Modern Home Statistics for October, 2019

Modern Illinois - October 2019 Modern Homes Market Update
A modern home in Palatine that came on the market in October

Introduction

Hello and happy November! Granted it’s a bit late in the month and Thanksgiving, late as it is this year, is just about upon us. 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.

October 2019 New Listings

As of this writing, there are currently 76 modern homes listed in the Chicagoland area in the areas I track. October saw a good number of modern homes come to market, with 22 new listings in those areas, spread out over 16 different towns.

Price Range

Prices range from $214,900 for a 1,999 square foot raised ranch in Flossmoor, to $1,350,000 for a 4,640 square foot new construction 2-story modern home in Deerfield.

Size range

Sizes of homes range from 1,128 square feet in Palatine listed at $279,900, to 7,819 square feet in Northbrook. Note that the property in Northbrook is being Auctioned and was last listed for $850,000.

Distressed Properties

One of the homes, in Wilmette, is bank-owned. It’s 1,664 square feet listed at $339,000. The home noted above in Northbrook is also bank-owned.

October 2019 Closed Properties

In October, 13 modern homes closed in the areas I track, spread across 11 towns.

Price Range

Prices ranged from $207,000 for a 1,519 square foot ranch in Highland park to $950,000 for a 5,800 square foot split level house in Barrington HIlls.

Size Range

Sizes of homes ranged from 1,519 square feet in Highland Park (the same house referenced above that sold for $207,000) to 5,800 square feet (the same house referenced above that sold for $950,000 in Barrington HIlls).

Market Time

Market time for the homes sold in October ranged from 11 days for a 3,900 square foot home in Glen Ellyn that sold for $470,000 ($10,000 over list price) to 547 days for a 3,315 square foot home in Lincolnshire that sold for $473,000.

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.

In the case of the home in Lincolnshire noted above (81 Lincolnshire Drive), here’s what the listing & pricing timeline looks like, to give you an example:

  • 1/12/18 – Listed at $620,000
  • 3/14/18 – Price changed to $599,000
  • 5/31/18 – Price changed to $579,000
  • 8/10/18 – Listing canceled
  • 8/10/18 – Relisted at $550,000
  • 2/12/19 – Listing canceled
  • 2/12/19 – Relisted at $525,000
  • 4/30/19 – Price changed to $499,000
  • 6/20/19 – Listing canceled
  • 6/20/19 – Relisted at $499,000
  • 7/9/19 – Home went under contract
  • 10/11/19 – Home closed for $473,000

As you can see, the reality – that the home closed at about 76% of its original list price after 547 days – is much different than what the MLS will show for the last listing, which is that the house closed at 95% of its list price after being on the market for just 20 days.

Distressed Properties

A home in Hawthorn Woods sold as a foreclosed property on Halloween (hopefully it’s not haunted!). It’s a 2,342 square foot raised ranch* on a lot that’s a bit over 3/4 of an acre and sold for $251,000 with a list price of $249,900 (originally listed at $279,900).

* I didn’t tour this house, but from the photos, I don’t think it’s actually a raised ranch. The front door seems to be on the same level as the rest of the home. Factual data is often a problem because many real estate agents don’t understand how to correctly classify their listings. In this case, listing the home as a raised ranch probably hurt their market appeal as that’s a relatively difficult style to sell – and would not have come up in searches if somebody was specifically looking for a single story home.

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 at that time 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.

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