After threatening for several months Chicago home salesfinally plunged in July

Up until the Chicago real estate market update for June there were signs on the horizon of the market slowing down but closings were still looking pretty good. We knew it couldn’t last and, sure enough, the market cratered in July. Closings were down 25.9% from last year. Once again, that was the biggest drop in 2 years but, since the last 2 years were distorted by Covid culture, let’s compare it to 2019. July was down 8.6% from then and, as  you can see in the graph below, it was also the lowest sales level in 10 years.

In a couple of weeks the Illinois Association of Realtors will report that closings were down 27.6% because they insist on doing things differently than I do.

Chicago Home Contract Activity

For four months now contract activity has been signaling to us that sales were about to take a hit. If you’re writing fewer contracts you will be closing fewer sales. It’s that simple. The plunge in July contracts was even bigger than we had in June, falling 29.1% from last year which means we have more very slow sales months in store for us. Contracts are down on both condos/ townhomes and single family homes but clearly the condo/ townhome market is taking a bigger hit. However, read on because that doesn’t necessarily mean what you think it does.

Pending Chicago Home Sales

Future closings also look pretty grim because pending homes sales are also down, hitting a new record low since I’ve been tracking the data. They were down 1359 units from last year and 788 from last month. Both numbers are extremely large for this metric, which you can get a really good sense of from the graph below. In the simplest terms this means that the current sales pipeline is pretty thin.

Distressed Chicago Home Sales

For the first time in recent history the percentage of home sales that are distressed actually went up by a noticeable amount. 2.3% of July’s sales were distressed compared to 1.3% last year. But this is nothing more than a return to more normal distressed property sales after they were depressed by the pandemic foreclosure moratorium. As I’ve been reporting, there are no signs of a resurgence of foreclosures so I don’t expect these percentages to rise much higher.

Chicago Home Inventory

July marked a significant change in Chicago’s home inventory situation. For the first time in a few years the months of supply actually increased. Attached inventory rose from a 3.8 month supply last year to 3.9 months this year while detached inventory went up by a much larger amount – from 2.9 months to 3.5 months. Both of those numbers are still on the low side but it definitely demonstrates how the market has changed.

Chicago Home Sale Market Times

With all the data pointing to a slow down in the market I was surprised to see that homes are still selling…not just fast but faster. Attached homes that sold in July went under contract in only 48 days, down from 66 days last year, while detached homes sold in only 40 days, down slightly from 42 days last year. This may seem a bit inconsistent with the higher inventory levels but keep in mind that these went under contract when inventory was still lower than last year.

#RealEstate #ChicagoRealEstate

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

After threatening for several months Chicago home salesfinally plunged in July

Up until the Chicago real estate market update for June there were signs on the horizon of the market slowing down but closings were still looking pretty good. We knew it couldn’t last and, sure enough, the market cratered in July. Closings were down 25.9% from last year. Once again, that was the biggest drop in 2 years but, since the last 2 years were distorted by Covid culture, let’s compare it to 2019. July was down 8.6% from then and, as  you can see in the graph below, it was also the lowest sales level in 10 years.

In a couple of weeks the Illinois Association of Realtors will report that closings were down 27.6% because they insist on doing things differently than I do.

Chicago Home Contract Activity

For four months now contract activity has been signaling to us that sales were about to take a hit. If you’re writing fewer contracts you will be closing fewer sales. It’s that simple. The plunge in July contracts was even bigger than we had in June, falling 29.1% from last year which means we have more very slow sales months in store for us. Contracts are down on both condos/ townhomes and single family homes but clearly the condo/ townhome market is taking a bigger hit. However, read on because that doesn’t necessarily mean what you think it does.

Pending Chicago Home Sales

Future closings also look pretty grim because pending homes sales are also down, hitting a new record low since I’ve been tracking the data. They were down 1359 units from last year and 788 from last month. Both numbers are extremely large for this metric, which you can get a really good sense of from the graph below. In the simplest terms this means that the current sales pipeline is pretty thin.

Distressed Chicago Home Sales

For the first time in recent history the percentage of home sales that are distressed actually went up by a noticeable amount. 2.3% of July’s sales were distressed compared to 1.3% last year. But this is nothing more than a return to more normal distressed property sales after they were depressed by the pandemic foreclosure moratorium. As I’ve been reporting, there are no signs of a resurgence of foreclosures so I don’t expect these percentages to rise much higher.

Chicago Home Inventory

July marked a significant change in Chicago’s home inventory situation. For the first time in a few years the months of supply actually increased. Attached inventory rose from a 3.8 month supply last year to 3.9 months this year while detached inventory went up by a much larger amount – from 2.9 months to 3.5 months. Both of those numbers are still on the low side but it definitely demonstrates how the market has changed.

Chicago Home Sale Market Times

With all the data pointing to a slow down in the market I was surprised to see that homes are still selling…not just fast but faster. Attached homes that sold in July went under contract in only 48 days, down from 66 days last year, while detached homes sold in only 40 days, down slightly from 42 days last year. This may seem a bit inconsistent with the higher inventory levels but keep in mind that these went under contract when inventory was still lower than last year.

#RealEstate #ChicagoRealEstate

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

If you’ve been reading this Chicago Now blog for some time, you’ve noticed that I haven’t posted since January. There’s a story behind why I’ve been absent, and why I’m moving on.

In February, as my mother’s caregiver, I witnessed her experiencing so much pain that she was bedridden. Initially hospitalized, she was then referred to various facilities. She finally passed in April, a few days before Easter Sunday. Since then, I’ve been dealing with grief, adjusting to a “new normal“, and engaging with appropriate external resources to deal with the anxiety and depression that come with grieving a loved one.

(The other major factor is that, around the same time, I started a six-month contract position. As a freelance marketing consultant, it helped that I had a job that provided focus and structure during this period. Although that contract ended recently, I am extremely grateful that my colleagues and teammates were very understanding. Thanks to that position and judicious savings, I’m in a good position to seek work while I’m grieving).

However, the other issue is that I’ve heard through informal channels that Chicago Now, as a platform, will be folding. Back in 2019, the Alden Group purchased the Chicago Tribune, with Chicago Now in relative limbo. As someone who has blogged for the platform since 2012 (starting with Stalker), there’s a slight sense of melancholy about this folding, especially since…

I need to say this with some diplomacy and tact, but I’m feeling less connected with the community of Chicago Now bloggers. Over the past few years (especially since COVID), my experience has moved from feeling like I’m part of a healthy, lively community to feeling disconnected and out of place. Short example: I asked for advice on a technical matter only to be lectured about how I “shouldn’t” rely on it by a person whom I did not know. When I asked again a few months later – to a person who might have that information – I was informed that they “didn’t know.”

But this isn’t about snarking – it’s about the future. As someone who is both a professional copywriter and a New Pulp author, I want to streamline both efforts. That means working through the emotional aftermath of grief (I highly recommend reading It’s OK That You’re Not OK (non-affiliate link) to those who are grieving and friends/family of such people) as well as moving away and focusing my efforts on those goals.

Part of that will be exporting and archiving this blog onto another WordPress site (work is going slowly, but surely). Much of my current blogging focus will be providing both patron-only and public content on my Patreon site. (If you want to support a creator financially, you’re more than welcome to subscribe on either a monthly or yearly basis). But for now, I’m focusing on moving forward in recovering from grief. You are always welcome to email me with questions, concerns, or thoughts.

I have no idea how to end this blog post in an articulate manner. After all, Chicago Now has been a large, critical part of my writing career. However, I think this speech from one of my favorite television shows sums it up better than I could:

Ave atque vale, Chicago Now. It’s been a blast.

BY SANDRA GUY

One in seven women — or about 15 percent — of new moms suffer from postpartum depression, known as the Baby Blues.

The condition, which usually starts within a week to three weeks after childbirth, is characterized by feeling sad, anxious, worried and tired. It can also include withdrawing from friends and social situations and, in its more serious iteration, thoughts of harming oneself or the baby.

Though research isn’t definitive, one study showed that Omega-3 fatty acids and vitamin B-2 (Riboflavin) may help ward off the baby blues.

Key sources of Omega-3 include not only salmon, but sardines, flax seeds, chia seeds and oily fish such as mackerel, oysters and herring. Sources of B-2 include eggs, milk, tuna, trout, beef, clams and fortified cereal.

Another potential help is lemon balm, which contains plant chemicals including antioxidants and natural oils. Lemon balm may help with relaxation, a healthy sleep cycle and an immune system boost.

You can try lemon balm in aromatherapy by diluting the oil in water before putting it in a diffuser.

A second option is to use essential oils topically, such as during a massage, but remember that you should dilute it first in a carrier oil.

You can also mix and match herbs with lemon balm in your tea.

Every month, ChicagoNow holds a contest for the best posts that appeared on ChicagoNow.com during the previous month. Of the more than 1`,000 posts that appeared on ChicagoNow.com during July 2022, here are the 20 judged to be the best. (A post originally appearing on Margaret Serious was selected by the votes of other bloggers.)

Chicago Weather Watch Heat wave summer

Chicago Weather Watch Summer every day

Cosmic Chicago Bright Meteor Flew Over Chicago, And We Captured It On Video

Cosmic Chicago James Webb Space Telescope Releases First Images

Count Gregula’s Crypt FAN EXPO Chicago 2022

Cubs Den Daily Cubs Minors Recap: Cubs make deal for McKinstry; Madrigal with another multi-hit game; 5 Smokies reach base 3 times; Wetzel homers; Rough day for pitching in the system as full season affiliates get swept

Getting More from Les Highland Park Reminds Us That Guns Kill People and Destroy Our Liberty

Hot Dog Diaries First Moon Meal A Hot Dog

I’ve Got the Hippy Shakes After a day like yesterday, memories of old school Highland Park brings comfort

I’ve Got the Hippy Shakes The potpourri of nonsense in the July edition of The Month in Review

Margaret Serious What am I writing? ‘The Woman in the Library’ told me

Mom, I Think I’m Poignant! Ketanji Brown Jackson actually said a couple of things that should make the other side happy…

Planet Michelle New portal to Hell discovered –the Kardashian Kloset

Purple Reigns: How to Live a Full Life with Lupus I miss handwriting and typing

Purple Reigns: How to Live a Full Life with Lupus I’mthankful to see another birthday

The Quark In The Road Hindsight of the Iguana

The Quark In The Road On January 6th Senator Hawley Let His Legs Do the Talking

Retired in Chicago Why New Yorkers should visit Chicago

Show Me Chicago Open letter to subscribers of Show Me Chicago

Small Business Blog What Should Small Business Owners Know About Sanitation Requirements?

If you’ve been reading this Chicago Now blog for some time, you’ve noticed that I haven’t posted since January. There’s a story behind why I’ve been absent, and why I’m moving on.

In February, as my mother’s caregiver, I witnessed her experiencing so much pain that she was bedridden. Initially hospitalized, she was then referred to various facilities. She finally passed in April, a few days before Easter Sunday. Since then, I’ve been dealing with grief, adjusting to a “new normal“, and engaging with appropriate external resources to deal with the anxiety and depression that come with grieving a loved one.

(The other major factor is that, around the same time, I started a six-month contract position. As a freelance marketing consultant, it helped that I had a job that provided focus and structure during this period. Although that contract ended recently, I am extremely grateful that my colleagues and teammates were very understanding. Thanks to that position and judicious savings, I’m in a good position to seek work while I’m grieving).

However, the other issue is that I’ve heard through informal channels that Chicago Now, as a platform, will be folding. Back in 2019, the Alden Group purchased the Chicago Tribune, with Chicago Now in relative limbo. As someone who has blogged for the platform since 2012 (starting with Stalker), there’s a slight sense of melancholy about this folding, especially since…

I need to say this with some diplomacy and tact, but I’m feeling less connected with the community of Chicago Now bloggers. Over the past few years (especially since COVID), my experience has moved from feeling like I’m part of a healthy, lively community to feeling disconnected and out of place. Short example: I asked for advice on a technical matter only to be lectured about how I “shouldn’t” rely on it by a person whom I did not know. When I asked again a few months later – to a person who might have that information – I was informed that they “didn’t know.”

But this isn’t about snarking – it’s about the future. As someone who is both a professional copywriter and a New Pulp author, I want to streamline both efforts. That means working through the emotional aftermath of grief (I highly recommend reading It’s OK That You’re Not OK (non-affiliate link) to those who are grieving and friends/family of such people) as well as moving away and focusing my efforts on those goals.

Part of that will be exporting and archiving this blog onto another WordPress site (work is going slowly, but surely). Much of my current blogging focus will be providing both patron-only and public content on my Patreon site. (If you want to support a creator financially, you’re more than welcome to subscribe on either a monthly or yearly basis). But for now, I’m focusing on moving forward in recovering from grief. You are always welcome to email me with questions, concerns, or thoughts.

I have no idea how to end this blog post in an articulate manner. After all, Chicago Now has been a large, critical part of my writing career. However, I think this speech from one of my favorite television shows sums it up better than I could:

Ave atque vale, Chicago Now. It’s been a blast.

If you’ve been reading this Chicago Now blog for some time, you’ve noticed that I haven’t posted since January. There’s a story behind why I’ve been absent, and why I’m moving on.

In February, as my mother’s caregiver, I witnessed her experiencing so much pain that she was bedridden. Initially hospitalized, she was then referred to various facilities. She finally passed in April, a few days before Easter Sunday. Since then, I’ve been dealing with grief, adjusting to a “new normal“, and engaging with appropriate external resources to deal with the anxiety and depression that come with grieving a loved one.

(The other major factor is that, around the same time, I started a six-month contract position. As a freelance marketing consultant, it helped that I had a job that provided focus and structure during this period. Although that contract ended recently, I am extremely grateful that my colleagues and teammates were very understanding. Thanks to that position and judicious savings, I’m in a good position to seek work while I’m grieving).

However, the other issue is that I’ve heard through informal channels that Chicago Now, as a platform, will be folding. Back in 2019, the Alden Group purchased the Chicago Tribune, with Chicago Now in relative limbo. As someone who has blogged for the platform since 2012 (starting with Stalker), there’s a slight sense of melancholy about this folding, especially since…

I need to say this with some diplomacy and tact, but I’m feeling less connected with the community of Chicago Now bloggers. Over the past few years (especially since COVID), my experience has moved from feeling like I’m part of a healthy, lively community to feeling disconnected and out of place. Short example: I asked for advice on a technical matter only to be lectured about how I “shouldn’t” rely on it by a person whom I did not know. When I asked again a few months later – to a person who might have that information – I was informed that they “didn’t know.”

But this isn’t about snarking – it’s about the future. As someone who is both a professional copywriter and a New Pulp author, I want to streamline both efforts. That means working through the emotional aftermath of grief (I highly recommend reading It’s OK That You’re Not OK (non-affiliate link) to those who are grieving and friends/family of such people) as well as moving away and focusing my efforts on those goals.

Part of that will be exporting and archiving this blog onto another WordPress site (work is going slowly, but surely). Much of my current blogging focus will be providing both patron-only and public content on my Patreon site. (If you want to support a creator financially, you’re more than welcome to subscribe on either a monthly or yearly basis). But for now, I’m focusing on moving forward in recovering from grief. You are always welcome to email me with questions, concerns, or thoughts.

I have no idea how to end this blog post in an articulate manner. After all, Chicago Now has been a large, critical part of my writing career. However, I think this speech from one of my favorite television shows sums it up better than I could:

Ave atque vale, Chicago Now. It’s been a blast.

If you’ve been reading this Chicago Now blog for some time, you’ve noticed that I haven’t posted since January. There’s a story behind why I’ve been absent, and why I’m moving on.

In February, as my mother’s caregiver, I witnessed her experiencing so much pain that she was bedridden. Initially hospitalized, she was then referred to various facilities. She finally passed in April, a few days before Easter Sunday. Since then, I’ve been dealing with grief, adjusting to a “new normal“, and engaging with appropriate external resources to deal with the anxiety and depression that come with grieving a loved one.

(The other major factor is that, around the same time, I started a six-month contract position. As a freelance marketing consultant, it helped that I had a job that provided focus and structure during this period. Although that contract ended recently, I am extremely grateful that my colleagues and teammates were very understanding. Thanks to that position and judicious savings, I’m in a good position to seek work while I’m grieving).

However, the other issue is that I’ve heard through informal channels that Chicago Now, as a platform, will be folding. Back in 2019, the Alden Group purchased the Chicago Tribune, with Chicago Now in relative limbo. As someone who has blogged for the platform since 2012 (starting with Stalker), there’s a slight sense of melancholy about this folding, especially since…

I need to say this with some diplomacy and tact, but I’m feeling less connected with the community of Chicago Now bloggers. Over the past few years (especially since COVID), my experience has moved from feeling like I’m part of a healthy, lively community to feeling disconnected and out of place. Short example: I asked for advice on a technical matter only to be lectured about how I “shouldn’t” rely on it by a person whom I did not know. When I asked again a few months later – to a person who might have that information – I was informed that they “didn’t know.”

But this isn’t about snarking – it’s about the future. As someone who is both a professional copywriter and a New Pulp author, I want to streamline both efforts. That means working through the emotional aftermath of grief (I highly recommend reading It’s OK That You’re Not OK (non-affiliate link) to those who are grieving and friends/family of such people) as well as moving away and focusing my efforts on those goals.

Part of that will be exporting and archiving this blog onto another WordPress site (work is going slowly, but surely). Much of my current blogging focus will be providing both patron-only and public content on my Patreon site. (If you want to support a creator financially, you’re more than welcome to subscribe on either a monthly or yearly basis). But for now, I’m focusing on moving forward in recovering from grief. You are always welcome to email me with questions, concerns, or thoughts.

I have no idea how to end this blog post in an articulate manner. After all, Chicago Now has been a large, critical part of my writing career. However, I think this speech from one of my favorite television shows sums it up better than I could:

Ave atque vale, Chicago Now. It’s been a blast.