Under $500,000 vs $ Over $1,000,000: A Tale of Two Cities

March 2016 produced mixed real estate results  in the combined areas of the Near North Side, Lincoln Park, Lakeview and North Center, in comparison to 2015 (see charts below). While Inventories continued to decrease and Median Prices increased, Unit Sales dropped and Market Times rose.

When looking at the comparatives by price point, homes priced under $500,000 seem to be driving the market while luxury homes priced over $1,000,000 are having a much more difficult time. Here are five examples  comparing March 2016 to 2015.

1. Unit Sales

Unit Sales for homes priced under $500,000 dropped 6.4%, while homes priced over $1,000,000 dropped 24.0%.

2. Unit Inventories

Unit inventories dropped 23.2% for lower priced homes. Inventories for luxury homes rose 17.0%.

3. Months of Supply of Inventory

Months of Supply of Inventory decreased 28.6% to 2.5 MSI for homes priced under $500,000, while the MSI for homes priced over $1,000,000 rose 20.0% to 7.7.

4. Median Pricing

Median Pricing rose 3.0% for lower priced homes and dropped 1.3% for luxury homes.

5. Average Market Time

Average Market Time dropped 3.2% for homes priced under $500,000, while luxury home market times rose 10.6%.

 

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