Chicago Real Estate Market Summary – January 2012

8 02 2012

  January started the new year with mostly positive results. Unit Sales and Units Under Contract increased when compared with January 2011. This seems to have been driven by sales of homes priced under $500,000, as homes priced over $500,000 declined against 2011.

 Inventory Units and Months Of Supply decreased considerably against last year; however, inventories remain high enough to continue to drive median prices down.  Two interesting exceptions were Lincoln Park where January 2012 median prices showed an increase against 2011 and Lakeview which was even in comparison to last year.   

While we seem to be making progress in sales and inventory, pricing will probably be the biggest challenge of 2012

  Jan-12 Jan-11 % +/-
       
Unit Sales – Total 267 233 14.6
Lakeview 69 53 30.2
Lincoln Park 53 46 15.2
Near North 111 109 36.0
Loop 34 25 36.0
       
Unit Sales By Price Point       
0 – $500,000 199 160 24.4
$500,000 – $ 1,000,000 48 50 -4.0
$ 1,000,000 – Up 23 25 -8.0
       
Units Under Contract – Total 416 312 33.3
Lakeview 109 77 41.6
Lincoln Park 80 53 50.9
Near North 174 137 27.0
Loop 53 45 17.8
       
Unit Inventory – Total 3,843 5,451 -29.5
Lakeview 1021 1401 -27.1
Lincoln Park 749 891 -15.9
Near North 1605 2442 -34.3
Loop 468 717 -34.7
       
Inventory (Months Of Supply) 7.0 14.1 -50.4
Lakeview 7.0 14.8 -52.5
Lincoln Park 6.9 13.8 -50.1
Near North 7.2 14.4 -50.4
Loop 6.7 12.6 -46.7
       
Median Pricing – Total 325,000 380,000 -14.5
Lakeview 355,000 355,000     0.0
Lincoln Park 450,000 388,382    15.9
Near North 309,500 385,000   -19.6
Loop 247,850 335,000    -26.2

Source – MREDLLC  (Numbers reflect only properties listed in MLS of Northern Illinois)


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Chicago Real Estate Market Summary – December 2011

9 01 2012

After four months of consistent results, Lakeview, Lincoln Park, Near North and the Loop posted very mixed numbers when comparing December 2011 to 2010.

Unit Sales dropped  for the first time since July of 2011, for the combined areas against the same time period last year; however, Lakeview and properties priced $500,000 and under showed increases. Properties priced over $1,000,000 dropped 49.1%.

Units Under Contract increased for all areas, while Inventory Units and Months of Supply  continued dramatic decreases over the same period last year. Inventory levels remain high enough to continue to drive prices down. Median prices in December dropped 18.8% when compared to 2010.

       
  Dec-11 Dec-10 % +/-
       
Unit Sales – Total 352 373  -5.6
Lakeview  76  54   40.7
Lincoln Park  29  40  -27.5
Near North 109 107     1.9
Loop  40  42    -4.8
       
Unit Sales By Price Point       
0 – $500,000 254 243     4.5
$500,000 – $ 1,000,000  73  78    -6.4
$ 1,000,000 – Up  28  55  -49.1
       
Units Under Contract – Total 326 302   7.9
Lakeview  62  45   37.8
Lincoln Park  27  21   28.6
Near North  99  91     8.8
Loop  40  38     5.3
       
Unit Inventory – Total 3,776 5,519 -31.6
Lakeview  744 1017  -26.8
Lincoln Park  363  478  -24.1
Near North  881  1469  -40.0
Loop  330  568  -41.9
       
Inventory (Months Of Supply)  8.8 14.4 -38.8
Lakeview  8.8 18.4  -52.0
Lincoln Park 10.0 17.9  -44.1
Near North  6.7 13.0  -48.6
Loop  5.9 10.6  -43.9
       
Median Pricing – Total 315,000 388,000 -18.8
Lakeview 253,500 322,500  -21.4
Lincoln Park 288,000 351,500  -18.1
Near North 247,000 270,000    -8.5
Loop 211,500 261,250  -19.0

Numbers represent only properties listed in the MLS of Northern Illinois.

SOURCE – MRED LLC


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Chicago Real Estate Market Summary – November 2011

8 12 2011

November 2011 showed  continued increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply for the fourth consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when compared to November 2010.

 Inventory levels continue to decline in comparison to a year ago and averaged 8.7 months of supply this year for the combined areas, compared to 18.1 months of supply in November 2010. These levels are still high enough to have a negative effect on median pricing which dropped 10.1%

When looking at the combined areas by price point, homes priced under $500,000 and those priced over $1,000,000 showed unit sales increases, while homes priced between $500,000 and $1,000,000 showed a 17.1 % decrease in comparison to November 2010.

       
  Nov-11 Nov-10 % +/-
       
Unit Sales – Total 311 287   8.4
Lakeview   81   73  11.0
Lincoln Park   57   55    3.6
Near North 125 119    5.0
Loop   48   40   20.0
       
Unit Sales By Price Point       
0 – $500,000 216 194  11.3
$500,000 – $ 1,000,000   58   70 -17.1
$ 1,000,000 – Up   41   31  32.2
       
Units Under Contract – Total 377 278  35.6
Lakeview 100   73  37.0
Lincoln Park   72   61  18.0
Near North 156 113  38.1
Loop   49   31  58.1
       
Unit Inventory – Total 4,269 6,103 -30.1
Lakeview 1146 1525 -24.9
Lincoln Park  848 1045 -18.9
Near North 1763 2654 -33.6
Loop  512  879 -41.8
       
Inventory (Months Of Supply)  8.7 18.1 -51.8
Lakeview  8.5 16.8 -49.4
Lincoln Park  8.7 13.3 -35.2
Near North  9.0 19.7 -54.5
Loop  8.4 24.5 -65.8
       
Median Pricing – Total 335,000 372,000 -10.1
Lakeview 385,000 415,000   -7.1
Lincoln Park 395,000 457,000 -13.7
Near North 305,000 330,000   -7.6
Loop 238,500 324,500 -26.5
        

Source - MREDLLC


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Chicago Real Estate Market Summary – October 2011

8 11 2011

Increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply continued for the third consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when comparing October 2011 to 2010.

Inventory levels continue to decline dramatically in comparison to a year ago and averaged 9.1 months of supply for the combined areas. These levels are still high enough to have a negative effect on median pricing which dropped 17.8%

Lincoln Park was an exception to otherwise consistent results with the only decrease in unit sales by 5.8%, yet posting a 20.3% increase in median pricing.

It should be noted that while homes priced under $500,000 and those priced between $500,000 and $1,000,000 showed increases, homes priced over $1,000,000 showed a decrease.

  Oct-11 Oct-10 % +/-
       
Unit Sales – Total 305 291   4.8
Lakeview   79   69  14.5
Lincoln Park   48   57 -15.8
Near North 142 130    9.2
Loop   36   35    2.9
       
Unit Sales By Price Point       
0 – $500,000 224 207   8.3
$500,000 – $ 1,000,000  60  49  22.4
$ 1,000,000 – Up  21  35 -40.0
       
Units Under Contract – Total 395 334  18.3
Lakeview 109  88  23.9
Lincoln Park  73  70   4.3
Near North 160 140  14.3
Loop  53  36  47.2
       
Unit Inventory – Total 4746 6573 -27.8
Lakeview 1309 1641 -20.2
Lincoln Park  949 1162 -18.3
Near North 1924 2872 -33.0
Loop  564 898 -37.2
       
Inventory (Months Of Supply) 9.1 16.2 -43.7
Lakeview 9.0 15.2 -40.7
Lincoln Park 9.7 13.1 -26.0
Near North 9.3 16.9 -45.4
Loop 8.2 21.7 -62.5
       
Median Pricing – Total 320,500 390,000 -17.8
Lakeview  315,000  395,000 - 20.3
Lincoln Park  516,250  463,000   11.5
Near North  260,050  390,000 -33.3
Loop  287,500  252,500   13.3

Source – MREDLLC


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Chicago Real Estate Market Summary – September 2011

11 10 2011

Increases in Unit Sales and Units Under Contract and decreases in Inventory and Months Of Supply continued for the second consecutive month in Lakeview, Lincoln Park, Near North and the Loop  when comparing September 2011 to 2010.

Even with inventory decreases, levels are still high enough to continue to drive prices down, if only by 1.9% for the combined areas in September.

Decreases in Unit Sales in Near North and increases in Median Price in Lakeview were exceptions to otherwise consistent results.

It should be noted that while homes priced under $500,000 and those priced over $1,000,000 showed increases, homes priced between $500,000 and $1,000,000 showed a decrease.

  Sep-11 Sep-10 % +/-
       
Unit Sales – Total 387 339 14.2
Lakeview 105  80 31.2
Lincoln Park  85  56 51.8
Near North 142 157 -9.6
Loop  55  48 19.6
       
Unit Sales By Price Point       
0 – $500,000 273 231 18.2
$500,000 – $ 1,000,000  77  83 -7.2
$ 1,000,000 – Up  39  27 44.4
       
Units Under Contract – Total 396 281 40.9
Lakeview 111   74 50.0
Lincoln Park  63   50 26.0
Near North 165 119 38.7
Loop  57   38 50.0
       
Unit Inventory – Total 4978 6878 -27.6
Lakeview 1399 1763 -20.6
Lincoln Park  991 1227 -19.2
Near North 1985 2944 -32.2
Loop   593  944 -37.2
       
Inventory (Months Of Supply)  9.6 20.4 -53.0
Lakeview  9.4 19.1 -50.5
Lincoln Park 12.1 19.7 -38.6
Near North  9.4 21.1 -55.4
Loop  7.6 21.8 -64.7
       
Median Pricing – Total 365,000 370,000 -1.4
Lakeview 410,000 320,000  28.1
Lincoln Park 440,00 515,000 -14.7
Near North 318,750 349,000  -8.7
Loop 315,000 394,450 -29.1
       

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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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 – 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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