We continued to see positive movement when comparing October 2013 Sales, Inventory and Pricing to October 2012, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop, although the results in the individual areas varied. (See report below).
For the past 5 months inventories for the combined areas have remained close to the 3000 unit level. October Months of Supply of Inventory dropped to 3.9 after hitting a 9 month high in September of 4.5. The luxury market of homes priced over $1,000,000 is more than double the average at 8.9 months of supply.
October Sales for the combined areas increased by an average of 11.9% vs 2012; however, the results varied by area from a 4.3% increase for Near North to a 30.8% increase in the Loop. Homes priced under $500,000 showed a 2.6% increase over last year, while higher priced homes increased by an average of 22.9% to 33.1%.
Median Prices for the combined areas increased 11.3% when comparing October 2013 to 2012. Once again, the results varied by area from a 35.1% increase in the Loop to a 1.8% decrease in Lincoln Park.
(Please click on the Market Statistics tab above for more detailed printable reports).
The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC)
|Unit Sales – Total||605||544||11.2|
|Unit Sales By Price Point|
|0 – $500,000||391||381||2.6|
|$500,000 – $ 1,000,000||151||115||31.3|
|$ 1,000,000 – Up||59||48||22.9|
|Units Under Contract – Total||537||513||4.7|
|Unit Inventory – Total||3,079||3,382||-9.0|
|Inventory (Months Of Supply)||3.9||4.8||-19.6|
|Median Pricing – Total||395,000||355,000||11.3|