Spring Home Sales Down

Unit Sales for the combined areas of the Near North Side, Lincoln Park, Lakeview and North Center were a bit softer than in the past few months when comparing June 2016 to 2015, but most of the other indicators were positive.

Unit Sales for the combined areas of the Near North Side, Lincoln Park, Lakeview and North Center were a bit softer than in the past few months when comparing June 2016 to 2015, but most of the other indicators were positive. (see charts below)

Unit Sales were down 2.4%, while Units Under Contract and Median Pricing  showed modest increases. Unit Inventories and Months of Supply of Inventory continued the dramatic decreases that we have been seeing  though out 2016. The comparable that really stood out was Average Days on the Market which jumped 16% in June 2016 compared to 2015.

When looking at the same neighborhoods by price point, luxury homes (homes priced over $1,000,000) continue to send mixed signals. Unit Sales showed a healthy increase of 20.8% in June 2016 vs 2015 ; however, other indicators tell a different story. Unit Inventories, which have dropped throughout 2016 in the lower price points, continue to rise for luxury homes. In June, luxury inventories rose 9.4%. The same is true for Months of Supply of Inventory. The lower price points continue to drop to almost record levels, while the luxury market rose 7.7% to 8.4 MSI. Median Prices dropped 7.9% in June for luxury homes and Average Days on the Market rose a dramatic 61%.

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