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 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|
|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|
|Unit Inventory – Total||3828||3141||21.9|
|Inventory (Months Of Supply)||3.3||2.5||29.5|
|Median Pricing – Total||417,000||390,000||6.9|