October 2021 Market Update

Lakeview Chicago


Full Transcript:

View with the lake, a lake with a view. This is lake view. Chicago's market update for October, 2021.

Hello, Anant Deoras AD with exp Realty and every month I produce a Lakeview Chicago and Chicago market update. So buyers and sellers are informed and can make informed decisions. If you're new to the channel, this is leaving Chicago, a YouTube channel where I help advise buyers and sellers. If you're coming to this platform on other social media, LinkedIn, Facebook, Instagram, simply comment below. If you liked the content great. If you feel like it, improve it, or if you want some things specific, feel free to comment, and I'll be happy to produce that content for you. Okay. Let's start with median pricing. We're going to be going through median pricing, new listings under contract, and basically how long it takes from listing inception to going on to contract those number of days. So with new listings actually Lior over year, we remained flat. And I also just for kind of a point of reference, I have August info there, a slight increase.

This is medium pricing across all different classes that single family, condos, townhomes, et cetera, luxury homes, that was the medium pricing. So very healthy. As we get into fall and slowly into winter, I expect seasonally, nothing to do with, I think co-related for that medium pricing to, to have some downward pressure, but very, very good numbers. 430, 7,000 right there year over year flat, but a slight increase from the previous month we have new listings. New listings is one of those leading indicators. I've talked in the past kind of lagging versus leading, leading are your new listings under contract actually pricing, which that may have closed while they make closed. In of course this the data represented in September. It may have originated several months ago, so that along with close sales or more lagging leading, or you're under contract your new listings.

And so for new listings, we have a 10, almost 11% increase year over year. We do have a reduction, as you can see from the previous month, month over month. And you see the trending going down. So which is kind of expected folks as again, we're not going to October, November, December, but you're going to be, you know, even though there may be a little less of an inventory, this may be a great time. If you're a buyer you have a seller that's super motivated to see, of course, it's going to depend. I'm going to go through a couple of condos that you will see here directly from the MLS, but new listings overalls down next, under contract and your under contract up very good, healthy chose demand, almost 40%. And we're basically flat month over month for year over year, almost a 40% increase.

You'll see the graphic going along there. So that is very good. That kind of, again, shows buyer demand and finally your list of contract. So it's down overall year, over year, but basically flat. So what this basically means is you, and right here is, as I've always said, when you're marketing your property sellers, you know, those first two weeks are super, super critical. You've really got to nail that pricing and I can help you. And I actually have the market activity report, which you should sign up for. It is below, but within that two week window, and it just so happens, median wise, that's 14 days and that's when properties are going. So that's, that's very, very good. I mean, even if it was a week or two higher as we go in October, we're not in June and July. So going in October, September is data two weeks is great.

And I always use median, ladies and gentlemen to take out any outliers. So those are the four metrics. Now we're going to be talking about a couple of condos that you can look at, maybe them, they may meet your requirements. If not, I've got some tools that we can use. Let's go ahead and lock. Talk about those condos. So I want to talk about one, three bedroom condo on one high rise. So one more of a mid range versus the high rise. We are seeing some downward pressure on, in the high rise market, but I wanted to go through a couple of examples. So first I want to talk about 1500 school, as you can see in here. And I'm also going to, of course, always want to be compliant. I'm going to be displaying the listing agent and the listing brokerage. We do have cooperative MLS where we do share allowed to share a listing data.

Of course, I want to give proper credit for some great agents there, and I can help you if the, of course this prop first property is closed, but the next property on the market, in case you wanted to schedule a showing, I'll let you know how to do that. So this property three bedroom, two bath listed on the 13th, got a contract on the 16th, rapid fast, only four days. I've got it from the follow-up graphic. Here is just one of the gorgeous photos here of the living area. So that is your through your three bedroom, your three plus two larger size mid range, either your walk-ups that are maybe three levels, four levels, or your mid range of six levels. Those are still moving folks. Those are still moving. So you have to get your ducks in a row. Reach out to me.

If you have any questions you need any strategy, I'm more than happy to help you and represent you as a buyer's agent. And in the next one, I'm going to show you 39, 50 39 50 here. It's a, one-bedroom now a little bit longer market time. And this is what I'm here. Noticing here. Some of what the higher assessments that's when I believe it was a little over $800 and assessments, of course older building, they are taking a little bit longer. The market times are going a little bit more, has more critical. You can't really test out pricing. You really do be spot on with your pricing, but this someone's has really good updates. Great price. Just about almost just under two to 2 25 two 19 here and on the followup. I'm going to show you right now the photo of it. So those are two.

So what you should do is if you're in a buyer now you're finally getting off the sidelines right now is the time to reach out to me. Let me help you. I'm happy to give advice. No obligation, no pressure we can meet. We can do zoom and I can really show you price. Interest rates are going above 3%. So they've already gone above 3%. And every Thursday they're released from Freddie Mac. So you don't want to miss that window. If you try to wait till 2022 interest rates could be 3, 3, 6, 3, 7. So let's get going right now. Let's plan a strategy. If you're that buyer, particularly those one bedrooms and for sellers, you can see, and if you have a larger condo or a luxury home, the market is still fantastic. So we can get your place on there either way on my website, living in chicago.net, I want you to check out, I've got a couple of links there. You can create a search, or if you're a seller that's for buyers for sellers market activity report, that gives you a snapshot of active under contract and sold properties. I'm going to show you here that I have a video going here on how to use it, make sure you do that. So this has been the lake view market update for October, 2021. I'm Anant Deoras AD with exp Realty and as always, here's a couple of videos for you to watch and hope you have a great day.