February Market Trends for Lincoln Park, the Near North Side, Lakeview and North Center continued in a POSITIVE direction for the The six indicators BELOW.
Low inventory levels for Homes Priced under $500,000 and high inventories for Luxury Homes, along with the influx of new construction are having mixed effects on the market.
Feb 2017 vs 2016 – Home Sales rose 7.0%.
Results ranged from a 2.0% decrease in Lakeview to a 28.6% increase in North Center.
Noteworthy – Sales of homes priced under $500,000 dropped 1.4%, while luxury homes (homes priced over $1,000,000) increased 10.5%. Both were a result of inventory levels going in opposite directions.
HOMES UNDER CONTRACT
Feb 2017 vs 2016 – Homes Under Contract rose 7.2%.
Results ranged from a 2.2% decrease in Lakeview to 39.5% increase in Lincoln Park.
Noteworthy – Most Home Sales that closed in February 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
Feb 2017 vs 2016 – Inventories of homes dropped 2.3%
Results ranged from a 12.8% increase in North Center to a 17.6% decrease in Lakeview.
Noteworthy – Inventories of homes priced under $500,000 dropped 22.6%, while inventories of luxury homes priced over $1,000,000 rose 27.6%. Both rising and falling inventory levels are having a dramatic affect on sales in their price points.
MONTHS OF SUPPLY OF INVENTORY
Feb 2017 vs 2016 – Months of Supply of Inventories dropped 1.0% to 3.2 MSI.
MSI of luxury homes rose 21% to 9.4 MSI, while Homes Priced Under $500,000 dropped 26.9% to 1.9 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.
Feb 2017 vs 2016 – Median Prices rose 7.0%.
Results ranged from 24.8% increase in North Center to a 17.6% decrease in Lakeview.
Noteworthy – Median Prices of Homes Prices Under $500,000 dropped 4.3% which is unusual for such low inventory levels.
DAYS ON THE MARKET
Feb 2017 vs 2016 – Average Days on the Market rose 9.0%.
Results ranged from 1.5% decrease in Lakeview to a 24.8% increase in North Center.
Noteworthy – Market Times for Luxury Homes rose a staggering 72.8% . There was no change for Homes Priced Between $500,000 and $1,000,000 and a 3.3% increase for Homes Priced Under $500,000.