Luxury Homes Rebound & Lower Priced Homes Slip - March 2017

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.

HOME SALES

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.

 

MEDIAN PRICING

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.

 

COMPLETE FEBRUARY 2017 MARKET TRENDS AND STATISTICS HERE