June 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

13 07 2014

Sales continued to drop and inventories rose when comparing June 2014 to 2013 in the combined areas of Lincoln Park, Lakeview, Near North and the Loop.  The market is still very active; however, there are some wake-up calls for sellers.

UNIT SALES & UNITS UNDER CONTRACT

Unit Sales in June 2014 dropped 3.9% in comparison to last year. (May dropped 17.7% against last year). Units Under Contract in June 2104 dropped by 4.3% over the previous year. (May increased 5.2% against last year). When looking at sales by price, homes priced under $500,000 decreased by 13.4%. Homes priced between $500,000 and $1,000,000 increased 19.6% and homes priced over $1,000,000 increased 5.1% over last year. Three of the four areas reported Unit Sales decreases compared to last year, but Lincoln Park increased 9.0% during the same period.

UNIT INVENTORY & MONTHS OF SUPPLY OF INVENTORY

Unit Inventories rose in June 2014 by 21.9% in comparison to June 2013. The Months of Supply of Inventory rose 29.5% during the same period. The increase in inventory is a warning that while we are still in a seller’s market, competitive pricing is crucial to a timely sale.  Homes that are competitively priced are still reporting low market times; however, there is a growing amount of homes that are languishing on the market. While buyers continue to be challenged with relatively low inventories (3.3 MSI), they are not responding to overpriced homes.

MEDIAN PRICING

Median Prices for the combined areas rose 6.9% in June 2014. Lakeview, Lincoln Park and the Loop all showed double-digit increases over last year, but sellers should not interpret this as a license to price homes above their competitive value.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

June -14 June -13 % +/-
.
Unit Sales – Total  805 838 -3.9
Lakeview  256 273 -6.2
Lincoln Park  182 167   9.0
Near North  295 306 -3.6
Loop  72 92 -21.7
.
Unit Sales By Price Point
0 – $500,000  485 560 -13.4
$500,000 – $ 1,000,000  238 199  19.6
$ 1,000,000 – Up  82 78   5.1
.
Units Under Contract – Total  758  792 -4.3 
Lakeview  218 244 -10.7
Lincoln Park  158 148   6.8
Near North  291  303  -4.0
Loop  91  97  -6.2
.
Unit Inventory – Total  3828  3141  21.9
Lakeview  1105  895  23.5
Lincoln Park  745  619  20.4
Near North  1535  1205  27.4
Loop  443  422  5.0
.
Inventory (Months Of Supply)  3.3  2.5  29.5
Lakeview  3.2 2.2  44.4
Lincoln Park  2.9  2.6  12.3
Near North  3.5  2.6  36.1
Loop  3.1  2.9  7.7
.
Median Pricing – Total  417,000  390,000   6.9 
Lakeview  416,000  355,000    17.2
Lincoln Park  559,500  495,000    13.0
Near North  375,000  399,000   -6.0
Loop  376,000  327,500    14.8

 

 

 





May 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

10 06 2014

Sales dropped and inventories rose when comparing May 2014 to 2013 in the combined areas of Lincoln Park, Lakeview, Near North and the Loop. There will no doubt be considerable speculation as to where the market is going, as this was the second consecutive month of disappointing results.

All is not lost, however, as we look more closely at the numbers there are definite signs that the market is still healthy.

UNIT SALES & UNITS UNDER CONTRACT

Unit Sales in May 2014 dropped 17.7% in comparison to last year. This is a dramatic decrease; however, Units Under Contract in May 2104 increased by 5.2% over the previous year. Units Under Contract is probably the best indicator of activity in the current month, as most Unit Sales went under contract in a previous month. While every unit that goes under contract may not close, we continue to post increases against a very active 2013.

UNIT INVENTORY & MONTHS OF SUPPLY OF INVENTORY

Unit Inventories rose in May 2014 by16.3% in comparison to May 2013. The Months of Supply of Inventory rose 9.8% during the same period. Despite these increases, the Months of Supply of Inventory for the combined areas was 2.9 which is still comparatively low.  The traditional line between a buyers market and a sellers market is 6.0 MSI. While the increase in inventories may not be welcomed by sellers, it may help buyers avoid the buying frenzy of the past few months. It should be noted that newly listed homes that are priced well continue to experience active showing activity, low market times and in many cases multiple offers at or above list price.

MEDIAN PRICING

Median Prices for the combined areas rose 2.4% in May 2014. The luxury market of homes priced over $1,000,000 decreased by 9.5% and was a factor in Median Prices dropping in Lincoln Park and the Near North Side. Median Prices in Lakeview and the Loop were up against last year.

 

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

May-14 May-13 % +/-
.
Unit Sales – Total  712 865  -17.7
Lakeview  224 258 -13.2
Lincoln Park  141 208 -32.2
Near North  289 307 -12.4
Loop  78 92 -15.2
.
Unit Sales By Price Point
0 – $500,000  498 579 -14.0
$500,000 – $ 1,000,000  158 213 -26.8
$ 1,000,000 – Up  58 73 -20.5
.
Units Under Contract – Total  830 789   5.2 
Lakeview  269 266  1.1
Lincoln Park  163 163  0
Near North  318 276  15.2
Loop  80 84 -4.8
.
Unit Inventory – Total  3700 3181  16.3 
Lakeview  1051 929 13.1
Lincoln Park  715 610 17.2
Near North  1495 1219 22.6
Loop  439 426 3.8
.
Inventory (Months Of Supply)  2.9 2.6  9.8 
Lakeview  2.4 2.1 13.0
Lincoln Park  2.6 2.3 14.6
Near North  3.1  3.0 4.9
Loop  3.9 3.6 9.6
.
Median Pricing – Total  391,000 382,000    2.4 
Lakeview  380,000 355,000     7.0
Lincoln Park  432,500  458,000   -5.6
Near North  380,000  400,000   -5.0
Loop  347,000  333,250     4.1

 

 

 





April 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

14 05 2014

The real estate market in April 2014 was not able to keep pace with the torrid April of 2013 in the combined areas of Lincoln Park, Lakeview, Near North and the Loop. While demand is still outpacing supply and the market is very active, sales were down and inventories were up against the same period last year. Median prices were the bright spot in April 2014 and continued to rise.

April 2013 was the high point of last year with record sales and low inventory levels. The market this year continues to be strong and the lower sales and higher inventories may signal a leveling out of the market between buyers and sellers. This has been a very difficult market for buyers who are looking for homes priced under $1,000,000. The rush to buy new listings does not always allow buyers the proper time to evaluate the home that they may be considering.

The luxury market of homes priced over 1,000,000 is not as active and the inventory levels are significantly higher than the lower price points. New construction seems to be the bright spot and is out performing re-sale homes.

UNIT SALES & UNITS UNDER CONTRACT

Unit Sales in April 2014 decreased 8.9% in comparison to last year. Units Under Contract increased by 2.0%. Homes priced under $500,000 dropped 9.0%, while those priced between $500,000 and $1,000,000 decreased by 11.5%. Homes priced over $1,000,000 were even with last year.

UNIT INVENTORY & MONTHS OF SUPPLY OF INVENTORY

Unit Inventories rose in April 2014 by 13.7% in comparison to April 2013. The Months of Supply of Inventory rose 20.6% during the same period.

MEDIAN PRICING

Median Prices for the combined areas rose 2.2% in April 2014. All price points showed increases; however, the luxury market of homes priced over $1,000,000 rose by a dramatic 11.5%.

 

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

Apr-14 Apr-13 % +/-
.
Unit Sales – Total  607 666   -8.9
Lakeview  186  204  -8.8
Lincoln Park  120  135  -11.1
Near North  221  248  -10.9
Loop    80   79    1.3
.
Unit Sales By Price Point
0 – $500,000  395  434  -9.0
$500,000 – $ 1,000,000  154  174  -11.5
$ 1,000,000 – Up  58  58     0
.
Units Under Contract – Total  850 867   -2.0
Lakeview  262 266   -1.5
Lincoln Park  189 176    7.4
Near North  311 311     0
Loop  88 114  -22.8
.
Unit Inventory – Total  3545 3118   13.7
Lakeview  989 876   12.9
Lincoln Park  686 578   18.7
Near North  1449 1231   17.7
Loop  421 433  -2.8
.
Inventory (Months Of Supply)  2.7 2.2  20.6 
Lakeview  2.3 1.9 19.4
Lincoln Park  2.2 1.9 11.0
Near North  3.1 2.5 23.2
Loop  3.3  2.4 34.7
.
Median Pricing – Total  400,000 391,200     2.2 
Lakeview  400,000  385,250    3.8
Lincoln Park  459,500  475,000   -3.3
Near North  380,000  382,500   – 0.7
Loop  337,450  316,500     6.6

 

 

 

 





March 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

14 04 2014

While real estate business in January and February has been active, March 2014 signaled the start of “the second annual spring buying frenzy” in the combined areas of Lincoln Park, Lakeview, Near North and the Loop. Demand is outpacing supply and we are seeing multiple offers, record low market times and many contract prices of list and above. This is very similar to what we experienced last year and the projected influx of new listings has not materialized to date.

It should be noted that not all homes are selling at this pace. New listings seem to be attracting more attention than those that have accumulated market time and single family homes price from 2.5 million and up are not keeping pace with the rest of the market.

UNIT SALES & UNITS UNDER CONTRACT

While Unit Sales in March 2014 were flat in comparison to last year, Units Under Contract increased by 9.2% . Homes priced under $500,000 dropped slightly, while those priced between $500,000 and $1,000,000 increased by 12.5%. Home priced over $1,000,000 decreased a dramatic 15.3%.

UNIT INVENTORY & MONTHS OF SUPPLY OF INVENTORY

Unit Inventories rose in March 2014 in comparison to March 2013; however, the Months of Supply of Inventory dropped 4.9% during the same period.

MEDIAN PRICING

Median Prices rose 2.9% in March 2014 and it seems fair to assume that we will see additional increases if inventories continue to lag behind demand.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

 

Mar-14 Mar-13 % +/-
.
Unit Sales – Total 508 507  0.2
Lakeview 162 147  10.2
Lincoln Park 103 106 -2.8
Near North 181 189 -4.2
Loop 52 55 -4.6
.
Unit Sales By Price Point
0 – $500,000 324 329 -1.5
$500,000 – $ 1,000,000 134 119  12.5
$ 1,000,000 – Up 50 59 -15.3
.
Units Under Contract – Total 797 730  9.3
Lakeview 240 225  6.7
Lincoln Park 164 170 -3.5
Near North 296 263  12.5
Loop 97 72  34.7
.
Unit Inventory – Total 3244 3002   8.1
Lakeview 869 808   7.5
Lincoln Park 598 609 -1.8
Near North 1358 1183   14.8
Loop 419 402   4.2
.
Inventory (Months Of Supply) 2.6 2.7 -4.9
Lakeview 2.2 2.3 -4.6
Lincoln Park 2.2 2.1  5.4
Near North 3.0 3.1 -1.1
Loop 2.6 3.9 -34.0
.
Median Pricing – Total 390,950 380,000   2.9
Lakeview 391,000 385,000  -1.5
Lincoln Park 525,000 477,500    9.9
Near North 389,000 370,000    5.1
Loop 329,250 325,000    1.3

 

 

 

 





February 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

10 03 2014

Our analysis of February 2014 Sales, Inventory and Pricing for the combined areas of Lakeview, Lincoln Park, Near North and the Loop, centers on the weather and the effect that it is having on the market. The overall market continues to be strong, as we come up against the numbers from last spring’s dramatic turn around. We are not seeing the double-digit increases in sales that we were seeing a year ago and weather has to be partially responsible. 2013 had one of the mildest winters in Chicago history with record low snow fall and average temperatures of 27 degrees. Compare that with 67.4 inches of snow and average temperatures of 15.7 degrees in 2014. Taking this into account, the February 2014 real estate results were very encouraging. It will be interesting to see what happens when the warmer weather arrives.

UNIT SALES & UNITS UNDER CONTRACT

Both Unit Sales and Units Under Contract dropped by less than 1 percent in the combined areas when comparing February 2014 to 2013. Lincoln Park, Near North and homes priced over $500,000 had increases against last year.

UNIT INVENTORY & MONTHS OF SUPPLY OF INVENTORY

Unit Inventories and Months of Supply of Inventory decreased in the combined areas when comparing February 2014 to 2013. The combined MSI dropped slightly to 3.0 from 3.1 last year.

MEDIAN PRICING

Median Prices in the combined areas rose a dramatic 20% in February 2014 vs 2013 in the combined areas and all four individual areas posted increases. The only exception was the luxury market of homes prices over $1,000,000, which dropped 9.8%.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

Feb-14 Feb-13 % +/-
.
Unit Sales – Total 314 317 -0.9
Lakeview 84 97 -13.4
Lincoln Park 60 52   15.4
Near North 127 122    4.1
Loop 43 46  -6.5
.
Unit Sales By Price Point
0 – $500,000 193 222 -13.1
$500,000 – $ 1,000,000 78 65   20.1
$ 1,000,000 – Up 41 30   36.7
.
Units Under Contract – Total 623 629 -1.0
Lakeview 211 212 -0.5
Lincoln Park 127 142 -10.6
Near North 228 209   9.1
Loop 57 66 -13.6
.
Unit Inventory – Total 2,790 2,849 -2.1
Lakeview 762 780 -2.3
Lincoln Park 497 577 -13.9
Near North 1164 1124   3.6
Loop 367 368 -0.3
.
Inventory (Months Of Supply) 3.0 3.1 -3.3
Lakeview 2.2 2.4 -5.9
Lincoln Park 2.5 2.6 -6.9
Near North 3.7 4.0 -7.4
Loop 4.7 4.0  17.5
.
Median Pricing – Total 395,975 330,000  20.0
Lakeview 384,950 335,000  14.9
Lincoln Park 475,000 465,750    2.0
Near North 390,000 325,000  20.0
Loop 321,000 295,000    9.1




January 2014 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

11 02 2014

2014 started out with mixed results in Sales, Inventory and Pricing for Lakeview, Lincoln Park, Near North and the Loop when comparing January 2014 to January 2013. (We are now coming up against the extraordinary numbers from last Spring’s turnaround.)

UNIT SALES & UNITS UNDER CONTRACT

Unit Sales and Units Under Contract decreased in the combined areas for the first time in over a year. The results were mixed in the individual areas with some showing increases. It should be noted that weather could be a factor, as last year it was unseasonably mild and this year, well you know!!!!

INVENTORY

Unit Inventories decreased in all of the areas when comparing January 2014 with the previous year. Months of Supply of Inventory dropped in all areas except Near North and had a combined decrease of 8.1% against last year. The four areas averaged .7 MSI. The Months of Supply of Inventory of luxury homes priced over $1,000,000, however, increased to 7.6 from 5.8 a year ago.

MEDIAN PRICING

Median pricing for January 2014 in the combined areas rose by an impressive 24.1% over January 2013. While all areas showed increases, Lincoln Park and Near North led the way with increases in excess of 30%.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Please click on the Market Statistics tab above for more detailed printable reports.

Jan-14 Jan-13 % +/-
.
Unit Sales – Total 347 349 -0.6
Lakeview 93 106 -12.3
Lincoln Park 70 60   16.7
Near North 132 140 -5.7
Loop 52 43   20.9
.
Unit Sales By Price Point
0 – $500,000 212 260 -18.5
$500,000 – $ 1,000,000 87 64   35.9
$ 1,000,000 – Up 47 25   88.0
.
Units Under Contract – Total 464 478 -2.9
Lakeview 145 129   12.3
Lincoln Park 86 97 -11.3
Near North 165 193 -14.5
Loop 68 59   15.3
.
Unit Inventory – Total 2,509 2,708 -7.3
Lakeview 670 681 -1.6
Lincoln Park 428 522 -18.4
Near North 1043 1111 -6.1
Loop 370 394 -6.1
.
Inventory (Months Of Supply) 3.7 4.0 -8.1
Lakeview 3.0 3.8 -20.9
Lincoln Park 3.2 3.8 -20.9
Near North 4.6 4.1   11.7
Loop 3.7 4.8 -22.4
.
Median Pricing – Total 409,500 330,000 24.1
Lakeview 352,000 333,750 5.5
Lincoln Park 563,750 431,250 30.7
Near North 427,500 314,500 35.9
Loop 297,500 268,000 11.0




2014 Chicago Real Estate Tax Exemptions – City, County and State

28 01 2014

The City of Chicago, Cook County and The State of Illinois offer a number of  property tax exemptions.

Please review the list of exemptions below provided by the Cook County Treasurer’s Office and the Cook County Assessors Office  to be sure that you are taking advantage of everything that may be available to you.

        1. Homeowner Exemption

Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.

The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.

In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate).

2. Senior Citizen Homestead Exemption

Depending on local tax rates, seniors who own and occupy their properties can save $160-$250 (in addition to hundreds of dollars in savings from the Homeowner Exemption).

For the 2013 tax year (payable in 2014), the applicant must have owned and occupied the property as of January 1, 2013 and be 65 years of age or older in 2013. Any exemption that is granted will be reflected on the Second Installment tax bill.

If a taxpayer does not receive credit for an exemption that the taxpayer is qualified to receive, the taxpayer must contact the Cook County Assessor’s Office to inquire about a correction through a “Certificate of Error.”

         3. Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable Homeowner Exemption program. The value increases over the years as it eliminates the impact of regular re-assessment increases that may occur every three years.

For the 2013 tax year (payable in 2014), the applicant must have owned and occupied the home on January 1, 2012 and January 1, 2013 and have been responsible for the 2012 and 2013 taxes. Any exemption that is granted will be reflected on the Second Installment tax bill.

          4. Home Improvement Exemption

Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located. Any exemption that is granted will be reflected on the Second Installment tax bill.

These four programs are administered by the Cook County Assessor’s Office and require an application.

You may find more information and applications on these and other exemption programs at www.cookcountyassessor.com

There are also several specialized programs now available.

Senior Citizen Tax Deferral

The household income limit to participate in this program has increased to $55,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all of the tax may be deferred until the house is sold or until the death of the taxpayer. You may find additional information at: http://www.cookcountytreasurer.com

Active Military

Military personnel on active duty are eligible to defer the payment of real estate taxes under the provisions of the Soldiers’ and Sailors’ Civil Relief Act, as amended. This deferral extends to taxes becoming due in the period between your active duty and 180 days from the release from active duty. Federal law permits interest on taxes deferred in the amount of 6%per annum instead of the interest and penalties imposed by state law. State law allows the local tax collector to waive the interest. Cook County waives interest for a period of 180 days. You may find additional information at: http://www.cookcountytreasurer.com

Disabled Veteran Homestead Exemption

Veterans with a service connected disability as certified by the U.S. Department of Veteran Affairs are eligible for this annual exemption. A disability of at least 70 percent is eligible for a $5,000 exemption in equalized assessed value (EAV). A disability of at least 50 percent, but less than 69 percent is eligible for a $2,500 reduction in EAV. You may find applications and additional information at: www.cookcountyassessor.com

Returning Veteran’s Exemption

Veterans returning from active duty in armed conflict are eligible to receive a $5,000 reduction in the equalized assessed value of their property only for each taxable year in which they return. You may find applications and additional information at: www.cookcountyassessor.com

Disabled Person’s Exemption

This exemption provides disabled persons with an annual $2,000 reduction in the equalized assessed value (EAV) of the property.You may find applications and additional information at: www.cookcountyassessor.com

Source – Cook County Treasurer’s Office and Cook County Assessor’s Office








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