same number of modern homes that came to market as May, with 31 new listings in those areas, spread out over 25 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 $220,500 for a 1,560 square foot hillside ranch in Rockford, to $2,300,000 for a 5,080 square foot modern 2-story home in Lake Forest, built in 2005.

Size range

Sizes of homes range from 1,155 square feet in Lombard listed at $259,000, to a 6,896 square foot home in Palos Park on 4.36 acres listed at $1,200,000.

Distressed Properties

A 2,080 square foot home that came to market in Naperville is a foreclosure. A 3,019 square foot home in North Barrington on 44 acres is a foreclosure as well. As a reminder, a distressed property is a foreclosure or short sale.

June 2020 Closed Properties

In June, 23 modern homes closed in the areas I track, spread across 14 towns, up from 15 in May. Remember that closings are typically at least a month behind new listings.

Price Range

Prices ranged from $175,000 for a 1,935 square foot brick ranch in Urbana to $2,100,000 for a 2010 Tony Grunsfeld ranch comprising 4,738 square feet in Glencoe.

Size Range

Sizes of homes ranged from 1,212 square feet in Arlington Heights (mentioned above) to a 6,700 square foot house that sold for $650,000 in Highland Park.

Market Time

Market time for the homes sold in June ranged from 1 day, for a 5,340 square foot home in Highland Park that sold for $887,000, to 272 days for a 3,530 square foot home in Glencoe that sold for $810,000. That home, 1190 Mayfair Lane, will show a market time of 14 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

A 2,440 square foot home that sold in Barrington in June for $370,000 was a distressed property (a foreclosure).

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.