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

18 06 2013

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 :

LUXURY MARKET

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.

MEDIAN PRICING

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.

May-13 May-12 % +/-
.
Unit Sales – Total 844 640 31.9
Lakeview 253 177 42.9
Lincoln Park 203 129 57.4
Near North 299 256 16.8
Loop 89 78 5.0
.
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
Lakeview 287 193 48.7
Lincoln Park 181 128 41.4
Near North 303 244 24.2
Loop 94 75 3.3
.
Unit Inventory – Total 3,049 4,259 -28.4
Lakeview 884 1143 -22.7
Lincoln Park 586 858 -31.7
Near North 1178 1763 -33.2
Loop 401 495 -10.3
.
Inventory (Months Of Supply) 2.1 5.0 -57.8
Lakeview 1.7 4.2 -59.2
Lincoln Park 1.8 4.9 -63.5
Near North 2.4 5.6 -56.4
Loop 2.8 5.0 -44.6
.
Median Pricing – Total 382,500 370,500  3.2
Lakeview 356,000 387,500 -8.1
Lincoln Park 459,000 410,930  11.7
Near North 400,000 355,500  12.7
Loop 334,000 317,950  5.0

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

9 05 2013

Record low inventory levels and high demand in April 2013 saw the Months of Supply of Inventory fall under 2.0 for the first time in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. It is generally agreed that anything below 6.0 is considered a seller’s market and anything above is a buyer’s market. The  inventory levels continue to produce record low market times and multiple offers for many properties that are priced correctly. (See chart below)

MEDIAN PRICING

Median Prices for the combined areas rose 11.5% for April 2013 vs. 2012. The Near North Side increased 10.3% over last year, the Loop rose 11.9%, Lincoln Park 14.8% and Lakeview increased 6.1%. When looking at the same results by price point all showed increases. Homes priced under $500,000 increased by 9.6%, homes priced between 500,000 and 1,000,000 rose 1.1%.and homes priced over 1,000,000 increased by 1.6%.

SALES

Overall Unit Sales increased in April 2013 by 29.4% over April 2012 and Units Under Contract rose 37.7% over last year. Unit Sales for homes prices over $1,000,000 increased 31.7%. Homes priced between $500,000 and 1,000,000 rose 72.6% over last year and homes priced under $500,000 increased by 17.9%. These numbers are quite impressive taking into account the low inventory levels and the fact that market had begun to heat up by April 2012.

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas and are having a dramatic affect on the market. Months of Supply of Inventory averaged 1.7 (MSI), 63.0% lower than a year ago. Homes priced under $500,000 had a 1.3 MSI. Those priced between $500,000 and $1,000,000 had a 2.0 MSI and homes priced over $1,000,000 had a 4.4 MSI.

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.

Apr-13 Apr-12 % +/-
.
Unit Sales – Total 639 494 29.4
Lakeview 198 142 38.0
Lincoln Park 130 103 26.2
Near North 235 187 25.7
Loop 78 62 25.8
.
Unit Sales By Price Point
0 – $500,000 421 357 17.9
$500,000 – $ 1,000,000 164 95 72.6
$ 1,000,000 – Up 54 41 31.7
.
Units Under Contract – Total 950 690 37.7
Lakeview 295 196 50.5
Lincoln Park 195 168 16.1
Near North 331 244 35.7
Loop 129 82 57.3
.
Unit Inventory – Total 2,974 4,383 -32.1
Lakeview 833 1176 -29.2
Lincoln Park 553 936 -40.9
Near North 1180 1752 -32.6
Loop 408 519 -21.4
.
Inventory (Months Of Supply) 1.7 4.7 -63.0
Lakeview 1.5 4.4 -66.5
Lincoln Park 1.5 3.9 -61.7
Near North 2.1 5.5 -61.9
Loop 1.8 4.7 -61.2
.
Median Pricing – Total 385,500 345,750 11.5
Lakeview 385,250 363,000 6.1
Lincoln Park 476,250 415,000 14.8
Near North 375,000 340,000 10.3
Loop 316,250 282,500 11.9

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A Comparison Of Bank Owned Properties To Non Bank Owned Properties – Lakeview, Lincoln Park And Near North – March 2013 vs March 2012

24 04 2013

We last compared Bank Owned Properties to Non Bank Owned Properties in August 2012. The market has changed dramatically in the past 8 months and I thought it would be interesting to make the same comparison for March 2013. Bank Owned Properties have not impacted Near North, Lincoln Park and Lakeview  to the extent that they have in other parts of the city and their dwindling numbers are making them a “non issue” in the current recovering market.

I have attached 3 reports below that show comparisons of Bank Owned Properties to Non Bank Owned Properties by month for the past 2 years, for Near North, Lincoln Park and Lakeview. (see below)

INVENTORY

In March 2013  Bank Owned Properties accounted for 7.2%  of the total homes for sale and unit inventory owned by the banks. This was 61.9% lower than in March of 2012. Non Bank Owned Properties accounted for 92.8 % of the total inventory in March, which was 33.3% lower than the previous year.  For the combined areas, there were 174 Bank Owned Properties for sale in March of 2013 vs 450 in March of 2012 and 531 in March of 2011.

SALES

Unit sales of Bank Owned Properties were 12.6% of the total sales in March 2013  and represented a 25.0% decrease over March 2012. Non Bank Owned Properties represented 87.4% of March 2013 sales and increased 21.4%  from March of 2012.

PRICING

Median prices of Bank Owned Properties rose 15.4% in March 2013 in comparison to March 2012. Non Bank Owned Property median prices increased 5.5% during the same time period and median prices  averaged significantly higher ($395,500) than Bank Owned Property prices ($230,900).

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.

Bank Owned vs Non Bank Owned – Unit Sales

Bank Owned vs Non Bank Owned – Unit Inventory

Bank Owned vs Non Bank Owned – Median Pricing

Numbers represent properties listed in the Northern Illinois MLS

Source – MREDLLC


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

10 04 2013

March 2013 saw a continuation of low inventory levels and high demand in the combined areas of Lakeview, Lincoln Park, Near North and the Loop, resulting in a buyer “feeding frenzy” for many of the available homes. Record low market times and multiple offers are quite common; however, not everything is selling in one day!!!!  (See chart below)

MEDIAN PRICING

Median Prices for the combined areas rose 13.2% for March 2013 vs. 2012. Lakeview carried the combined areas with a 23.7% increase over last year.  The Loop rose 11.4%, Lincoln Park 11.1% and Near North increased 17.1%. When looking at the same areas by price point, all showed increases. Homes priced under $500,000 increased by 7.4%, homes priced between 500,000 and 1,000,000 rose 1.1% and homes priced over 1,000,000 increased by 9.4%.

SALES

Overall Unit Sales increased in March 2013 by 10.1% over March 2012 and Units Under Contract rose 24.4% over last year. Unit Sales for homes priced over $1,000,000 increased 31.0%. Homes priced between $500,000 and 1,000,000 rose 72.7% over last year and homes priced under $500,000 decreased by 4.8% (probably due to the dramatically low months of supply of inventory).

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas and are having a dramatic affect on the market. Months of Supply of Inventory averaged 60.2% lower than a year ago. Homes priced under $500,000 had a 1.6 MSI. Those priced between $500,000 and $1,000,000 had a 2.0 MSI and homes priced over $1,000,000 had a 5.1 MSI.

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.

Mar-13 Mar-12 % +/-
.
Unit Sales – Total 489 444 10.1
Lakeview 142 128 10.9
Lincoln Park 103 75 35.5
Near North 184 189 -2.6
Loop 60 52 15.4
.
Unit Sales By Price Point
0 – $500,000 320 336 -4.8
$500,000 – $ 1,000,000 114 66 72.7
$ 1,000,000 – Up 55 42 31.0
.
Units Under Contract – Total 811 653 24.1
Lakeview 249 204 22.1
Lincoln Park 177 127 39.3
Near North 300 240 25.0
Loop 85 82 3.7
.
Unit Inventory – Total 2,801 4,476 -37.4
Lakeview 742 1207 -38.5
Lincoln Park 572 883 -35.2
Near North 1107 1800 -38.5
Loop 380 586 -32.9
.
Inventory (Months Of Supply) 2.0 5.1 -60.2
Lakeview 1.6 4.3 -61.5
Lincoln Park 1.8 5.4 -66.6
Near North 2.3 5.8 -60.9
Loop 2.8 5.0 -43.7
.
Median Pricing – Total 380,000 335,500 13.2
Lakeview 388,250 313,750 23.7
Lincoln Park 472,500 425,000 11.1
Near North 371,250 317,000 17.1
Loop 322,450 289,500 11.4

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New Heating and Air Conditioning Law, Effective May 1, 2013 Could Dramatically Raise Replacement Costs For Homes Built Before 2000.

27 03 2013

If your home was built before 2000 there is a new law that will take effect on May 1, 2013 which could make replacing your heating and air conditioning equipment significantly more expensive. The changes in the law have not been widely publicized and I learned of them from my heating and air conditioning technician during a service call. Your hot water heater may also be affected if it uses the same venting as the HVAC unit.

The following is an excerpt from an article by JML Heating & Cooling inc. that explains the new law and how it could potentially affect the cost of heating and air conditioning replacement.

The Department of Energy (DOE) is implementing a law to raise the efficiency of heating and air conditioning equipment. The first efficiency change will take effect on May 1, 2013. This efficiency change will raise the minimum standard in the Northern Region for non-weatherized gas furnaces and mobile home gas furnaces from 80% AFUE to 90% AFUE.

As the law currently stands:

The effective date will carry an installation ban, meaning it will be illegal for heating contractors to install any furnace below 90% efficiency on or after May 1, 2013 in the Northern Region.

It will also be illegal for manufacturers to manufacture furnaces below 90% efficiency and for distributors to sell furnaces below 90% efficiency on or after May 1, 2013.

This change in minimum efficiency from 80% to 90% AFUE applies to BOTH new home construction and residential replacements.

While there is a significant gas savings going from an 80% efficiency furnace to a 90% or higher efficiency furnace. If you currently have an 80% furnace in your home this new law will require a change in the venting of your furnace. An 80% furnace vents through a home’s chimney using metal pipe.  A 90% furnace is vented through the wall or roof using PVC pipe.

In certain types of homes, such as those with finished basements and multi-family units (condos and apartments), the labor costs to install a 90% furnace may out-weigh the gas savings that a higher efficiency furnace would bring.

If you are in need of a new furnace now or will be in need of one in the next few years, you may want to consider the labor costs that may be involved with a furnace change at your home when determining whether you should purchase a new furnace before the new law goes into effect.

Source – JML Heating and Cooling Inc.


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

7 03 2013

February 2013 saw a continuation of the remarkable turn around of Sales and Inventory in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when compared to February 2012. Pricing continues to be erratic. (See chart below)

MEDIAN PRICING

Median Prices for the combined areas were flat for February 2013 vs. 2012. The Near North Side carried the combined areas with a 23.1% increase over last year. All of the other areas showed decreases. The Loop dropped 6.8%, Lincoln Park 14.9% and Lakeview 1.9%. When looking at the same results by price point all showed increases. Homes priced under $500,000 increased by 2.5%, homes priced between 500,000 and 1,000,000 rose .04% and homes priced over 1,000,000 increased by 15.2%.

SALES

Overall Unit Sales increased in February 2013 by 10.0% over February 2012. This was less than we have seen in previous months; however, Units Under Contract rose 40.4% over last year. Unit Sales for homes prices over $1,000,000 increased 16%. Homes priced between $500,000 and 1,000,000 rose 21.6% over last year and homes priced under $500,000 increased by 6.3%.

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas and are having a dramatic affect on the market. Months of Supply of Inventory averaged 65.4% lower than a year ago. Homes priced under $500,000 had a 1.9 MSI. Those priced between $500,000 and $1,000,000 had a 2.2 MSI and homes priced over $1,000,000 had a 4.9 MSI.

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.

Feb-13 Feb-12 % +/-
.
Unit Sales – Total 309 281 10.0
Lakeview 95 76 25.0
Lincoln Park 51 48 6.2
Near North 118 113 4.4
Loop 45 44 2.3
.
Unit Sales By Price Point
0 – $500,000 218 205 6.3
$500,000 – $ 1,000,000 62 51 21.6
$ 1,000,000 – Up 29 25 16.0
.
Units Under Contract – Total 698 497 40.4
Lakeview 240 155 54.8
Lincoln Park 157 104 51.0
Near North 230 189 21.7
Loop 71 49 44.9
.
Unit Inventory – Total 2,611 4,306 -39.4
Lakeview 718 1147 -37.6
Lincoln Park 525 854 -38.5
Near North 1032 1744 -40.8
Loop 338 561 -39.8
.
Inventory (Months Of Supply) 2.3 6.8 -65.4
Lakeview 1.7 5.6 -69.8
Lincoln Park 1.9 6.3 -69.9
Near North 3.1 7.5 -58.9
Loop 3.2 8.8 -64.0
.
Median Pricing – Total 325,000 325,000  0.0
Lakeview 330,000 336,250 -1.9
Lincoln Park 449,000 527,500 -14.9
Near North 320,000 260,000 +23.1
Loop 316,450 295,000 -6.8

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

12 02 2013

January 2013 began the New Year with a continuation of positive trends for Sales, Inventory and Pricing in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when compared to January 2012. The results were consistent among all of the areas; however, when comparing price points, luxury homes did not keep pace in two important categories. (see chart below)

MEDIAN PRICING

Median Prices for the combined areas increased 3% in January 2013 vs. 2012. The Loop increased 5.7%, Lincoln Park and Near North 3% and Lakeview 1.1%. When looking at the same results by price point, Median Prices for homes priced under $500,000 increased by 7.2%, while homes priced between 500,000 and 1,000,000 dropped by .2%. Median Prices for homes priced over 1,000,000 increased by 11.8%.

SALES

Overall Unit Sales increased in January 2013 by 22.8% over January 2012; however, Unit Sales for homes prices over $1,000,000 decreased 4.3%. Homes priced between $500,000 and 1,000,000 had a strong 31.9% increase over last year and homes priced under $500,000 increased by 23.8%.

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas. Months of Supply of Inventory averaged 66.7% lower than a year ago; however, when broken down by price point, luxury homes did not keep pace. Homes priced under $500,000 had a 2.1 MSI. Those priced between $500,000 and $1,000,000 had a 3.9 MSI and homes priced over $1,000,000 had a 8.2 MSI.

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.

Jan-13 Jan-12 % +/-
.
Unit Sales – Total 339 278 22.8
Lakeview 104 73 42.5
Lincoln Park 58 53 9.4
Near North 135 115 17.4
Loop 42 35 20.0
.
Unit Sales By Price Point
0 – $500,000 255 206 23.8
$500,000 – $ 1,000,000 62 47 31.9
$ 1,000,000 – Up 22 23 -4.3
.
Units Under Contract – Total 535 362 47.8
Lakeview 151 97 55.7
Lincoln Park 106 71 49.3
Near North 211 146 44.5
Loop 67 48 39.6
.
Unit Inventory – Total 2,486 4,098 -39.3
Lakeview 620 1079 -42.5
Lincoln Park 470 797 -41.0
Near North 1023 1709 -40.1
Loop 373 513 -27.3
.
Inventory (Months Of Supply) 3.0 9.0 -66.7
Lakeview 2.6 8.8 -70.1
Lincoln Park 2.8 8.7 -67.5
Near North 3.2 9.5 -66.8
Loop 3.7 8.5 -56.8
.
Median Pricing – Total 330,000 320,000 3.0
Lakeview 333,750 333,000 1.1
Lincoln Park 431,250 419,000 2.9
Near North 314,000 305,000 3.0
Loop 261,500 247,500 5.7

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2013 Chicago Real Estate Tax Exemptions – City, County and State

29 01 2013

The City of Chicago, Cook County and The State of Illinois offer a number of  property tax exemptions. 

Please review the list of exemptions below provided by the Cook County Treasurer’s Office,  to be sure that you are taking advantage of everything that may be available to you.

Please let us know if you have any questions or need any additional information. (see contact information tab above)

Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.

1. Homeowner Exemption

Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.

The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.

In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate).

This program is administered by the Cook County Assessor’s Office. New owners should apply to:

Cook County Assessor’s Office
118 North Clark Street, Room 320
Chicago, IL 60602
312.443.7550

You may find applications and additional information at: www.cookcountyassessor.com

2. Senior Citizen Homestead Exemption

Seniors can save up to $250 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. For the 2011 tax year, the applicant must have owned and occupied the property as of January 1, 2011 and must have been 65 years of age or older during the year for which you are applying.

3. Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular reassessment increases that may occur every three years.

For the 2011 tax year, the applicant must have owned and occupied the home on January 1, 2010 and January 1, 2011 and have been responsible for the 2010 and 2011 taxes.

4. Home Improvement Exemption

Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located.

There are also several state and city programs now available.

Senior Citizen Tax Deferral
The household income limit to participate in this program has increased to $55,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all of the tax may be deferred until the house is sold or until the death of the taxpayer. To apply, contact the Cook County Treasurer’s Office at 312.443.5100.

Disabled Veteran Homestead Exemption
Administered through the Illinois Department of Veteran’s Affairs. Call 312.814.2460.

Circuit Breaker Program
Seniors and disabled citizens receive a state grant based on property taxes, nursing home costs or pharmaceutical expenses. For information, call the Illinois Department on Aging at 1.800.252.8966.

Source – Cook County Treasurer’s Office


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December 2012 – Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

8 01 2013

December 2012 continued positive trends in Sales, Inventory and Pricing in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when compared to December 2011. This was a truly remarkable year in real estate on the North Side and we are cautiously optimistic about 2013. The December results continued to be consistent among all of the areas; however, when comparing price points there are some variations. (see chart below)

MEDIAN PRICING

Median Prices for the combined areas increased 23.4% in December 2012 vs. 2011. This substantial increase was driven by Near North (+48.8%) and the Loop (+26.9%). Lincoln Park and Lakeview had single digit increases.  When looking at the same results by price point, Median Prices for homes priced under $500,000 increased by 12.2%, while homes priced between 500,000 and 1,000,000 rose by 1.2%. Median Prices for homes priced over 1,000,000 increased by 9.5%.

SALES

Overall, Unit Sales increased in December 2012 by 27.4% over December of 2011. Unit Sales for homes prices over $1,000,000 rose 110% after two previously sluggish months. Homes priced between $500,000 and 1,000,000 had a strong 57.9% increase over last year and homes priced under $500,000 increased by 9.9%.

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas. Months of Supply of Inventory averaged 63.0% lower than a year ago; however, when broken down by price point there are some differences. Homes priced under $500,000 had a 3.3 MSI. Those priced between $500,000 and $1,000,000 had a 4.8 MSI and homes priced over $1,000,000 had a 6.6 MSI.

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-12 Dec-11 % +/-
.
Unit Sales – Total 484 380 27.4
Lakeview 127 96 32.3
Lincoln Park 75 59 27.1
Near North 203 166 22.3
Loop 79 59 33.9
.
Unit Sales By Price Point
0 – $500,000 301 274 9.9
$500,000 – $ 1,000,000 120 76 57.9
$ 1,000,000 – Up 63 30 110.0
.
Units Under Contract – Total 382 289 32.2
Lakeview 118 76 55.3
Lincoln Park 64 39 64.1
Near North 136 124 9.7
Loop 64 50 28.0
.
Unit Inventory – Total 2,325 4,047 -42.6
Lakeview 557 1047 -44.9
Lincoln Park 435 745 -41.6
Near North 952 1722 -44.7
Loop 361 533 -32.3
.
Inventory (Months Of Supply) 4.1 11.2 -63.0
Lakeview 3.1 10.7 -71.0
Lincoln Park 4.6 15.4 -70.2
Near North 4.9 11.3 -56.7
Loop 4.0 8.3 -52.3
.
Median Pricing – Total 388,750 315,000 23.4
Lakeview 330,000 308,750 6.9
Lincoln Park 445,000 437,500 1.7
Near North 450,000 302,500 48.8
Loop 316,000 249,000 26.9

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November 2012 – Real Estate Market Summary for Lakeview, Lincoln Park, Near North and the Loop

11 12 2012

November 2012 continued positive trends for Sales, Inventory and Pricing in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when compared to November 2011  (See chart below). The results were consistent among all of the areas; however, they were more erratic when we compared them by price points.

MEDIAN PRICING

Median Prices for the combined areas increased 7.8% in November 2012 vs. 2011. Lakeview was the only area with a decrease.  When looking at the same results by price point, Median Prices of homes priced under $500,000 increased by 3.9%, while homes priced between 500,000 and 1,000,000 decreased by 1.5%. Median Prices of homes priced over $1,000,000 increased by an impressive 16.2%.

SALES

Overall Unit Sales increased in November 2012 by 38.9% over November 2011. Unit Sales of homes prices over $1,000,000 had the slowest rate of increase for the third consecutive month at 4.7%. Homes priced between $500,000 and 1,000,000 had a dramatic 80.4% increase over last year and homes priced under $500,000 increased by 35.1%.

INVENTORY

Units of Inventory and Months of Supply of Inventory (MSI) continued to drop significantly in all areas. Months of Supply of Inventory averaged 64.1% lower than a year ago; however, when broken down by price point there were some significant variations. Homes priced under $500,000 had a 2.9 MSI. Those priced between $500,000 and $1,000,000 had a 4.9 MSI and homes priced over $1,000,000 had a 10.6 MSI.

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.

Nov-12 Nov-11 % +/-
.
Unit Sales – Total 450 324 38.9
Lakeview 121 83 45.8
Lincoln Park 70 59 18.6
Near North 185 134 38.1
Loop 74 48 54.2
.
Unit Sales By Price Point 
0 – $500,000 304 225 35.1
$500,000 – $ 1,000,000 101 56 80.4
$ 1,000,000 – Up 45 43 4.7
.
Units Under Contract – Total 464 329 41.0
Lakeview 128 79 62.0
Lincoln Park 85 66 28.8
Near North 169 141 19.9
Loop 82 43 90.7
.
Unit Inventory – Total 2,707 4,543 -40.4
Lakeview 687 1201 -42.8
Lincoln Park 534 889 -39.9
Near North 1083 1890 -42.7
Loop 403 563 -28.4
.
Inventory (Months Of Supply) 4.0 11.1 -64.1
Lakeview 3.6 11.9 -70.2
Lincoln Park 4.2 10.3 -59.0
Near North 4.6 11.1 -58.8
Loop 3.3 11.0 -70.2
.
Median Pricing – Total 360,000 334,000 7.8
Lakeview 360,000 385,000 -6.5
Lincoln Park 470,000 395,000 19.0
Near North 350,000 287,500 21.7
Loop 340,000 238,500 42.6

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

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