A Comparison Of Bank Owned Properties To Non Bank Owned Properties – Lakeview, Lincoln Park And Near North – September 2011

27 09 2011

A friend of mine recently asked me about Bank Owned Properties, as they are so prominent in the news.  He was curious as to how many there are in this area (Lakeview, Lincoln Park and Near North) and how they compare to Non Bank Owned Properties.

I have attached 3 reports below that show the comparison of Bank Owned Properties to Non Bank Owned Properties by month for the past 2 years, for Unit Sales, Unit Inventory and Median Pricing.

There appears to be a significant amount of “shadow inventory” (inventory that is not yet on the market); however, Bank Owned Properties average about 10% of the total homes for sale.  In August 2011, they represented 8.7% of the total, with a high in December 2010 of 11.6% and a low of 6.8% in August 2009.

Units Sold showed much more fluctuation, with August 2011 Bank Owned Properties accounting for 10.4% of total sales. The high was 28.9% in February of 2011 and the low was 5.6% in September of 2009.

Median prices have remained fairly consistent for properties sold during the past 2 years.  Median prices for Bank Owned Properties were about 50% lower than Non Bank Owned Properties.

Please click on the 3 reports below (enlarge to 100%) for more detailed, printable information. Each report is 2 pages with both graphs and spread sheets.

Inventory Units – Bank vs Non Bank

Sold Units – Bank vs Non Bank

Median Price Sold – Bank vs Non Bank

Source – MREDLLC


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Chicago Real Estate Market Summary – August 2011

12 09 2011

With the effects of the federal real estate tax credits of 2010 winding down, August 2011 showed sales increases for Lakeview, Lincoln Park, Near North and the Loop for the first time in over a year.

Despite an onslaught of negative economic news, Unit Sales were up 18.2% and Units Under Contract were up 54.7% in comparison to August 2010.

Increases were also posted for all three price points (see below).

While Unit Inventory and Months Of Supply decreased dramatically compared to 2010, inventory levels continue to have a negative effect on prices. Median Prices for August 2011 dropped 7.5% against August 2010.

  Aug-11 Aug-10 % +/-
       
Unit Sales – Total 494 418 18.2
Lakeview 152 119 27.2
Lincoln Park   97   78 24.4
Near North 193 168 14.9
Loop   52   53   1.9
       
Unit Sales By Price Point       
0 – $500,000 344 280 22.9
$500,000 – $ 1,000,000 101   98   3.1
$ 1,000,000 – Up   50   45 11.1
       
Units Under Contract – Total 492 318 54.7
Lakeview 117   81 44.2
Lincoln Park   89   54 64.8
Near North 203 134 51.5
Loop   83   49 69.4
       
Unit Inventory – Total 5203 7065 -26.4
Lakeview 1428 1838 -22.3
Lincoln Park 1012 1218 -16.9
Near North 2092 3009 -30.5
Loop  671 1000 -32.9
       
Inventory (Months Of Supply) 8.0 18.2 -55.9
Lakeview 9.3 18.0 -48.2
Lincoln Park 8.5 18.2 -53.3
Near North 8.0 18.9 -57.4
Loop 5.6 16.6 -66.3
       
Median Pricing – Total 375,000 386,500 -7.5
Lakeview 373,500 369,000   1.2
Lincoln Park 425,000 436,000  -2.5
Near North 338,000 350,750  -3.6
Loop 295,000 419,900 -29.7
       

Source – MRED LLC


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Real Estate Taxes And The New Health Care Bill

23 08 2011

There has been a lot of confusion concerning additional real estate taxes associated with the new health care bill. The following excerpts from an article by Brooks Jackson, clarifies the new tax and who will be affected. 

At the last minute, lawmakers decided on a new 3.8 percent tax on the net investment income of high-income persons. But the claim that this would amount to a $15,200 tax on the sale of a typical $400,000 home is utterly false.

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation billl that was passed and signed into law.) And it does say the tax falls on “net gain … attributable to the disposition of property.” That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is “taken into account in computing taxable income” under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)

The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 139 of its report on the bill. The note states: “Gross income does not include … excluded gain from the sale of a principal residence.”

And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. “Some home sales would see a tax increase under this bill,” Ahern told us, “but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple).”

So there you have it. The sort of people who would have to pay the tax might include, for example:

  • A single executive making $210,000 a year who sells his $300,000 ski condo for a $50,000 profit. His tax on the sale of that vacation home would amount to $1,900, in addition to the capital gains tax he would have paid anyway.
  • An “empty nester” couple with combined income of over $250,000 a year who sell their $1 million primary residence to move to smaller quarters. If they cleared $600,000 on the sale, they would be taxed on $100,000 of the profit (the amount over the half-million-dollar exclusion). Their health care tax on the sale would amount to $3,800 over and above the usual capital gains levy.

However, a typical home sale would not incur any tax. In March, for example, half of all existing homes sold for $170,700 or less, according to the National Association of Realtors. Obviously, none of those sales could possibly generate a $250,000 profit, and so none would be subject to the tax.

Thus, for the vast majority, the 3.8 percent tax won’t apply. The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) “will hit approximately the top-earning two percent of families” when it takes effect in 2013.

The Internal Revenue Service says that to qualify for the $250,000/$500,000 exclusion, a seller must have owned the home and lived there as the seller’s “main home” for at least two years out of the five years prior to the sale.

Source – Brooks Jackson – Fast Check.Org


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Chicago Real Estate Market Summary – July 2011

8 08 2011

With all of the negative economic news that we have been subjected to, I was pleasantly surprised to see some positive real estate numbers for July 2011, for Lakeview, Lincoln Park, Near North and the Loop.

While Unit Sales fell 6.8% in comparison to July 2011, much of that decrease was due to a steep decline in sales in the Loop. Lincoln Park and Lakeview had increases over the same period last year.

Units Under Contract were up a combined 9.1% over last year.  Hopefully, as the effects of the Federal Tax Credits from 2010 begin to fade, we should start seeing sales increases against last year.

Median prices for the combined areas dropped 1.9% against last year, but Lincoln Park showed an increase and Lakeview was even.  This is being helped with dramatic decreases in inventory units and months of supply in comparison to last year.

       
  Jul-11 Jul-10 % +/-
       
Unit Sales – Total 456 487 -6.4
Lakeview 121 104 16.3
Lincoln Park 106 92 15.2
Near North 175 180 -2.8
Loop 54 111 -51.4
       
Unit Sales By Price Point       
0 – $500,000 320 306    4.6
$500,000 – $ 1,000,000 103 122 -15.6
$ 1,000,000 – Up 34 65 -47.7
       
Units Under Contract – Total 494 407  21.4
Lakeview 139 94  47.9
Lincoln Park 86 76  13.2
Near North 196 144  36.1
Loop 73 93 -21.5
       
Unit Inventory – Total 5377 7331 -26.7
Lakeview 1489 1891 -21.3
Lincoln Park 1027 1286 -20.1
Near North 2133 3082 -30.3
Loop 728 1092 -33.3
       
Inventory (Months Of Supply)  8.3 14.6 -43.0
Lakeview 8.1 16.1 -49.6
Lincoln Park 9.2 13.4 -31.7
Near North 8.5 17.7 -52.0
Loop 7.4 9.4 -21.4
       
Median Pricing – Total 357,500 390,000  -8.3
Lakeview 395,000 395,000     0.0
Lincoln Park 426,240 404,750     5.3
Near North 300,738 370,000 -18.7
Loop 303,850 450,000 -32.5

Source – MRED LLC


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Add or Upgrade Baseboard Molding for Your Home

26 07 2011

Selecting baseboard molding for your home is a great way to give the space a clean and finished appearance. To get the most out of your investment, take the time to choose the proper baseboards, as this decision can greatly influence the look of your room. Keep in mind your home’s overall character as you consider the size, style and finish of your baseboard molding. 

Size and Scale

Perhaps the most important aspect of selecting baseboards is finding molding that is the perfect size and scale for your room. Lower ceilings — those less than eight feet — should have baseboards no higher than six inches. Anything taller will make the room feel smaller and boxed in. Rooms with higher ceilings can support much larger baseboards without making the space feel overwhelmed. 

Materials

The three most common materials for baseboard molding are plastic, wood and wood composite. The flexibility of plastic baseboard makes it a great choice for homes with uneven walls and it’s resistance to moisture makes it a popular choice for humid bathroom environments, as well. A natural wood baseboard is a beautiful choice for homes and keeps with the historic tradition of an older home. Wood is prone to splitting, however, so maintenance may be an issue. A wood composite such as MDF — medium density fiberboard – is lighter and easier to work with than other baseboards and has uniform composition, making it less likely to split than a solid wood baseboard. 

Style

Baseboard molding comes in a variety of styles to match any home decor, from simple thin boards to thick ornate molding. Sleek, angled baseboards will give the room a more modern look, while ornately carved molding will make the space feel traditional and vintage. Just because a room is small, doesn’t mean that homeowners have to shy away from detailed molding. There are plenty of options for buyers looking for molding that is both low-profile and ornate. Conversely, large rooms can still look sleek with a tall, unadorned baseboard with clean, straight lines. 

Finish

There’s no right or wrong choice when it comes to picking the finish of your baseboard. Many molding projects come pre-finished in white, although natural baseboards are available in a wide variety of stains, such as oak, cherry or maple. Natural colored baseboard have a more traditional feeling and tend to blend in more, especially in rooms with wooden floors. Conversely, bright white baseboards will pop against the wood floor and wall. Another factor that homeowners should consider is whether the room already has crown molding installed. If it does, homeowners should consider matching the baseboard to the crown molding for a more uniform appearance throughout the room. 

Budget

It’s always important to consider your budget before taking on any home remodeling project. As a general rule, the larger and more ornate a baseboard molding, the more it will cost. Certain types of wood are also more expensive than others. Unless you plan to custom stain wood molding yourself, invest in a pre-primed package and always compare the cost of different moldings by looking at the price per linear foot. 

Baseboard molding will compliment any room you choose to install it in.

Source – Hallie Hammack/The Writers Network


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Chicago Real Estate Market Summary – June 2011

8 07 2011

June 2011 Unit Sales for Lakeview, Lincoln Park, Near North and the Loop, continued the trend of double-digit decreases  in comparison to June 2010 (which were affected by the various Federal stimulus programs).  This was the first month this year that we did not see an increase in 2011 Unit Sales in comparison to 2009, with the exception of Near North which increased 12.2% over June 2009.

For the second month in a row, June 2011 Units Under Contract posted an increase against June 2010 for the combined areas. Unlike May 2011, not all areas had increases. Lakeview and the Loop were up, while Lincoln Park and Near North were down.

While inventories remain high, the Months of Supply of Inventory dropped dramatically for the second consecutive  month and Median Prices rose slightly.

After the promising results in May, June numbers were mixed and we will have to wait for July results before we see any potential trends.

       
  Jun-11 Jun-10 % +/-
       
Unit Sales – Total 521 721 -26.9
Lakeview 160 234 -31.6
Lincoln Park 102 138 -26.1
Near North 202 266 -24.1
Loop  63  83 -24.1
       
Unit Sales By Price Point      
0 – $500,000 379 518 -26.8
$500,000 – $ 1,000,000 103 148 -30.4
$ 1,000,000 – Up  51  58 -12.1
       
Units Under Contract 561 422 32.9
Lakeview 162  96 68.8
Lincoln Park 120 139 -13.7
Near North 213 246 -13.4
Loop  66  62 6.5
       
Inventory (Months Of Supply) 7.7 14.5 -46.9
Lakeview 7.3 16.3 -55.3
Lincoln Park 6.8 13.1 -47.4
Near North 8.2 14.1 -41.8
Loop 8.7 14.8 -41.6
       
Median Pricing 365,000 360,000 1.4
Lakeview 363,750 339,500 7.1
Lincoln Park 457,500 489,250 -6.5
Near North 350,000 346,250 1.1
Loop 292,000 349,990 -16.6

 

 

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

Source –  MRED LLC


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10 Questions And Answers About The Cook County Senior Citizen Homeowner Exemption

21 06 2011

What is a Senior Citizen Exemption?

The Senior Citizen Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence. This savings is in the form of a deduction on the second-installment real estate tax bill.

I qualified for a Senior Citizen Exemption. Do I have to apply for a Homeowner Exemption separately?

No. Senior Citizens receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately.

I received the Senior Exemption on my tax bill last year. Do I have to reapply for the Senior Exemption this year?

 Yes. State legislators passed a new law that states that senior citizens have to reapply annually for the Senior Exemption.

What are the eligibility requirements for the Senior Citizen Exemption?

 1 You must be 65 years of age or older during the tax year for which you are applying;

 2 You must either own the property or have a lease or contract which makes you responsible for the real estate taxes; and

3 The property must be your principal residence. If you have moved or plan to move in the future, you may be entitled to a prorated Senior Citizen Exemption, based on the time of occupancy.

To apply for a prorated Senior Citizen Exemption you must submit:

A Senior Citizen Exemption Application Form

 A closing or settlement statement

Copy of a recent property tax bill

Copy of proof of age and residency

 What is the application procedure and what other documents do I need to provide with the application?

1 If you are eligible for the exemption, please complete and sign the Senior Citizen Exemption Application Form. Information pertaining to Permanent Index Number and township can be found on your real estate tax bill.

2 You must also provide the following information:

 Recent Real Estate Tax Bill For Your Home – This includes your residential/property address and index number. If your bill is not mailed to your home, you must supply ONE MORE document that would prove your home address, such as your voter’s registration card, voting record from the tax year(s) for which you are applying, or Driver’s License or Illinois Identification (ID) card showing your address as the property address issued prior to the earliest year for which you are applying.

Proof Of Your Age –  Submit ONLY ONE official document that clearly shows your birth date, such as your Driver’s License, Illinois Identification (ID) Card, Alien Registration Card, Social Security Form 2458, Naturalization Papers, Passport, or Birth or Baptismal Certificate. NOTE: Women who submit documents with maiden name must provide Marriage Certificate(s) to show connection with current name.

What if I own a cooperative?

Owners of cooperative apartments must also submit a stock certificate, occupancy agreement, or trust agreement, along with their application.

I would like to apply by mail. Is there anything I should know?

If you apply by mail, do not send originals of the above documents. Please send copies because the documents cannot be returned to you.

 I would like to apply in person. Is there anything I should know?

If you apply in person at the Assessor’s Office, your documents will be reviewed and returned to you while you wait.

What happens after I have filed for a Senior Citizen Exemption?

 The Assessor’s Office will notify you when your application is approved.

 Can I still receive the Senior Citizen Exemption if my property is listed in the name of my late spouse?

If you are 65 or over, you will qualify for this exemption in your name. Please notify the Taxpayer Services Department and we will send you the proper application forms. Otherwise, your property will receive the exemption for the remainder of the year of your spouse’s death. You will then have to apply when you turn 65. For more information, you may contact the Taxpayer Services Department at (312) 443-7550.

Source – Cook County Assessor’s Office


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Chicago Real Estate Market Summary – May 2011

3 06 2011

Last May while unit sales were showing increases due to the various Federal stimulus programs, units under contract began to decline against the previous year. This was the first sign that the market was not going to continue growing after the stimulus programs ended and unit sales have declined through May 2011.

 May 2011 shows the same trend as a year ago; however, in reverse.  While unit sales are decreasing in comparison to the same period last year, units under contract have shown their first increase since April of 2010. Hopefully, as the artificially inflated numbers of the first half of last year come to an end, the second half of 2011 will begin to show increases over 2010. (2011 sales have been making significant increases against the same periods in 2009 for the last five months.)

It should also be noted that months of supply of inventory dropped dramatically in May 2011 in comparison to 2010 in all areas.

       
  May-11 May-10 % +/-
       
Unit Sales 464 581 -20.4
Lakeview 143 203 -29.6
Lincoln Park 76 105 -27.6
Near North 177 199 -11.1
Loop 68 74 -8.1
       
Unit Sales By Price Point      
0 – $500,000 331 411 -19.5
$500,000 – $ 1,000,000 101 127 -20.5
$ 1,000,000 – Up 36 47 -23.4
       
Units Under Contract  571 430 +32.8
Lakeview 163 111 +46.8
Lincoln Park 105 94 +11.7
Near North 234 183 +27.9
Loop 69 42 +64.3
       
Inventory (Months Of Supply) 7.8 14.1 -44.8
Lakeview 7.5 13.9 -46.2
Lincoln Park 8.2 11.2 -27.4
Near North 7.7 14.1 -45.7
Loop 8.4 21.3 -60.3
       
Median Pricing – Total 359,200 366,500 -2.0
Lakeview 375,000 344,000 +9.0
Lincoln Park 460,000 439,000 +4.8
Near North 335,000 355,000 -5.6
Loop 290,000 352,500 -17.7

 

 

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

 

Source – MRED LLC


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Understanding Electrical Service For Your Home

24 05 2011

Most people don’t know the electrical service size for their house. Nor do they know how to figure it out. As a result, electrical service size is often listed incorrectly, either because the homeowner was not sure, or the listing agent made an incorrect guess. This article serves as a short primer on the significance and assessment of the electrical service size for residential homes.

What is electrical service size?
First things first, what the heck is electrical service size anyway? Many homebuyers seem to think that whatever it is, more is better. Indirectly, the service size indicates how many electrical appliances or fixtures can run at the same time. For example, if you have an electric stove and electric clothes dryer, you will need a larger service size than if you have a gas stove and a gas clothes dryer. But you do not always need more. If your service size is adequate, upgrading the service to higher amperage only lightens your wallet.

How much do I need?
A common misconception: if you have a high-power computer or stereo system, you need a larger service size. The truth is these appliances take very little power, even though they are advertised as “high power”. On the other hand, electric stoves, electric clothes dryers or electric hot water tanks draw a lot of power. Electric heat also draws a lot of power.

Here is the typical current draw for a few major appliances:
· An electric stove with the oven and a few stove top elements running may draw 25 or 30 amps
· An electric clothes dryer may draw 20 amps
· An electric hot water heater may draw 20 amps
· A hair dryer may draw about 12 amps
· A toaster draws approximately 10 amps
· Central air conditioning draws around 15 to 20 amps
· A hot tub may draw 20 to 40 amps

Here is a look at the service size for a few typical houses:
Description and Possible Service Size
3bdrm, 2story; Gas heat,100 amps
3bdrm, 2story; Electric heat,150-200 amps
5bdrm, Gas heat 150-200 amps
5000 sq-ft home, Gas heat, 200 amps
(This is typical, but you might find it as high as 400 in unusual circumstances)

Largest every-day service size you will most often see 200 amps (The size is usually as big as it gets, but most homes do not need even this amount)

Largest service size you will see, but only in unusual circumstances is 400 amps … (This size is unusual and may only be found in a very large home with lot of electrical appliances)

The components of the electrical service
Before determining the electrical service size of a house, you need to know about a few of the components that make up the electrical service.

The service entrance cable:
This cable brings electricity into your house. It usually runs down the outside wall of the house inside a conduit. In newer areas of the city, the cables run underground.

The meter:
The meter measures how much electrical energy you consume. The meter itself is the property of the utility. The base of the meter, or the socket that the meter sits in, is the property of the homeowner.

The conduit:
The conduit is the pipe that the cables pass through. The conduit protects the cables from mechanical damage.

The service box:
The service box contains the main fuses or breakers. In some cases, the service box is a separate item. In modern installations, the service box is combined with the main breaker panel (called a combination panel).

The main fuse or breaker:
The main fuse or breaker is the gatekeeper. If the main breaker is 100 amps, when you attempt to draw more than 100 amps, the breaker shuts off to protect the rest of the system from overheating.

The distribution panel:
The distribution panel is either a fuse panel or a breaker panel. Today, breakers are used almost exclusively because they are more convenient.

How can I determine the service size?
Determining service size can be tricky. There are a number of variables that can throw you off. Often, the determining factor is not visible. We recommend that you exercise caution when determining service size. It is easy to get it wrong. Having said that, here is how you can approach it for the best results.

Although the first guess comes from the main breaker or fuse, it is possible to get it wrong. Here’s why: the service size is determined from the rating of the smallest component in a chain of components that make up the electrical service. These components are:

· The service entrance cable
· The meter and meter base
· The conduit pipe
· The service box
· The main fuse or breaker

Compatibility
The components described above have to be compatible. For example, if the service entrance cable is only rated for 100 amps and the main breaker is 200 amps, the system has a problem. Since it is possible for 200 amps to flow through a 100-amp cable, this situation presents a fire hazard.

Now, if the service entrance cable is rated for 200 amps and the main breaker is only rated for 100 amps, no problem exists. The maximum that can be drawn through the cable before the breaker shuts off is 100 amps, but the cable can handle 200 amps. This compatibility issue is true for all of the components that make up the electrical service. All of the components in the system must be rated to handle at least as much as the main fuse or breaker.

Let’s go back to the example of a cable rated for 100 amps with a main breaker rated at 200 amps: the service size is 100 amps not 200 amps because the definition of service size is the rating of the smallest component in the chain. You may argue that the breaker will not shut off until it reaches 200 amps, and you may call it an unsafe 200-amp service, but the definition of service size means it is an unsafe 100-amp service. What is most important in this case is to focus on the fact that the service is unsafe, regardless of a correct assessment of the service size.

Cable rating
The main service entrance cables are rated for the maximum current they can handle. This is a critical component and it must be compatible with the main fuse or breaker as described above.

Here is a chart of ratings of common service entrance cables.
Cable Size (copper wire size – USA) Service Size Compatibility
#6 AWG; 60 amp service
#4 AWG; 100 amp service
#2 AWG; 125 amp service
#1 AWG; 150 amp service
#2/0 AWG; 200 amp service

Conduit rating
The diameter of the conduit is a tip off for service size. Once again, there is no down side to using an oversized conduit so don’t be fooled.
· 60 amp service – 1 inch conduit minimum
· 100 amp service – 1 ¼ inch conduit minimum
· 200 amp service – 2 inch conduit minimum

How not to determine service size
One of the tricks to determining service size is not to be fooled by the ratings on the components of the service entrance. For example, if the electric meter is rated for 200 amps, this simply means that it can handle up to 200 amps. But there is no reason it cannot be used for a 100-amp service.

· Do not use the rating on the meter alone but make sure it is compatible
· Do not use the size of the conduit alone but make sure it is compatible
· Do not use the rating on the service box alone but make sure it is compatible
· Do not use the rating on the distribution panel alone but make sure it is compatible

The right way to determine service size – step by step
If you do this you have a very good chance of guessing it right.
· Identify the main fuse or breaker. Start with the assumption that this is the service size
· Check that the service box and breaker panel are rated for at least this much
· Check the meter and verify that it is rated for at least this much
· Check the size of the conduit
· Check the size of the cable and verify that it is rated for at least this much. This is the part that may not be possible for you. If you can’t read the data on the cable because it is not accessible or it’s faded, you have to rely on your experience recognizing cable sizes. Unless you were an electrician in a former life, you may get this wrong.

We said that you have a good chance of guessing it right if you follow the steps above. This implies that it is still possible to get it wrong. There are a couple of obscure situations that could throw a wrench in the works such as service cable that is ‘de-rated’ due to its inferior temperature rating. Unfortunately, you are just not going to know, but on the bright side, neither will anybody else, except perhaps an electrician.

Caution! Avoid electrocution. Do not open any panel covers or doors. We do not suggest you open or touch any electrical equipment

Source – Trevor Welby Soloman – Pillar to Post


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Chicago Real Estate Market Summary – April 2011

10 05 2011

 April 2011 sales continued the trend of double-digit decreases in comparison to April 2010 and significant increases compared to April 2009. Combined Unit Sales were up 12.2% and Units Under Contract were up 8.5% compared to March of 2009.( Lincoln Park and the Loop were exceptions with decreases against both 2010 and 2009.) This is the fourth month in a row that we have seen increases against 2009 in the combined areas. While the decreases in comparison to the tax credit stimulated numbers of 2010 are disappointing, the consistent gains against 2009 indicate that we are slowly making  progress.

Months of supply of inventory increased slightly, while median prices dropped for the month.

When looking at sales by price point, all had decreases against 2010, but increased substantially against 2009.

Unit Sales for the combined areas were down 57.2% compared to April 10. 

Homes priced under 500,000 were down 31.4.8%

Homes priced from 500,000 to 1,000,000 decreased 22.6%.

Homes priced over 1,000,000 declined 37.7%

Units under Contract fell 17.5% compared to April 10. 

Months of Supply increased .01% for the combined areas.

Median Pricing  decreased 1.9% compared to April 10.

The numbers below reflect the combined areas of Lakeview, Lincoln Park, Near North and the Loop.

  Apr -10 Apr -11 % +/-
       
Unit Sales – Total 527 367 -57.2
Lakeview 156 115 -68.6
Lincoln Park 93 62 -33.3
Near North 186 157 -15.1
Loop 92 33 -64.1
       
Units Under Contract 718 525   -17.5
Lakeview 247 163 -34.0
Lincoln Park 139 92 -33.8
Near North 248 207 -15.9
Loop 83 63 -26.7
       
Inventory (Months Of Supply) 8.7 8.8 +.01
       
Median Pricing 372,000 365,000 -1.9

 

 

 

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

 

Source – MRED LLC


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Categories : Condominium Information, Coop Information, Market Information, Single Family Home Information

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