Things are looking up in the December Chicago Residential Home Sales Report

By Pat Cardoni

Christmas is over and with it 2016 is out the door.  Before you get too far into the year, let’s take a few minutes to look back at the final month of December sales activity with the December Chicago Residential Sales Home Report.  For those of you optimistic about 2017, I think you are going to like what you see.  

Let’s get right to the numbers.

Closed homes
Detached Single Family Homes
  • New Construction – 36 total sales – Average sales price $1,216,000.00 – Average market time 117 days
  • Rehabbed Homes – 258 total sales – Average sales price $314,998.00 – Average market time 79 days
Closed Attached Single Family (Condos, Town Homes, Etc)
  • New Construction – 52 total sales – Average sales price $741,329.00 – Average market time 97 days
  • Rehabbed – 296 total sales – Average sales price $353,025.00 – Average market time 80 days

Contingent homes

Detached Single Family Homes
  • New Construction – 50 total contingent – Average list price $872,914.00 – Average market time 182 days
  • Rehabbed – 321 total contingent – Average list price $325,006.00 – Average market time 157 days
Attached Single Family Homes
  • New Construction – 156 total contingent – Average list price $1,334,859.00 – Average market time 156 days
  • Rehabbed – 329 total contingent – Average list price $349,995.00 – Average market time 143 days

Developers holding on to 3rd quarter and 4th quarter deliveries are praying for an early spring as the period from July to the election showed not only a summer slow down but an added nervous reaction to the election turmoil.  Numbers to watch in early January will be the activity of contingent sales leading to big 1st quarter closed numbers.  Only time will tell!