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 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.
|Unit Sales – Total||508||507||0.2|
|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|
|Unit Inventory – Total||3244||3002||8.1|
|Inventory (Months Of Supply)||2.6||2.7||-4.9|
|Median Pricing – Total||390,950||380,000||2.9|