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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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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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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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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Chicago Real Estate Market Summary – March 2011

5 04 2011

March 2011 sales for Lakeview, Lincoln Park, Near North and the Loop, continued the trend of double-digit decreases in comparison to March 2010 and significant double-digit increases compared to March 2009. Unit Sales were up 24.9% and Units Under Contract were up 37.2% compared to March of 2009. This is the third consecutive  month that we have seen increases against 2009. While the decreases in comparison to the tax credit stimulated numbers of 2010 are disappointing, the consistent gains against 2009 indicate that we are making overall progress.

It is also worth noting that months of supply of inventory continued to drop and median prices rose 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 25.1% compared to March 10. 

Homes priced under $500,000 were down 27.1%

Homes priced from $500,000 to $1,000,000 decreased 23.4%.

Homes priced over $1,000,000 declined 18.2%

Units under Contract fell 13.4% compared to March 10. 

Months of Supply dropped 17.7% for the combined areas.

Median Pricing rose 2.7% compared to March 10.

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

  Mar -10 Mar-11 % +/-
       
Unit Sales – Total 422 331 -25.1
Lakeview 116 77 -33.6
Lincoln Park 90 68 -24.4
Near North 165 145 -12.1
Loop 71 41 -42.3
       
Units Under Contract 621     538 -13.4
Lakeview 208 164 -21.2
Lincoln Park 119 109 -8.2
Near North 209 206 -1.4
Loop 85 59 -30.6
       
Inventory (Months Of Supply) 10.0 8.2 -17.7
       
Median Pricing 365,000 375,000 +2.7

 

 

 

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

 

Source – MRED LLC


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Chicago Real Estate Market Summary – February 2011

18 03 2011

February 2011 showed mixed results in most categories in comparison to 2010, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. When compared with the same period in 2009, we are starting to see a very positive trend.  Unit Sales were up 48.6%, Units Under Contracts were up 56.65, and Inventories were down 50.4%.  This is the second consecutive month that we have seen significant progress compared to 2009.

While gains against 2010 may be rare until the summer because of last year’s federal tax credits, it is very encouraging to see the progress that we are making against 2009.

Two other bright spots were Units Under Contract and Months Of Supply Of Inventory which both showed improvement over February 2010

When looking at sales by price point, homes priced under $500,000 and over $1,000,000 were even with last year. Homes priced between 500,000 to 1,000,000 dropped 28%.

Unit Sales for the combined areas were down 6.2% compared to February 10, which is far less than we have seen in the past few months. 

Homes under 500,000 were up 1.1%

Homes priced from 500,000 to 1,000,000 were down 28.0%.

Homes over 1,000,000 were even with last year

Units under Contract rose 3.9% compared to February 10. 

Months of Supply dropped 28.4% for the combined areas.

Median Pricing dropped 12.2% compared to February 10.

The numbers below reflect the combined areas.

  Feb -10 Feb-11 % +/-
       
Unit Sales – Total 274 267 -6.2
Lakeview 61 75 +23.0
Lincoln Park 47 34 -27.7
Near North 108 105 -2.8
Loop 58 43 -25.9
       
Units Under Contract 410    426 +3.9
Lakeview 126 113 -10.3
Lincoln Park 78 76 -2.6
Near North 150 184 +22.7
Loop 56 53 -5.4
       
Inventory (Months Of Supply) 14.1 10.1 -28.4
       
Median Pricing 390,500 343,000 -12.2

 

 

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

 

Source – MRED LLC


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