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

12 11 2012

October 2012 produced dramatic increases in Unit Sales, Units Under Contract and Median Price, while Unit Inventory and Months of Supply of Inventory decreased in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when compared to October 2011. The results, however, were erratic when looking at the individual areas. (See chart below)

MEDIAN PRICING

Median prices for the combined areas increased 11% in October 2012 vs. 2011. Near North had the largest increase at 33.0% and Lincoln Park actually decreased 9.9% from last year. When looking at the same results by price point, Median Prices for homes priced under $500,000 increased 3.8% and homes priced between 500,000 and 1,000,000 increased .3%. Median Prices for homes priced over 1,000,000 dropped 12.1%..

SALES

Overall Unit Sales increased in October 2012 a dramatic 71.3% over October of 2011. Unit sales for homes prices over $1,000,000 had the slowest rate of increase for the second consecutive month at 2.3%. Homes priced between $500,000 and 1,000,000 had an astounding 90.0% increase over last year and homes priced under $500,000 increased by 62.9%.

INVENTORY

Units of Inventory and Months of Supply of Inventory continued to drop significantly in all areas.  Months of Supply of Inventory is averaging 67.8% lower than a year ago ranging from 3.4 to 4.6. It is generally agreed that anything below 6.0 designates a seller’s market and anything above a buyer’s market.

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.

Oct-12 Oct-11 % +/-
.
Unit Sales – Total 531 310 71.3
Lakeview 159 79 101.3
Lincoln Park 106 48 120.8
Near North 202 146 38.4
Loop 64 59 8.5
.
Unit Sales By Price Point
0 – $500,000 373 229 62.9
$500,000 – $ 1,000,000 114 60 90.0
$ 1,000,000 – Up 44 43 2.3
.
Units Under Contract – Total 577 339 70.2
Lakeview 151 100 51.0
Lincoln Park 91 56 62.5
Near North 257 138 89.0
Loop 78 50 56.0
.
Unit Inventory – Total 3,150 4,980 -36.7
Lakeview 826 1354 -39.0
Lincoln Park 617 972 -36.5
Near North 1260 2046 -38.0
Loop 447 532 -16.0
.
Inventory (Months Of Supply) 3.7 11.6 -67.8
Lakeview 3.6 10.5 -66.0
Lincoln Park 4.6 13.5 -66.3
Near North 3.4 12.1 -71.6
Loop 4.1 8.3 -50.4
.
Median Pricing – Total 353,000 318,000 11.0
Lakeview 348,000 315,000 10.5
Lincoln Park 465,000 516,250 -9.9
Near North 342,500 257,500 33.0
Loop 280,500 249,000 12.7

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

8 10 2012

Unit Sales and Units Under Contract continued to increase while Unit Inventories decreased in the combined areas of Lakeview, Lincoln Park, Near North and the Loop when comparing September 2012 to 2011. Median prices, however, decreased for the first time in three months. (See chart below)

Some interesting notes:

MEDIAN PRICING

Median prices dropped 3% in September 2012 vs. 2011 for the combined areas. Lakeview had the largest decrease at 15.3% and Near North actually increased by 11.5% over last year. When looking at Median Prices by price point, homes priced under $500,000 dropped 1.6%, but homes priced between 500,000 and 1,000,000 increased 4%. Median Prices for homes priced over 1,000,000 showed no change from last year.

SALES

Homes prices over $1,000,000 had the slowest rate of increase of Unit Sales at 4.9% over September of 2011. Homes priced under $500,000 had the largest rate of increase at 29.2%. It should be noted that last month we saw a major increase in the sale of luxury homes and a rise in Median Pricing.

INVENTORY

While inventory levels dropped significantly in all areas for September 2012 in comparison to 2011, the Months of Supply of Inventory was slightly higher than the previous month for the first time this year.

While there may be some monthly bumps, the overall direction of the market for Lakeview, Lincoln Park, Near North and the Loop remains positive.

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.

Sep-12 Sep-11 % +/-
Unit Sales – Total 494 396 24.7
Lakeview 134 107 25.2
Lincoln Park 107 87 23.0
Near North 182 144 26.4
Loop 71 58 22.4
Unit Sales By Price Point      
0 – $500,000 354 274 29.2
$500,000 – $ 1,000,000 97 81 19.8
$ 1,000,000 – Up 43 41 4.9
       
Units Under Contract – Total 533 329 62.0
Lakeview 149 92 62.0
Lincoln Park 99 57 73.7
Near North 204 135 51.1
Loop 81 45 80.0
       
Unit Inventory – Total 3,205 5,205 -38.4
Lakeview 832 1437 -42.1
Lincoln Park 649 1016 -36.1
Near North 1285 2107 -39.0
Loop 439 645 -31.0
Inventory (Months Of Supply) 4.2 12.5 -66.2
Lakeview 3.9 12.1 -68.0
Lincoln Park 4.3 14.0 -68.9
Near North 4.6 12.6 -63.7
Loop 3.8 11.2 -65.6
Median Pricing – Total 354,500 365,500 -3.0
Lakeview 347,450 410,000 -15.3
Lincoln Park 410,000 445,000  -7.9
Near North 355,250 318,750  +11.5
Loop 309,000 315,000  -1.9

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

25 09 2012

We last compared Bank Owned Properties to Non Bank Owned properties in December of 2011. The market has changed dramatically in the past 8 months and I thought that it would be interesting to make the same comparison for August 2012

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.

INVENTORY

In August 2012  Bank Owned Properties accounted for 8.5%  of the total homes for sale and unit inventory owned by the banks was 53.3% lower than in August of 2011. Non Bank Owned Properties accounted for 91.5 % of the total inventory in August, which was 35.0% lower than the previous year.

SALES

Unit sales of Bank Owned Properties were 11.6% of the total sales in August 2012 and represented a 46.8% increase over August 2011. Non Bank Owned Properties represented 88.4% of August 2012 sales and increased 29.1%  from August of 2011.

PRICING

Median prices of Bank Owned Properties dropped 1.8% in August 2012 in comparison to August 2012. Non Bank Owned median prices increased 3.0% during the same time period. Non Bank Owned Property median prices ($402,250) averaged significantly higher than Bank Owned prices (180,500).

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.

Unit Sales – Bank vs Non Bank – August 2012

Unit Inventory – Bank vs Non Bank – August 2012

Median Pricing – Bank vs Non Bank – August 2012

Numbers represent properties listed in the Northern Illinois MLS

Source – MREDLLC


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