LakeView Chicago

Market Update


Full Transcript:

Another month another market update for Lakeview Chicago. This is September, 2021 lake view, Chicago market update. Let's go,

Hello, this is AD Anant Deoras with exp Realty and we are discussing yes, the September late few Chicago market update, where I'm going to go over a couple of key metrics that include under contract new listings and median home prices for this month. And we're also going to be discussing the H P S I that's the home purchase sentiment index, leaving Chicago, where I assist homeowners thinking of selling, and of course helping them on the buy side too. Let's go ahead and start with the metrics for lake view Chicago. So some key metrics, of course, for lake view, Chicago, we're going to start with the median sales price. So year over year, actually it was a little surprising. It's basically flat and there was a slight Inc a decrease from the previous month that you've seen this graphic was, were about 438,000. We're now down to 435,000 and you over a year was flat.

So that is a median sales price. Your new listings were up. Do you see the percentages there? And there was a decrease month over month. I do have also July, 2021 a market update. And actually, if you want to see that, if you go off in the left upper corner, I'll have that market update for your convenience. So while it was up year over year, there was a slight decline in the new new listings. And you're under contract had, was basically flat month over month, July to August. However, your year there was an increase, okay, for our next segment here, we want to talk about again, the H P S I that's the home price sentiment index for a quick refresher Fannie Mae, the the mortgage body and the, the housing agency conducts a survey of 1000 people. It's a, it's a hundred questions.

And from those a hundred questions are six key questions that are used to make up this index. Okay. And of course, some of those key components are the good time to buy, good time to sell. And of course home prices. Those are the three I'm going to kind of zero in on. So if you're a good time to sell actually was basically flat down one percentage net, good time to sell percentage from 55 to 54 years to see the graphic there, your good time to buy them. This is really interesting. So what we're kind of seeing here is we're kind of seeing, you know, month over month, the trending on the good time to sell is going down for this one month. There's a slight uptick, seven percentage point increase

Of good time net, good time to buy. So is that a shift, right? Not quite yet. I've talked about in previous videos, but it is probably coming. Okay. And the last graphic I want to show you is the home prices was a little bit troubling. We've had such a great ride here with great home prices. But now what this index is saying is there was a nine percentage net percentage decrease from 25% to 16%. And there seems to be some of a trend. Even though overall, as I just showed you with lake view. Now this, this index is typically in my Chicago overall Chicago. But of course the index isn't available until the, for after the first of each month. So I wanted to make sure I got this in for my lake view, but as you saw for the lake view, the numbers overall year over year are good.

So really it's going to come down to dependent on your property and I've done in the previous. I've actually went through each condo type for this one. I'm going to be doing it every other month. But if you had a particular question right on your condo, your home reach out to me, right? Cause everything could be unique. These numbers could say one thing. And then based upon the specific local, you know, it's all supply and demand, right? Economics, we may want to leverage that gets you multiple offers and maximize the return. So which I want you to do before I let you go here, folks, make sure you sign up for my market activity report. You can see in lake view, we can get it granular too. If you have got condos to luxury homes, whatever type of home you have actives under contract and sold in the lake view area. Thank you so much for watching my 2021 September market update for lake view, Chicago as always check out a couple of other videos. Please subscribe to the channel, click the bell notification. And I can't wait to see you on the next video next week, every week, take care.