The real estate market for the combined areas of the Near North Side, Lincoln Park, Lakeview and North Center, continued to produce strong numbers when comparing May 2016 to 2015.
Unit Sales, Units Under Contract and Median Pricing all showed increases, while Unit Inventories, Months of Supply of Inventory and Market Time showed decreases, when compared to May 2105.
When looking at the same neighborhoods by price points, Unit Sales continue to be strong; however, Inventories and Market Times show the luxury market (homes priced over $1,000,000) and the lower price points going in very different directions.
- INVENTORY – Unit Inventories of homes priced under $1,000,000 dropped 22.6% when compared to May 2015 and Months of Supply Inventory dropped 27.7% to 2.6 MSI. Unit Inventories of luxury homes rose 7.8% and MSI rose 4.1% to 7.5.
- DAYS ON THE MARKET – Average Days On The Market for homes priced under $1,000,000 dropped 29.2% in comparison to 2015, while market times for luxury homes rose 25.4% during the same period.