Record low inventory levels and high demand in April 2013 saw the Months of Supply of Inventory fall under 2.0 for the first time in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. It is generally agreed that anything below 6.0 is considered a seller’s market and anything above is a buyer’s market. The inventory levels continue to produce record low market times and multiple offers for many properties that are priced correctly. (See chart below)
Median Prices for the combined areas rose 11.5% for April 2013 vs. 2012. The Near North Side increased 10.3% over last year, the Loop rose 11.9%, Lincoln Park 14.8% and Lakeview increased 6.1%. When looking at the same results by price point all showed increases. Homes priced under $500,000 increased by 9.6%, homes priced between 500,000 and 1,000,000 rose 1.1%.and homes priced over 1,000,000 increased by 1.6%.
Overall Unit Sales increased in April 2013 by 29.4% over April 2012 and Units Under Contract rose 37.7% over last year. Unit Sales for homes prices over $1,000,000 increased 31.7%. Homes priced between $500,000 and 1,000,000 rose 72.6% over last year and homes priced under $500,000 increased by 17.9%. These numbers are quite impressive taking into account the low inventory levels and the fact that market had begun to heat up by April 2012.
Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas and are having a dramatic affect on the market. Months of Supply of Inventory averaged 1.7 (MSI), 63.0% lower than a year ago. Homes priced under $500,000 had a 1.3 MSI. Those priced between $500,000 and $1,000,000 had a 2.0 MSI and homes priced over $1,000,000 had a 4.4 MSI.
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||639||494||29.4|
|Unit Sales By Price Point|
|0 – $500,000||421||357||17.9|
|$500,000 – $ 1,000,000||164||95||72.6|
|$ 1,000,000 – Up||54||41||31.7|
|Units Under Contract – Total||950||690||37.7|
|Unit Inventory – Total||2,974||4,383||-32.1|
|Inventory (Months Of Supply)||1.7||4.7||-63.0|
|Median Pricing – Total||385,500||345,750||11.5|