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 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.
|Unit Sales – Total||314||317||-0.9|
|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|
|Unit Inventory – Total||2,790||2,849||-2.1|
|Inventory (Months Of Supply)||3.0||3.1||-3.3|
|Median Pricing – Total||395,975||330,000||20.0|