Sales continued to outpace inventory in combined areas of Lakeview, Lincoln Park, Near North and the Loop in May 2013 and the real estate market on the North Side remained very active. While there were a few inconsistencies, Sales, Inventory and Median Pricing continued in a positive direction in all four areas (see chart below).
Some interesting notes :
Homes priced over $1,000,000 showed a 20% increase in Unit Sales and a remarkable 14.7% increase in Median Pricing when comparing May 2013 to May 2012. The Months of Supply of Inventory; however, is at 7.4 which puts this price point back into a buyers market using 6.0 as the dividing line between a buyers market and a sellers market. The Months of Supply of Inventory for homes priced between $500,000 and $1,000,000 was 2.1 and 1.7 for homes priced under $500,000. Both of these price points indicate a strong sellers market.
Overall Median Pricing for the combined areas continued in a positive trend with a 3.2% increase in May 2013 when compared to the same period last year. There were two noticeable exceptions. Lakeview prices dropped 8.1% and homes prices between $500,000 & $1,000,000 dropped 1.0% during the same period.
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||844||640||31.9|
|Unit Sales By Price Point|
|0 – $500,000||564||447||26.2|
|$500,000 – $ 1,000,000||208||133||56.4|
|$ 1,000,000 – Up||72||60||20.0|
|Units Under Contract – Total||856||640||35.2|
|Unit Inventory – Total||3,049||4,259||-28.4|
|Inventory (Months Of Supply)||2.1||5.0||-57.8|
|Median Pricing – Total||382,500||370,500||3.2|