Data current as of September 17, 2018
Changing demographics, income levels, corporate growth and natural disasters all affect
residential real estate markets. Home prices in Seattle and San Francisco have increased
amidst e-commerce and technology success stories, while listings and sales decline
precipitously when a hurricane strikes. This week, we are reminded of the destruction
delivered by Hurricane Harvey to Houston at this time last year. From Katrina to Sandy to
Maria to Florence, housing markets have bent but remain unbroken.
The 4th of July is the unspoken halfway point of summer. Street festivals are well underway and abundant with delicious food and beverage. Lollapalooza tickets are arriving in the mail. You’re avoiding thinking of back to school. Whatever it may be, we all take it easy during the hot months and indulge in our favorite Chicago activities. (Ahem, Uptown Ribfest was this weekend June 29th to July 1st)
You might have the perfect Independence Day picnic planned… or perhaps totally forgot. What can we say? Time flies when you’re having summer fun! Hearon Fitzpatrick Marketing decided to rally 5 last minute ideas for a fun-filled holiday. The only sweat you’ll be breaking is over the grill or on the dance floor.
1. Go to Grant Park. If you want a traditional downtown 4th of July experience, skip the Navy Pier fireworks and check out the Grant Park Music Festival. From 6:30 to 8:45, hear the Independence Day Salute with patriotic favorites including Gershwin’s Rhapsody in Blue. With the 8:45 end time, you have plenty of time to walk around downtown, grab some ice cream and head to the beach for some fireworks.
2. Eat Smoque BBQ. To this day, Smoque is one of our personal favorites when it comes to barbecue. Everything from brisket, pulled pork, and their mac & cheese is heavenly.
You can even add a taste to your plate to mix and match meats including ribs and Texas sausage. Regardless of what you get, we highly recommend that you get their peach cobbler and bread pudding. You’ve earned both amazing desserts.
3. Drink Wine and Popsicles. With the weather in the high 80s, you may want to keep it simple on the drinks. Popsicles in wine glasses are a colorful and refreshing way to treat yourself. You can even pair combinations of popsicles and wines for a mixture of fruity, tart, and sweet. This article features popsicles from Whole Foods and helps with a few pairings for stress free, delicious mixing. A bonus? They look super cute and the wine glass cuts down on the messy, melting popsicle. If you’re feeling creative and have popsicle molds – try these recipes for boozy popsicles that include bourbon and other liquor.
4. Dance at Big Whoop-De-Doo! at Theater on the Lake. Square dance and do-si-do the night away with your family by joining Theater on the Lake! Its their first summer back at the newly renovated lakefront venue. Did you know that in the 30s and 40s, Theater on the Lake served as a popular summer barn dance space? With cool history, a cash bar, and a view of the Navy Pier fireworks this will be a guaranteed fun night. No dancing experience required.
5. March with Chicago History Museum. From 10 AM to noon, the Chicago History Museum is offering a free event that is family friendly and educational. Kids can enjoy face-painting, themed arts and crafts, and a parade with the world’s tallest Uncle Sam. Check out the full schedule including a cool guest speaker here. We’ll let you see for yourself!
We hope you have a wonderful holiday!
“Year-over-year percentage changes for housing metrics like inventory, median sales price and days on market have sometimes looked dramatic over the past few years in most markets across the country not named Houston. But as faster sales and higher prices persist, another trend is beginning to emerge: reliability. Although more market balance is preferred, the current situation has proven to be surprisingly sustainable, at least for the time being.”
The trends from the last several weeks and, honestly, the last several months remain in place in much of the country as well as locally. The market is trying to sustain a healthy number of listings to keep pace with a consumer base that is clearly in a buying mood. There is real evidence of increased showing activity and anecdotal evidence from busy real estate professionals that we are setting up for another busy year in residential real estate.
As we get beyond the newness of the year and into the idea that 2018 is here and now, there is plenty of excitement about the promise presented within strong economic conditions and an active real estate market. Buyers are taking fresh listings that show well off the market in short order, and it is evident that the lack of inventory is driving prices up and market time down.
“At the beginning of a calendar year, it is often common for home buyers and sellers to become immediately more active. Call it the result of a resolution or the promise of something new, but it is a noted phenomenon across the country. It’s really too early to say if the trend will continue in 2018, but the first weeks of the year have not necessarily shown a huge jolt in activity so much as the last weeks of 2017 were quieter than usual.”
We are very excited for this new development in River North. Check out 700 at the River District.
“National economic trends can help inform what the housing market will do over the next
year. Residential real estate should remain active if joblessness continues to decline and
wage growth picks up. However, those increased wages must be in line with median sales
price increases. Unfortunately, that has not always been the case. Add in factors such as
increasing mortgage rates, student loan debt and lower affordability, and the balance
becomes more interesting but not insurmountable for home purchasers.”