tracking recent housing market trends in greater chatham · auburn gresham, avalon park, chatham...
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P R E S E N T A T I O N
Tracking recent housing market trends in Greater Chatham
Presented by the Institute for Housing Studies
April 25, 2019
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Quarterly Single Family House Price Changes in City of Chicago Neighborhoods, 1997 to 2018
2
The market recovery in select south side submarkets
SOURCE: IHS SINGLE FAMILY HOUSE PRICE INDEX
0
50
100
150
200
250
300
Auburn Gresham, Avalon Park, Chatham
Roseland, West Pullman
Englewood, West Englewood, Greater Grand Crossing, South Shore, Woodlawn, South Chicago
City of Chicago
100 = INDEX VALUE IN 2000
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3
•Single family sales activity increased faster in the GCI area than in the
City of Chicago overall
•Property sales in Chatham and Avalon Park had the highest values, but prices
remained flat or declined slighted from 2017 to 2018
•Greater Grand Crossing had largest increases in SF sales and median prices,
but prices remained the lowest in the GCI area
•Flipping activity slowed, but values of likely flips increased
•Dwindling REO inventory means that more properties are being
purchased directly from foreclosure auction
•Prices and price increases in the GCI area are generally comparable to
south side peers
Single Family Market Overview
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Annual Single Family Property Sales in GCI Community Areas, 2015 to 2018
Single Family Sales Activity in Greater Chatham has increased
4
333
100
199
157
376
152
230
169
438
184
287
196
479
196
245262
0
100
200
300
400
500
600
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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Annual Median Sales Price for Single Family Homes in GCI Community Areas, 2015 to 2018
Detail on SF market – Median Sales Price
5
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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Share of SF Sales in GCI area by Price Tier, 2015 to 2018
SF Prices Recover to Higher Price Points
6
44.9%
39.2%
30.6%
27.2%
22.8%
23.5%
29.1%
33.6%
11.9%
10.5%
13.8%
11.8%
16.3%
19.8%
17.0%
15.3%
4.1%
7.0%
9.4%
12.1%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2015
2016
2017
2018
Less than $50K $50K to $100K $100K to $150K $150K to $200K More than $200K
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Single-Family Sales, 2015
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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Single-Family Sales, 2018
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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Ratio of Annual Median SF Sales Price in Greater Chatham compared to South Side Peer Neighborhoods
SF Prices in Greater Chatham Remain Comparable to Peers
9
0%
20%
40%
60%
80%
100%
120%
140%
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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1 0
•Between 2017 and 2018, 2-4 unit building sales activity increased at
much faster rates in the GCI area than in the City of Chicago overall
•Greater Grand Crossing had substantial increases in 2-4 unit building
sales and median prices
•All GCI community areas have seen steady increases in the share of
higher value sales
•Prices and price increases in the GCI area are generally comparable to
south side peers, seeing recovery compared to City benchmark
2-4 Market Overview
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Annual 2-4 Unit Property Sales in GCI Community Areas, 2015 to 2018
2-4 Unit Sales Activity in Greater Chatham has increased
1 1
96
3
72
110
154
21
92
160162
18
89
145
176
14
82
185
0
20
40
60
80
100
120
140
160
180
200
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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Annual Median Sales Price for 2-4 Unit Properties in GCI Community Areas, 2015 to 2018
2-4 Unit Prices in Greater Chatham have Steadily Increased
1 2
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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Share of Sales by Price Tier in GCI Area, 2015 to 2018
GCI Area Sees Strong Growth in Higher Value 2-4 Sales
1 3
40.2%
30.0%
20.8%
16.0%
27.4%
27.2%
28.3%
28.0%
9.6%
10.5%
13.3%
16.2%
15.7%
21.3%
18.1%
14.7%
7.1%
11.0%
19.6%
25.2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2015
2016
2017
2018
Less than $50K $50K to $100K $100K to $150K $150K to $200K More than $200K
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1 4
Two-to-Four Sales, 2015
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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1 5
Two-to-Four Sales, 2018
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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Ratio of Annual Median 2-4 Sales Prices in Greater Chatham compared to South Side Peer Neighborhoods
2-4 Unit Prices in Greater Chatham Remain Comparable to Peers
1 6
0%
50%
100%
150%
200%
250%
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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Ratio of Annual Median 2-4 Sales Prices in Greater Chatham compared to City of Chicago
2-4 Unit Prices in Greater Chatham Undervalued compared to City
1 7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Auburn Gresham Avalon Park Chatham Greater Grand Crossing
2015 2016 2017 2018
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1 8
•Overall levels of 5+ unit building sales decreased between 2017 and
2018
•However, value of sales and price per unit of sales increased
5+ Market Overview
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1 9
Five-Plus Sales, 2015
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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20
Five-Plus Sales, 2018
SOURCE: IHS COOK COUNTY HOUSE PRICE INDEX 2016 4Q
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Tracking recent housing market trends in Greater Chatham
Presented by the Institute for Housing Studies
© 2 0 1 9 I N S T I T U T E O F H O U S I N G S T U D I E S AT D E PA U L U N I V E R S I T Y
April 25, 2019
housingstudies.org @housingstudies Contact: [email protected]