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December 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

2013 was a truly remarkable year for Chicago Real Estate and the year ended on a high note for the combined areas of Lakeview, Lincoln Park, Near North and the Loop. December 2103 Unit Sales, Units Under Contract and Median Prices all showed increases against December 2012, while Unit Inventories and Months of Supply of Inventories decreased.

It should be noted that the four areas did not all perform at the same level in every category. (Please see chart below).

LINCOLN PARK

Lincoln Park had an exceptional month of December. Unit Sales rose 46.2%, while Unit Inventories dropped 18.2%. As a result, the Months of Supply of Inventory dropped to 2.6 which represented a 62.5% decrease over last year.

LUXURY MARKET

The Luxury Market (homes priced 1,000,000 and above) continued to be erratic in December 2013. Unit Sales increased 21.2% in comparison to December 2012 and Months of Supply of Inventory dropped to 5.4. This is the first time that the MSI has been under 6.0 in 5 months. Median Prices, however, declined 11.6% against last year.

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.

Dec-13 Dec-12 % +/-
.
Unit Sales – Total 531 502   5.8
Lakeview 163 130   25.4
Lincoln Park 114 78   46.2
Near North 190 213 -10.8
Loop 64 81 -21.0
.
Unit Sales By Price Point
0 – $500,000 311 314 -1.0
$500,000 – $ 1,000,000 140 122  14.8
$ 1,000,000 – Up 80 66  21.2
.
Units Under Contract – Total 381 333  14.4
Lakeview 88 100 -12.0
Lincoln Park 87 53   64.2
Near North 149 121   23.1
Loop 57 59  -3.4
.
Unit Inventory – Total 2,351 2,562 -8.2
Lakeview 613 634 -3.3
Lincoln Park 397 486 -18.3
Near North 992 1052 -5.7
Loop 349 390 -10.5
.
Inventory (Months Of Supply) 4.1 5.7 -28.2
Lakeview 4.6 4.6    0.0
Lincoln Park 2.6 6.8 -62.0
Near North 4.7 6.6 -29.5
Loop 4.4 4.9 -11.0
.
Median Pricing – Total 439,900 388,750  13.2
Lakeview 409,000 333,750  22.5
Lincoln Park 579,450 417,500  38.8
Near North 425,000 450,000  -5.6
Loop 362,200 316,000  14.6

2014 Preview and November 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

The real estate market began heating up over a year ago in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. As we come up against those numbers in 2014, we may not experience the dramatic increases in sales and decreases in inventory that we have become accustomed to in the past year. November 2013 is a perfect example, as Unit Sales dropped for the first time this year in comparison to 2012. All is not lost though, as November 2013 Units Under Contract increased 5%, Unit Inventories decreased 9.7% and Median Prices increased 8.3% when compared to November 2012. (See chart below)

2014 Preview

As 2013 comes to an end, attention is now focused on 2014. While I try not to make predictions, I think that is fair to say that buyers will be active in the 2014 market, (assuming that interest rates remain low) and as a result, home prices will continue to rise. The biggest variable will be inventory levels. Based on current trends we will begin 2014 with between 5% and 10% less inventory than we began 2013. With more new construction and existing home sellers more confident in pricing, there is a chance that we will see more homes offered for sale than we did in 2013. If so, we could see a very active spring market with slightly higher inventories that may even out the “buyer/seller playing field.” Should inventories not keep pace with demand, we could see a repeat of the buyer frenzy of Spring 2013.

Please click on the Market Statistics tab above for more detailed printable reports.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Nov-13 Nov-12 % +/-
.
Unit Sales – Total 406 463 -12.3
Lakeview 120 122 -1.6
Lincoln Park 75 72   4.2
Near North 144 193 -25.4
Loop 67 76 -11.8
.
Unit Sales By Price Point
0 – $500,000 262 312 -16.3
$500,000 – $ 1,000,000 102 105 -2.9
$ 1,000,000 – Up 42 45 -6.7
.
Units Under Contract – Total 424 404   5.0
Lakeview 121 108   12.0
Lincoln Park 92 70   31.4
Near North 156 156   0.0
Loop 55 70 -21.4
.
Unit Inventory – Total 2,666 2,952 -9.7
Lakeview 730 741 -1.5
Lincoln Park 497 589 -12.7
Near North 1073 1207 -11.1
Loop 366 435 -15.9
.
Inventory (Months Of Supply) 4.3 5.4 -20.8
Lakeview 4.0 5.0 -20.2
Lincoln Park 3.4 6.0 -44.1
Near North 5.0 5.9 -16.0
Loop 4.8 4.6   5.4
.
Median Pricing – Total 390,000 360,000  8.3
Lakeview 374,000 360,000  3.9
Lincoln Park 510,000 470,000  8.5
Near North 400,000 350,000  14.3
Loop 314,000 340,000 -7.6

October 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

We continued to see positive movement when comparing October 2013  Sales, Inventory and Pricing to October 2012, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop, although the results in the individual areas varied. (See report below).

Inventory

For the past 5 months inventories for the combined areas have remained close to the 3000 unit level. October Months of Supply of Inventory dropped to 3.9 after hitting a 9 month high in September of 4.5. The luxury market of homes priced over $1,000,000 is more than double the average at 8.9 months of supply.

Sales

October Sales for the combined areas increased by an average of 11.9% vs 2012; however, the results varied by area from a 4.3% increase for Near North to a 30.8% increase in the Loop. Homes priced under $500,000 showed a 2.6% increase over last year, while higher priced homes increased by an average of 22.9% to 33.1%.

Median Prices

Median Prices for the combined areas increased 11.3% when comparing October 2013 to 2012. Once again, the results varied by area from a 35.1% increase in the Loop to a 1.8% decrease in Lincoln Park.

(Please click on the Market Statistics tab above for more detailed printable reports).

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC)

Oct-13 Oct-12 % +/-
.
Unit Sales – Total 605 544 11.2
Lakeview 190 164 15.9
Lincoln Park 114 108 5.6
Near North 216 207 4.3
Loop 85 65 30.8
.
Unit Sales By Price Point
0 – $500,000 391 381 2.6
$500,000 – $ 1,000,000 151 115 31.3
$ 1,000,000 – Up 59 48 22.9
.
Units Under Contract – Total 537 513   4.7
Lakeview 173 129   34.1
Lincoln Park 111 77   44.2
Near North 169 238 -29.0
Loop 84 69   21.7
.
Unit Inventory – Total 3,079 3,382 -9.0
Lakeview 878 919 -4.6
Lincoln Park 616 649 -5.1
Near North 1149 1379 -16.7
Loop 396 476 -16.8
.
Inventory (Months Of Supply) 3.9 4.8 -19.6
Lakeview 3.3 4.8 -30.6
Lincoln Park 3.5 6.0 -41.7
Near North 5.0 4.3  15.4
Loop 3.3 5.3 -38.1
.
Median Pricing – Total 395,000 355,000  11.3
Lakeview 370,000 346,000   6.8
Lincoln Park 456,500 465,000  -1.8
Near North 396,000 345,000  14.6
Loop 385,000 285,000  35.1

6 Questions And Answers About The Home Improvement Exemption

The Home Improvement Exemption allows you to increase the value of your home with up to $75,000 worth of improvements without increasing your property taxes for at least four years.

Who qualifies for a Home Improvement Exemption?

The exemption is available to owners of single-family homes, condominiums, cooperatives, and apartment buildings up to six units.

How does a Home Improvement Exemption work?

You will automatically receive the exemption when the Cook County Assessor’s Office field checks the building permit for the improvement. A notice will be sent to you after the check is completed.

What if there is damage to my home?

The Home Improvement Exemption can also be used for repair necessitated by structural damage as a result of severe weather conditions, such as flooding.

What is not covered by a Home Improvement Exemption?

The exemption is not granted for loss of personal property, normal weather damage, or routine maintenance. Routine maintenance includes repairs to or replacement of parts that would not increase the value of your property. The following are examples of normal upkeep:

  • Repair or replace roofing materials, sidewalks, driveways, or fencing
  • Insulate and/or add storm windows and doors
  • Add or replace gutters and downspouts
  • Place siding over existing frame structure
  • Add or improve trees, lawns, and landscaping
  • Paint, decorate, plaster, or change exterior ornamentations
  • Replace furnace, or replace old heating systems with solar heating
  • Replace kitchen cabinets, flooring, fixtures
  • Replace or add water softener, or add larger hot water heater
  • Add outdoor lighting, burglar or fire alarms
  • Replace electrical systems or plumbing fixtures
  • Install above-ground swimming pool or outdoor playground facilities
  • Add automatic garage door opener
  • Add aluminum soffit and facia
Who can I call to find out if I qualify for a Home Improvement Exemption?

To learn whether you may qualify for the Home Improvement Exemption, call the Cook County Assessor’s Office at 312/443-7550.

Source – Cook County Assessor’s Office

Inventories Are Rising – September 2013 Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

Months of Supply of Inventory continued to rise in the combined areas of Lakeview, Lincoln Park, Near North and the Loop in September 2013, leveling out the buying frenzy of the spring and summer.

When comparing September 2013 to 2012 we are still seeing positive movement in Sales, Inventory and Median Prices; however, when comparing the past four months, Unit Inventories have remained at the same levels (about 3000 units). The Months of Supply of Inventory continues to increase from a low of 2.2 in April to 3.0 in August and 4.0 in September. This is not necessarily a cause for alarm as 6.0 is traditionally considered the dividing line between a buyer’s market and a seller’s market and inventories usually rise at this time of the year. (Please click on the Market Statistics tab above for more detailed printable reports)

The luxury market,  homes priced over $1,000,000, continues to lag behind the lower price points. While September 2013 Unit Sales increased 19.1% over September 2012, Median Prices dropped 3.4% and Months Of Supply Of Inventory rose to 8.0.

Despite these changes, this continues to be a very active market for buyers and sellers at all price points.

The numbers below represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

Sep-13 Sep-12 % +/-
.
Unit Sales – Total 616 512 20.3
Lakeview 164 140 17.1
Lincoln Park 150 113 32.7
Near North 225 185 21.6
Loop 77 74 4.1
.
Unit Sales By Price Point
0 – $500,000 407 363 12.1
$500,000 – $ 1,000,000 153 102 50.0
$ 1,000,000 – Up 56 47 19.1
.
Units Under Contract – Total 514 468 9.8
Lakeview 157 129 21.7
Lincoln Park 105 85 23.5
Near North 185 180   2.8
Loop 67 74 -9.5
.
Unit Inventory – Total 3,047 3,469 -12.2
Lakeview 885 880   0.6
Lincoln Park 627 692 -9.4
Near North 1146 1422 -19.4
Loop 389 475 -18.1
.
Inventory (Months Of Supply) 4.0 5.6 -28.1
Lakeview 3.6 5.1 -28.5
Lincoln Park 3.9 5.8 -33.2
Near North 4.4 6.2 -28.2
Loop 4.2 4.9 -14.6
.
Median Pricing – Total 390,500 358,750 8.9
Lakeview 349,950 330,000   5.7
Lincoln Park 500,000 430,000 16.3
Near North 387,500 355,000   9.2
Loop 375,000 307,000 22.1

Dramatic Changes in Real Estate Market Time for Lakeview, Lincoln Park, Near North and The Loop

From 2007 to 2011 the Number Of Days On The Market was a statistic that struck fear in the hearts of many Realtors. As the market continues to improve, we are seeing dramatic decreases in market time in Lincoln Park, Lakeview, Near North and the Loop.

When broken down by price point the luxury market has not responded as well as those homes priced under $1,000,000. Homes priced over $2,000,000 have shown almost no improvement. It should be noted that this statistic can easily be skewed by one or two properties with extreme listing times, as there are fewer homes sold in the over $2,000,000 price point.

The chart below compares Average Days On The Market of Units Under Contract for the past 3 years by area and price point.

The numbers represent homes listed in the Chicago Multiple Listing Service (MREDLLC).

AVERAGE DAYS ON THE MARKET Aug-13 Aug-12 Aug-11
.
Units Under Contract – Total 68 130 175
Lakeview 69 139 145
Lincoln Park 59 102 142
Near North 67 160 192
Loop 76 70 212
.
Units Under Contract By Price Point
0 – $500,000 51 117 172
$500,000 – $1,000,000 74 152 157
$1,000,000 – $2,000,000 148 150 215
$2,000,000 – Up 250 215 244

August 2013 – Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

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.

LUXURY MARKET

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

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.

Aug-13 Aug-12 % +/-
.
Unit Sales – Total 788 687 14.7
Lakeview 241 180 33.9
Lincoln Park 158 160 -2.5
Near North 299 267 12.0
Loop 92 80 15.0
.
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
Lakeview 184 159 15.7
Lincoln Park 121 126 -4.0
Near North 270 213 26.8
Loop 93 71 31.0
.
Unit Inventory – Total 2,907 3,641 -20.2
Lakeview 834 949 -12.1
Lincoln Park 569 734 -22.5
Near North 1128 1408 -23.9
Loop 378 478 -20.9
.
Inventory (Months Of Supply) 2.8 4.7 -41.1
Lakeview 2.9 4.2 -31.2
Lincoln Park 2.9 4.0 -26.8
Near North 2.7 5.3 -50.0
Loop 2.7 5.2 -49.0
.
Median Pricing – Total 380,000 365,000 4.1
Lakeview 349,900 326,600 7.1
Lincoln Park 471,000 467,500 0.7
Near North 385,500 342,000 12.7
Loop 328,500 310,000 6.0
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