TCAI Logo-Squished for Insertion in Excel HeaderTracy Cross & Associates, Inc.

3rd Quarter 2017

 

Production home sales in the ten-county Chicago metropolitan area totaled 756 during the 3rd Quarter 2017 distributed between 77 units in the city and 679 in the suburbs.  On a year-over-year basis, new contract signings in Chicago proper represented a 33.0 percent downturn while suburban volumes dropped by 25.2 percent.

In the city of Chicago, new construction home sales totaled 349 through the first three quarters of the year translating to a seasonally adjusted annual pace of 438, a rate 20.5 percent below 2016’s annual volume of 551 sales.  This volume was also 22.2 percent below the 563 annual unit average recorded during the entire 2010-2016 timeframe.  In the suburban area, sales of 2,720 during the January-September 2017 period represented an annual rate of 3,411 when seasonally adjusted, which compares with the 3,548 units sold in 2016 representing a modest decline of just 3.9 percent.  Additionally, when comparisons are drawn to the entire 2010-2016 period, when yearly suburban sales averaged 3,085, activity this year represents an upward movement of 10.6 percent.

During the nine-month period ending September 2017, new home sales activity in Chicago metro as a whole was concentrated in three suburban submarkets, Southwestern DuPage County/Aurora/Kendall County, Northern Fox Valley, and the Southwestern Corridor.  Collectively, these three areas accounted for 56.6 percent of the region’s total sales led by Southwestern DuPage County/Aurora/Kendall County with 682 contracts and a 22.2 percent market share.

Within the three leading suburban submarkets, the communities of Naperville, Pingree Grove, Joliet, Aurora, and Elgin each recorded 100 sales or more led by Naperville with 292 and Pingree Grove at 222.

On the builder side of the equation, four publicly-held companies registered 300 or more sales during the first nine months of the year.  These included CalAtlantic with 433 contracts, D.R. Horton (432), M/I Homes (381), and the PulteGroup (342).  Following these companies were K. Hovnanian and Ryan Homes with respective total sales of 154 and 103.

Only two condominium developments in the city, Vista-River and Park Residences and Illume posted 25 or more sales during the January-September 2017 period while 13 single family and seven townhome and condominium programs in the suburbs did so.  Suburban single family sales leaders included Ryan’s The Conservancy in Gilberts and Carillon at Cambridge Lakes in Pingree Grove, both with 45 sales along with Pulte’s Deerbrook in Aurora and Atwater-Springs with 43 and 42 sales, respectively.  In the attached sector, Cambridge Lakes-Seaboard in Pingree Grove had 52 contract signings through September with three other multi-family programs moving past the 30-unit volume.  These included Cambridge Lakes-Spring Valley, also in Pingree Grove, M/I Homes Sagebrook community in Lockport, and another M/I Homes offering Mayfair-Uptown in Naperville.

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