The real estate market continued to heat up in June 2012 for the combined areas of Lakeview, Lincoln Park, Near North and the Loop. Unit Sales and Units Under Contract increased dramatically, Inventory levels decreased and for the second consecutive month Median Prices rose. (see chart below)
While we don’t know whether this is the beginning of a long-term trend or just a blip, it is welcomed news.
Some interesting notes:
Most of the areas performed proportionally to each other with a few exceptions. Lincoln Park Unit Sales were up 54.4%, and Lakeview Median Prices fell by 2.2%
Low inventory levels are having a dramatic affect on the market. A strong buyers market is turning in favor of sellers with multiple offers becoming quite common.
It should be noted that the 3.9 Months of Supply of Inventory (MOS) is being driven by homes priced under $500,000 with 3.0 MOS. Homes priced between $500,000 and $1,000,000 were a little higher at 4.8 MOS. Homes prices over $1,000,000 are significantly higher at 8.1 MOS.
The numbers below represent homes listed in the MLS of Northern Illinois. (MREDLLC)
Please click on the Market Statistics tab above for more detailed printable reports.
|Unit Sales – Total||667||542||23.1|
|Unit Sales By Price Point|
|0 – $500,000||460||394||16.8|
|$500,000 – $ 1,000,000||150||101||48.5|
|$ 1,000,000 – Up||62||51||21.6|
|Units Under Contract – Total||622||498||24.9|
|Unit Inventory – Total||3,545||5,880||-39.7|
|Inventory (Months Of Supply)||3.9||9.3||-57.8|
|Median Pricing – Total||370,000||358,466||3.2|