Sales continued to outpace inventory in combined areas of Lakeview, Lincoln Park, Near North and the Loop in August 2013. The real estate market on the North Side remained very active; however, there were some interesting exceptions.
In August 2013 overall sales increased by 14.7%, median prices increased by 4.1% and the average Months of Supply of Inventory dropped to 2.8 vs. August 2012. The luxury market (homes priced over $1,000,000) did not perform as well. Sales of luxury homes dropped 2.5% compared to August 2012, Median Prices dropped 4.1% and the Months of Supply of Inventory rose to 7.0.
Lincoln Park was the only area to show decreases in Unit Sales (-2.5%) and Units Under Contract (-4.0%) when compared to August 2012. It should be noted that Unit Inventories and Months of Supply of Inventory kept pace with the other areas. While Median Prices rose slightly (+0.7%), they were significantly lower than the other 3 areas.
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||788||687||14.7|
|Unit Sales By Price Point|
|0 – $500,000||540||475||13.7|
|$500,000 – $ 1,000,000||177||139||27.3|
|$ 1,000,000 – Up||70||73||-4.1|
|Units Under Contract – Total||668||569||17.4|
|Unit Inventory – Total||2,907||3,641||-20.2|
|Inventory (Months Of Supply)||2.8||4.7||-41.1|
|Median Pricing – Total||380,000||365,000||4.1|