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





December 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

14 01 2014

2013 was a truly remarkable year for Chicago Real Estate and the year ended on a high note for the combined areas of Lakeview, Lincoln Park, Near North and the Loop. December 2103 Unit Sales, Units Under Contract and Median Prices all showed increases against December 2012, while Unit Inventories and Months of Supply of Inventories decreased.

It should be noted that the four areas did not all perform at the same level in every category. (Please see chart below).

LINCOLN PARK

Lincoln Park had an exceptional month of December. Unit Sales rose 46.2%, while Unit Inventories dropped 18.2%. As a result, the Months of Supply of Inventory dropped to 2.6 which represented a 62.5% decrease over last year.

LUXURY MARKET

The Luxury Market (homes priced 1,000,000 and above) continued to be erratic in December 2013. Unit Sales increased 21.2% in comparison to December 2012 and Months of Supply of Inventory dropped to 5.4. This is the first time that the MSI has been under 6.0 in 5 months. Median Prices, however, declined 11.6% 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.

Dec-13 Dec-12 % +/-
.
Unit Sales – Total 531 502   5.8
Lakeview 163 130   25.4
Lincoln Park 114 78   46.2
Near North 190 213 -10.8
Loop 64 81 -21.0
.
Unit Sales By Price Point
0 – $500,000 311 314 -1.0
$500,000 – $ 1,000,000 140 122  14.8
$ 1,000,000 – Up 80 66  21.2
.
Units Under Contract – Total 381 333  14.4
Lakeview 88 100 -12.0
Lincoln Park 87 53   64.2
Near North 149 121   23.1
Loop 57 59  -3.4
.
Unit Inventory – Total 2,351 2,562 -8.2
Lakeview 613 634 -3.3
Lincoln Park 397 486 -18.3
Near North 992 1052 -5.7
Loop 349 390 -10.5
.
Inventory (Months Of Supply) 4.1 5.7 -28.2
Lakeview 4.6 4.6    0.0
Lincoln Park 2.6 6.8 -62.0
Near North 4.7 6.6 -29.5
Loop 4.4 4.9 -11.0
.
Median Pricing – Total 439,900 388,750  13.2
Lakeview 409,000 333,750  22.5
Lincoln Park 579,450 417,500  38.8
Near North 425,000 450,000  -5.6
Loop 362,200 316,000  14.6




2014 Preview and November 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

10 12 2013

The real estate market began heating up over a year ago in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. As we come up against those numbers in 2014, we may not experience the dramatic increases in sales and decreases in inventory that we have become accustomed to in the past year. November 2013 is a perfect example, as Unit Sales dropped for the first time this year in comparison to 2012. All is not lost though, as November 2013 Units Under Contract increased 5%, Unit Inventories decreased 9.7% and Median Prices increased 8.3% when compared to November 2012. (See chart below)

2014 Preview

As 2013 comes to an end, attention is now focused on 2014. While I try not to make predictions, I think that is fair to say that buyers will be active in the 2014 market, (assuming that interest rates remain low) and as a result, home prices will continue to rise. The biggest variable will be inventory levels. Based on current trends we will begin 2014 with between 5% and 10% less inventory than we began 2013. With more new construction and existing home sellers more confident in pricing, there is a chance that we will see more homes offered for sale than we did in 2013. If so, we could see a very active spring market with slightly higher inventories that may even out the “buyer/seller playing field.” Should inventories not keep pace with demand, we could see a repeat of the buyer frenzy of Spring 2013.

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).

Nov-13 Nov-12 % +/-
.
Unit Sales – Total 406 463 -12.3
Lakeview 120 122 -1.6
Lincoln Park 75 72   4.2
Near North 144 193 -25.4
Loop 67 76 -11.8
.
Unit Sales By Price Point
0 – $500,000 262 312 -16.3
$500,000 – $ 1,000,000 102 105 -2.9
$ 1,000,000 – Up 42 45 -6.7
.
Units Under Contract – Total 424 404   5.0
Lakeview 121 108   12.0
Lincoln Park 92 70   31.4
Near North 156 156   0.0
Loop 55 70 -21.4
.
Unit Inventory – Total 2,666 2,952 -9.7
Lakeview 730 741 -1.5
Lincoln Park 497 589 -12.7
Near North 1073 1207 -11.1
Loop 366 435 -15.9
.
Inventory (Months Of Supply) 4.3 5.4 -20.8
Lakeview 4.0 5.0 -20.2
Lincoln Park 3.4 6.0 -44.1
Near North 5.0 5.9 -16.0
Loop 4.8 4.6   5.4
.
Median Pricing – Total 390,000 360,000  8.3
Lakeview 374,000 360,000  3.9
Lincoln Park 510,000 470,000  8.5
Near North 400,000 350,000  14.3
Loop 314,000 340,000 -7.6




October 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

13 11 2013

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).

Inventory

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.

Sales

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

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)

Oct-13 Oct-12 % +/-
.
Unit Sales – Total 605 544 11.2
Lakeview 190 164 15.9
Lincoln Park 114 108 5.6
Near North 216 207 4.3
Loop 85 65 30.8
.
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
Lakeview 173 129   34.1
Lincoln Park 111 77   44.2
Near North 169 238 -29.0
Loop 84 69   21.7
.
Unit Inventory – Total 3,079 3,382 -9.0
Lakeview 878 919 -4.6
Lincoln Park 616 649 -5.1
Near North 1149 1379 -16.7
Loop 396 476 -16.8
.
Inventory (Months Of Supply) 3.9 4.8 -19.6
Lakeview 3.3 4.8 -30.6
Lincoln Park 3.5 6.0 -41.7
Near North 5.0 4.3  15.4
Loop 3.3 5.3 -38.1
.
Median Pricing – Total 395,000 355,000  11.3
Lakeview 370,000 346,000   6.8
Lincoln Park 456,500 465,000  -1.8
Near North 396,000 345,000  14.6
Loop 385,000 285,000  35.1







Follow

Get every new post delivered to your Inbox.

Join 30 other followers

%d bloggers like this: