A Strong Start For Chicago Real Estate - February 2017

2017 BEGAN on a high note in Lincoln Park, the Near North Side, Lakeview and North Center.  The six indicators below showed positive movement in January 2017 VS 2016.

High inventories of luxury homes and low inventories in the lower price points continue to create two distinct markets.

HOME SALES

Jan 2017 vs 2016 – Home Sales rose 10.7%.

Increases ranged from 1.4% in Lincoln Park to 26.1% in North Center.

Noteworthy – Sales of homes priced under $500,000 dropped 9.4%, while luxury homes (homes priced over $1,000,000) increased 13.5%. Both were a result of inventory levels going in opposite directions.

 

HOMES UNDER CONTRACT

Jan 2017 vs 2016 – Homes Under Contract rose 22.0%.

Increases ranged from 10.7% in Lakeview to 31.1% in Lincoln Park.

Noteworthy – While most Home Sales that closed in January 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

Jan 2017 vs 2016 – Inventories of homes rose 3.0%.

Results ranged from a 13.8% increase in Lincoln Park to a 12.0% decrease in Lakeview.

Noteworthy – Inventories of homes priced under $500,000 dropped 19.8%, while inventories of luxury homes priced over $1,000,000 rose 34.6%.

 

MONTHS OF SUPPLY OF INVENTORY

Jan 2017 vs 2016 – Months of Supply of Inventories rose 3.0% to 2.9 MSI.

MSI of luxury homes rose 31% to 8.5 MSI, while Homes Priced Under $500,000 dropped 19.0% to 1.7 MSI.

Noteworthy – Traditionally MSI over 6.0 designates a buyer’s market and under 6.0 a seller’s market. The numbers above accentuate the difference between the two price points.

 

MEDIAN PRICING

Jan 2017 vs 2016 – Median Prices rose 19.0%.

Increases ranged from 9.4% in the Near North Side to 36.1% in North Center.

Noteworthy – Once again price point shows two different markets. Prices of luxury homes dropped 17.4%, while lower priced homes rose 3.3%.

 

DAYS ON THE MARKET

Jan 2017 vs 2016 – Average Days on the Market rose 2.9%.

Results ranged from 23.3% increase in Lakeview to a 29.9% decrease in Lincoln Park.

Noteworthy – This is the only indicator where price point was not a factor, as all price points showed an increase in market time.

 

ADDITIONAL DETAILED MARKET TRENDS AND STATISTICS HERE