THE Real ESTATE MARKET On the North side seems to be leveling out as we move toward the end of the year.
Home sales were up and inventory levels and market times down when comparing November 2017 to 2016 for Lincoln Park, Near North, Lakeview and North Center. Median pricing was the only category that reported a downturn.
The luxury market (homes priced over $1,000,000 ) continues to improve as sellers become more realistic about pricing.
Rising inventory levels of homes priced between $500,000 and $1,000,000 continue to slow down a price point that has performed well through the first three quarters of the year.
Sales and median prices of homes priced under $500,000 are rising, despite low inventory levels and increasing market times.
November 2017 vs 2016 – Home Sales rose 4.3%.
Three of the four areas posted increases with only Lincoln Park reporting a 3.4% decrease.
Noteworthy – Sales of luxury homes (priced over $1,000,000) rose an impressive 48.9%.
Sales of homes homes priced from $500,000 to 1,000,000 decreased 16.3%.
Homes priced under $500,000 posted a 9.4% increase.
HOMES UNDER CONTRACT
November 2017 vs 2016 – Homes Under Contract increased 3.4%.
Near North and Lakeview reported single digit decreases, while Lincoln Park and North Center reported impressive double digit gains.
Noteworthy – Most home sales that closed in November went under contract in a previous month. Units Under Contract can reflect a more accurate picture of the current month, although not every home that goes under contract closes.
HOMES FOR SALE
November 2017 vs 2016 – Inventories of homes dropped 3.1%.
For the second month in a row, inventory levels dropped in three of the four neighborhoods with only Near North showing an increase (13.3% over last year).
Noteworthy – Inventory levels decreased in all three price points in November.
Luxury home inventories decreased 2.3%.
Inventories of homes priced between $500,000 to $1,000,000 dropped 1.7% .
Homes priced under $500,000 saw inventory levels fall by 8.5% , but sales seemed to be unaffected.
MONTHS OF SUPPLY OF INVENTORY
November 2017 vs 2016 – Months of Supply of Inventories dropped 9.8% to 3.7 MSI.
MSI of luxury homes priced over $1,000,000 dropped 26.0% to 7.1 MSI, for the second consecutive month and are now at their lowest point of the year.
MSI of homes priced between $500,000 and $1,000,000 showed no change at 3.8 MSI. In January, the MSI for this price point was 2.7.
Homes priced under $500,000 reported an MSI decrease of 7.7% to 2.4 MSI.
Noteworthy – Traditionally, MSI over 6.0 designates a buyer’s market and under 6.0 a seller’s market.
November 2017 vs 2016 – Median Prices saw a decrease of 1.2%.
Median Price results varied across the four areas from an 18.3% increase in Lincoln Park to a 14.2% decrease in North Center.
Noteworthy – Median prices of luxury homes priced over $1,000,000 dropped 5.1% .
Median prices of homes priced from $500,000 to $1,000,000 rose 13.5%.
Homes priced under $500,000 increased 4.0%.
DAYS ON THE MARKET
November 2017 vs 2016 – Average Days On The Market dropped 6.0% to 78 days.
Three of the four areas reported decreases in market time with only Near North posting a 22.2% increase.
Noteworthy – Market time for luxury homes priced over $1,000,000 decreased 5.1% to 128 days.
Homes priced between $500,000 and $1,000,000 posted market time decreases of 12.0% to an average of 80 days. This reversed two months of market time increases.
Homes priced under $500,000 saw an 16.0% increase in market time to an average of 64 days.