Chicago Real Estate Market Summary – April 2012

15 05 2012

April 2012 continued to show improvement in most categories when compared to 2011 for the combined areas of Lakeview, Lincoln Park, Near North and the Loop. While Unit Sales and Units Under Contract increased dramatically and Inventory levels decreased, Median Prices continued to drop.

Some interesting notes:

All three price points showed increases; however, the total Unit Sales increase was driven by homes priced under $500,000 which showed a 35.3% increase over April of last year.

Homes priced from $500,000 to $1,000,000 increased 14.5% and homes priced over $1,000,000 increased 17.6%.

While these are all positive numbers, the higher percentage of increases in lower priced homes may account for the fact that median prices continue to drop despite a 3.7 months of supply of inventory.

Units Under Contract showed a dramatic 68.3% increase over April of last year. Lincoln Park led the other areas with a 130% increase over the previous year.

After three consecutive months of increases, Lincoln Park median prices dropped 10.2% in April 2012 in comparison to last year.

The numbers below represent homes listed in the MLS of Northern Illinois. (MREDLLC)

Please click on the Market Statistics tab above for more detailed printable reports.

Apr-12 Apr-11 % +/-
Unit Sales – Total 481 374 28.6
Lakeview 138 117 17.9
Lincoln Park 100 65 53.8
Near North 182 159 14.5
Loop 61 33 84.8
Unit Sales By Price Point
0 – $500,000 349 258 35.3
$500,000 – $ 1,000,000 95 83 14.5
$ 1,000,000 – Up 40 34 17.6
Units Under Contract – Total 774 460 68.3
Lakeview 220 148 48.6
Lincoln Park 184 80 130.0
Near North 275 179 53.6
Loop 95 53 79.2
Unit Inventory – Total 4,118 5,884 -30.0
Lakeview 1127 1638 -31.2
Lincoln Park 892 1108 -19.5
Near North 1618 2389 -32.3
Loop 481 749 -35.8
Inventory (Months Of Supply) 3.7 10.5 -64.7
Lakeview 3.5 8.7 -59.3
Lincoln Park 3.2 11.3 -71.8
Near North 4.2 11.1 -61.8
Loop 3.5 12.1 -70.9
Median Pricing – Total 345,000 367,750 -6.2
Lakeview 363,000 390,000 -6.9
Lincoln Park 417,000 465,000 -10.2
Near North 338,000 339,500  0.4
Loop 275,000 315,000 -12.7

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Ventless Fireplaces – What Are They And How Do They Work?

24 04 2012

Ventless Fireplaces have become very popular in Chicago condominiums and single family homes. They allow the addition of fireplaces to almost any room in the house without costly chimneys and venting.. The following excerpts are from an article by E How.com explaining what ventless fireplaces are and how they work.

What is a Ventless Fireplace?

A ventless fireplace, or a vent-free fireplace, does not require a chimney or vent. It is fueled by natural or propane gas or a gel fuel. The gas fireplaces are a great heat source for a single room and the gel fireplaces are used mainly for aesthetics. Ventless gas fireplaces require a gas line to be installed from a public gas source or a propane tank to the fireplace. There are many different types and sizes to fit the needs of any room. By not needing a chimney, they are very inexpensive to install. The heat the fireplace provides is measured in BTUs and will be posted on each one. This is an important number to know because it will be the determining factor of whether it is right for your particular room. Always check with your local building code office before having a gas fireplace installed, as they have been outlawed in some states. Because of certain health concerns, always have them installed by a professional. Installing it yourself without knowing the all of the particulars can lead to sickness and even death.

How Does a Gas Ventless Fireplace Work?

The first consideration in purchasing a gas ventless fireplace is its intended use. If it will be used it as a secondary source of heat for a chilly room, make sure it is sufficient, yet not too powerful for that room. The BTU measurement will describe the minimum square footage a room needs to be to use the fireplace. It is suggested they are not used for more than 4 hours a day. The reason so much attention is placed on the room size is because of the ventless feature. A gas line is installed to the fireplace in order for the gas to fuel the fire. The box in the fireplace is either made of a fireproof metal or ceramic and there are artificial logs sitting inside the box. Start the fire with a button on the fireplace or by remote control. The fire is ignited directly under the fake logs and you can see the flames around them. It almost looks like a real wood fire. You can control the amount of heat output by a dial on the fireplace or the remote control.

Unfortunately, all fires use oxygen and vent somewhere. A ventless fireplace will take the oxygen out of the air in the room and replace it with carbon monoxide and moisture. For this reason the units are equipped with oxygen and carbon monoxide detectors. If it senses too much carbon monoxide it will shut the unit off. The same is true when it senses the oxygen level is too low. Because the units put out quite a bit of moisture, a mold problem could develop. Having a dehumidifier in the room helps tremendously. When the fireplaces are installed by a professional and properly sized and adjusted, they are very safe and can help with those high winter heat bills.

The Gel Fireplace

Another form of the ventless fireplace uses cans of alcohol-based gel fuel. These fireplaces also have artificial logs and the entire unit can be put together with just a Phillips head screwdriver. They are completely portable and can be moved from room to room with ease. The cans of fuel are place behind the artificial logs and lit. They will last up to 3 hours and you can burn 1 to 3 cans at a time. They even make the crackling sound of a real fire. Even though these units are just for look and ambiance, they can produce up to 3,000 BTUs of heat. The gel has no odor and does not emit any toxic fumes or smoke. This type of ventless fireplace is great for the corner of a bedroom or living room when you just want the cozy feeling of a fire.


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Chicago Real Estate Market Summary – March 2012

9 04 2012

March 2012 showed improvement in most categories, when compared to 2011 for the combined areas of Lakeview, Lincoln Park, Near North and the Loop. While Unit Sales and Units Under Contract increased dramatically and Inventory levels decreased, Median Prices continued to drop.

Some interesting notes:

The Unit Sales increase was driven by homes priced under $500,000 which showed a 39% increase over March of last year. Homes priced from $500,000 to $1,000,000 decreased 11.7% and homes priced over $1,000,000 had a 2.6% increase over last year

While Lincoln Park showed the lowest percentage of increase in Unit Sales, it showed a 65.2% increase in Units Under Contract. It also posted an increase in Median Prices for the third consecutive month. All other areas had Median Price decreases when compared to March 2011 despite a cumulative 4.1 Months Of Supply.

The numbers below represent homes listed in the MLS of Northern Illinois. (MREDLLC)

Please click on the Market Statistics tab above for more detailed printable reports.

Mar-12 Mar-11 % +/-
Unit Sales – Total 431 351 22.8
Lakeview 122 82 48.8
Lincoln Park 75 70 7.1
Near North 181 156 16.0
Loop 53 43 22.3
Unit Sales By Price Point
0 – $500,000 328 236  39.0
$500,000 – $ 1,000,000  68  77 -11.7
$ 1,000,000 – Up  39  38   2.6
Units Under Contract – Total 728 460 58.3
Lakeview 228 138 65.2
Lincoln Park 140 91 53.8
Near North 275 183 40.4
Loop 103 48 114.6
Unit Inventory – Total 4,230 5,970 -29.1
Lakeview 1162 1620 -28.3
Lincoln Park 852 1086 -21.5
Near North 1681 2527 -33.5
Loop 535 737 -27.4
Inventory (Months Of Supply) 4.1 10.3 -60.2
Lakeview 3.5 9.2 -62.4
Lincoln Park 4.4 9.5 -53.8
Near North 4.8 10.9 -55.7
Loop 3.4 13.1 -73.8
Median Pricing – Total 333,000 379,000 -12.1
Lakeview 313,750 353,000 -11.1
Lincoln Park 425,000 418,000   0.7
Near North 318,000 390,000 -18.5
Loop 289,000 215,000   34.4

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Chicago Real Estate Market Summary – February 2012

6 03 2012

February 2012 showed improvement in most categories when compared to 2011 for the combined areas of Lakeview, Lincoln Park, Near North and the Loop.

While Unit Sales were flat, Units Under Contract rose 47.3% and Inventories continued to drop significantly. Unfortunately, inventory levels continue to be high enough to have an adverse affect on median pricing.

Lincoln Park was the exception showing the only increase in Unit Sales and an increase in Median Pricing for the second consecutive month

Sales for homes priced under $500,000 and those priced over $1,000,000 showed increases over last year, while homes priced from $500,000 to $1,000,000 decreased.

The numbers below represent homes listed in the MLS of Northern Illinois. (MREDLLC)

Additional reports are available by clicking the Market Statistics tab above.

Feb-12 Feb-11 % +/-
Unit Sales – Total 261 216  0.0
Lakeview   71   75 -5.3
Lincoln Park   42   35 20.0
Near North 105 108 -2.8
Loop   43   43  0.0
Unit Sales By Price Point
0 – $500,000 190 186    2.2
$500,000 – $ 1,000,000  47  55 -14.5
$ 1,000,000 – Up  25  20   25.0
Units Under Contract – Total 554 376 47.3
Lakeview 165 108 52.8
Lincoln Park 123  65 89.2
Near North 212 161 31.7
Loop  54  42 28.6
Unit Inventory – Total 4,042 5,456 -25.9
Lakeview 1083 1436 -24.6
Lincoln Park  809  958 -15.6
Near North 1623 2380 -31.8
Loop  527  682 -22.7
Inventory (Months Of Supply) 6.6 12.1 -55.0
Lakeview 4.8 11.0 -56.9
Lincoln Park 4.8 12.1 -60.5
Near North 5.9 12.4 -52.1
Loop 7.3 13.9 -47.7
Median Pricing – Total 325,000 343,000  -5.2
Lakeview 342,500 369,000   -7.2
Lincoln Park 538,358 440,000   22.4
Near North 275,000 334,000  -17.7
Loop 325,000 317,900    -2.2

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Clay Bricks vs Concrete Bricks – What is the Difference?

21 02 2012

All bricks are not created equal and if you are considering buying a home or own a home you may be interested in some of the differences between clay brick and concrete brick, both of which are used extensively in Chicago.

The following excerpts from an article from Bricks inc. explain the differences between these two materials.

Throughout the course of history, brick has been one of the most versatile and widely used materials for construction.  Brick is made by mining clay, a natural material, and creating slurry, which is extruded through a machine.  The end or cap where the brick comes out is referred to as a “pug”.  The pug determines the size and sometimes the texture of the brick.  Once the brick is cut and dried, it is fired in kilns at up to 2,000 degrees.

Brick walls often served as the structure, weather barrier, vapor retarder, insulator, and sometimes the interior finish of a structure.  Brick buildings, up until the introduction of concrete masonry units (CMU), were built by stacking multiple wythes of brick and tying them together.  The wythes of brick supported the load of the structure.  Flemish bond was a common way of tying multiple wythes of brick together.

The advent of Cinder Block in 1917 changed this method of construction.  Now CMU supports the weight of the structure and the brick acts as a veneer to conceal the CMU.

Other advances that helped make clay masonry what it is today was the creation of portland cement.  Portland cement gave mortar much higher compressive strengths, giving a brick wall even more overall strength.

The most significant difference between CMU and brick is how the materials are manufactured.  CMU is made of portland cement and aggregates, usually sand and gravel.  CMU is cured at high humidity and temperatures to create a bond between the cement and aggregates.

The differences in manufacturing and material content give CMU and brick very different physical properties, affecting the units long after they are installed.  CMU will shrink while brick expands.  Therefore, CMU requires control joints while brick requires expansion joints.  Control joints are meant to control the cracking that occurs due to the units shrinking.  Over time the sealant used in control joints must be replaced.  The units must be sealed and the mortar must also contain a sealant; all of which add to its installed cost.  Brick buildings will continue to expand for the first couple of years, ultimately giving them a tighter seal.

The color of brick is dictated by the color and type of clay that is mined.  CMU’s color is based on pigments that are used to paint the units.  Overtime, the weathering these units must incur can fade the pigments.   Clay tends to retain color and structural appeal much longer than cement.

CMU’s physical properties also explain why its absorption rate is different from brick.  CMU is a very porous material and will absorb water at much higher rates than brick.

If you are using brick for decorative purposes, then concrete may be your better option. When it comes to brick shape, concrete is a much more versatile product. Concrete brick comes in a myriad of shapes – from squares and triangles to octagons and trapezoids. Clay, on the other hand, is typically limited to more traditional shapes such as rectangles. Concrete can also be stamped or textured to provide unique visual appeal.

Please consult a qualified Home Inspector for answers to more detailed questions about these materials and how they may relate to a specific property.

Source – Bricks Inc


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Chicago Real Estate Market Summary – January 2012

8 02 2012

  January started the new year with mostly positive results. Unit Sales and Units Under Contract increased when compared with January 2011. This seems to have been driven by sales of homes priced under $500,000, as homes priced over $500,000 declined against 2011.

 Inventory Units and Months Of Supply decreased considerably against last year; however, inventories remain high enough to continue to drive median prices down.  Two interesting exceptions were Lincoln Park where January 2012 median prices showed an increase against 2011 and Lakeview which was even in comparison to last year.   

While we seem to be making progress in sales and inventory, pricing will probably be the biggest challenge of 2012

  Jan-12 Jan-11 % +/-
       
Unit Sales – Total 267 233 14.6
Lakeview 69 53 30.2
Lincoln Park 53 46 15.2
Near North 111 109 36.0
Loop 34 25 36.0
       
Unit Sales By Price Point       
0 – $500,000 199 160 24.4
$500,000 – $ 1,000,000 48 50 -4.0
$ 1,000,000 – Up 23 25 -8.0
       
Units Under Contract – Total 416 312 33.3
Lakeview 109 77 41.6
Lincoln Park 80 53 50.9
Near North 174 137 27.0
Loop 53 45 17.8
       
Unit Inventory – Total 3,843 5,451 -29.5
Lakeview 1021 1401 -27.1
Lincoln Park 749 891 -15.9
Near North 1605 2442 -34.3
Loop 468 717 -34.7
       
Inventory (Months Of Supply) 7.0 14.1 -50.4
Lakeview 7.0 14.8 -52.5
Lincoln Park 6.9 13.8 -50.1
Near North 7.2 14.4 -50.4
Loop 6.7 12.6 -46.7
       
Median Pricing – Total 325,000 380,000 -14.5
Lakeview 355,000 355,000     0.0
Lincoln Park 450,000 388,382    15.9
Near North 309,500 385,000   -19.6
Loop 247,850 335,000    -26.2

Source – MREDLLC  (Numbers reflect only properties listed in MLS of Northern Illinois)


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A Comparison Of Bank Owned Properties To Non Bank Owned Properties – Lakeview, Lincoln Park And Near North – January 2012

24 01 2012

Bank owned properties continue to be a hot topic in the real estate industry and it is sometimes difficult to tell fact from fiction. Some areas of the country have been devastated by foreclosures and other areas have not been as adversely impacted. The rumors of banks flooding the market with a tsunami of  new foreclosures, has not materialized; however, the rumors continue.

I have attached 3 reports below that show comparisons of Bank Owned Properties to Non Bank Owned Properties by month for the past 2 years, for Near North, Lincoln Park and Lakeview. ( The numbers are pulled directly from the MLS and involve no additional calculations or formulas.)

In December 2011  Bank Owned Properties accounted for 9.2%  of the total homes for sale and unit inventory owned by the banks was 44.2% lower than in December of 2010. Non Bank Owned Properties accounted for 90.8 % of the total inventory in December 2011, which was 27.2% lower than last year.

Unit sales of Bank Owned Properties were 22.5% of the total sales in December 2011 and represented a 35.8% increase over December of 2010. Non Bank Owned Properties represented 77.5% of December 2011 sales and declined 3.1%  from December of 2010.

Median prices of Bank Owned Properties dropped 3.2% in December of 2011 in comparison to December 2010. Non Bank Owned median prices dropped 10.0% during the same time period. Bank Owned Property median prices average 52% lower than Non Bank Owned prices.

Please click on the 3 reports below (enlarge to 100%) for more detailed, printable information. Each report is 2 pages with both graphs and spread sheets.

Unit Sales (Bank, Non Bank)

Unit Inventory (Bank, Non Bank)

Median Pricing (Bank, Non Bank)

Numbers represent properties listed in the Northern Illinois MLS

Source – MREDLLC


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Chicago Real Estate Market Summary – December 2011

9 01 2012

After four months of consistent results, Lakeview, Lincoln Park, Near North and the Loop posted very mixed numbers when comparing December 2011 to 2010.

Unit Sales dropped  for the first time since July of 2011, for the combined areas against the same time period last year; however, Lakeview and properties priced $500,000 and under showed increases. Properties priced over $1,000,000 dropped 49.1%.

Units Under Contract increased for all areas, while Inventory Units and Months of Supply  continued dramatic decreases over the same period last year. Inventory levels remain high enough to continue to drive prices down. Median prices in December dropped 18.8% when compared to 2010.

       
  Dec-11 Dec-10 % +/-
       
Unit Sales – Total 352 373  -5.6
Lakeview  76  54   40.7
Lincoln Park  29  40  -27.5
Near North 109 107     1.9
Loop  40  42    -4.8
       
Unit Sales By Price Point       
0 – $500,000 254 243     4.5
$500,000 – $ 1,000,000  73  78    -6.4
$ 1,000,000 – Up  28  55  -49.1
       
Units Under Contract – Total 326 302   7.9
Lakeview  62  45   37.8
Lincoln Park  27  21   28.6
Near North  99  91     8.8
Loop  40  38     5.3
       
Unit Inventory – Total 3,776 5,519 -31.6
Lakeview  744 1017  -26.8
Lincoln Park  363  478  -24.1
Near North  881  1469  -40.0
Loop  330  568  -41.9
       
Inventory (Months Of Supply)  8.8 14.4 -38.8
Lakeview  8.8 18.4  -52.0
Lincoln Park 10.0 17.9  -44.1
Near North  6.7 13.0  -48.6
Loop  5.9 10.6  -43.9
       
Median Pricing – Total 315,000 388,000 -18.8
Lakeview 253,500 322,500  -21.4
Lincoln Park 288,000 351,500  -18.1
Near North 247,000 270,000    -8.5
Loop 211,500 261,250  -19.0

Numbers represent only properties listed in the MLS of Northern Illinois.

SOURCE – MRED LLC


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Chicago Real Estate Market Summary – November 2011

8 12 2011

November 2011 showed  continued increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply for the fourth consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when compared to November 2010.

 Inventory levels continue to decline in comparison to a year ago and averaged 8.7 months of supply this year for the combined areas, compared to 18.1 months of supply in November 2010. These levels are still high enough to have a negative effect on median pricing which dropped 10.1%

When looking at the combined areas by price point, homes priced under $500,000 and those priced over $1,000,000 showed unit sales increases, while homes priced between $500,000 and $1,000,000 showed a 17.1 % decrease in comparison to November 2010.

       
  Nov-11 Nov-10 % +/-
       
Unit Sales – Total 311 287   8.4
Lakeview   81   73  11.0
Lincoln Park   57   55    3.6
Near North 125 119    5.0
Loop   48   40   20.0
       
Unit Sales By Price Point       
0 – $500,000 216 194  11.3
$500,000 – $ 1,000,000   58   70 -17.1
$ 1,000,000 – Up   41   31  32.2
       
Units Under Contract – Total 377 278  35.6
Lakeview 100   73  37.0
Lincoln Park   72   61  18.0
Near North 156 113  38.1
Loop   49   31  58.1
       
Unit Inventory – Total 4,269 6,103 -30.1
Lakeview 1146 1525 -24.9
Lincoln Park  848 1045 -18.9
Near North 1763 2654 -33.6
Loop  512  879 -41.8
       
Inventory (Months Of Supply)  8.7 18.1 -51.8
Lakeview  8.5 16.8 -49.4
Lincoln Park  8.7 13.3 -35.2
Near North  9.0 19.7 -54.5
Loop  8.4 24.5 -65.8
       
Median Pricing – Total 335,000 372,000 -10.1
Lakeview 385,000 415,000   -7.1
Lincoln Park 395,000 457,000 -13.7
Near North 305,000 330,000   -7.6
Loop 238,500 324,500 -26.5
        

Source - MREDLLC


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Chicago Real Estate Market Summary – October 2011

8 11 2011

Increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply continued for the third consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when comparing October 2011 to 2010.

Inventory levels continue to decline dramatically in comparison to a year ago and averaged 9.1 months of supply for the combined areas. These levels are still high enough to have a negative effect on median pricing which dropped 17.8%

Lincoln Park was an exception to otherwise consistent results with the only decrease in unit sales by 5.8%, yet posting a 20.3% increase in median pricing.

It should be noted that while homes priced under $500,000 and those priced between $500,000 and $1,000,000 showed increases, homes priced over $1,000,000 showed a decrease.

  Oct-11 Oct-10 % +/-
       
Unit Sales – Total 305 291   4.8
Lakeview   79   69  14.5
Lincoln Park   48   57 -15.8
Near North 142 130    9.2
Loop   36   35    2.9
       
Unit Sales By Price Point       
0 – $500,000 224 207   8.3
$500,000 – $ 1,000,000  60  49  22.4
$ 1,000,000 – Up  21  35 -40.0
       
Units Under Contract – Total 395 334  18.3
Lakeview 109  88  23.9
Lincoln Park  73  70   4.3
Near North 160 140  14.3
Loop  53  36  47.2
       
Unit Inventory – Total 4746 6573 -27.8
Lakeview 1309 1641 -20.2
Lincoln Park  949 1162 -18.3
Near North 1924 2872 -33.0
Loop  564 898 -37.2
       
Inventory (Months Of Supply) 9.1 16.2 -43.7
Lakeview 9.0 15.2 -40.7
Lincoln Park 9.7 13.1 -26.0
Near North 9.3 16.9 -45.4
Loop 8.2 21.7 -62.5
       
Median Pricing – Total 320,500 390,000 -17.8
Lakeview  315,000  395,000 - 20.3
Lincoln Park  516,250  463,000   11.5
Near North  260,050  390,000 -33.3
Loop  287,500  252,500   13.3

Source – MREDLLC


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