Going Up! Sales, Inventory And Prices - April 2017

Sales, Inventory and Prices are rising in LINCOLN PARK, THE NEAR NORTH SIDE, LAKEVIEW AND NORTH CENTER, While market times are dropping.

Low inventory levels for Homes Priced under $500,000 and high inventories for Luxury Homes, along with the influx of new construction continue to create two distinct markets.

HOME SALES

Mar 2017 vs 2016 – Home Sales rose 20.6%.

Results ranged from a 13.2% increase in Lakeview to a 41.5% increase in Lincoln Park. There was no change in North Center.

Noteworthy – Luxury homes (homes priced over $1,000,000) increased a dramatic 41%.  This was the second consecutive month of increases after a long string of decreases. In comparison, sales of homes priced under $500,000 increased 7.0%,  Both were a result of inventory levels going in opposite directions.

 

HOMES UNDER CONTRACT

Mar 2017 vs 2016 – Homes Under Contract rose 6.0%.

Results  ranged from a 7.1% decrease in Lincoln Park to a 14.1% increase in North Center.

Noteworthy – Most Home Sales that closed in March 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

Mar 2017 vs 2016 – Inventories of homes rose  1.2%.

Results ranged from a 12.1% increase in North Center to a 14.1% decrease in Lakeview.

Noteworthy – Inventories of homes priced under $500,000 dropped 20.6%, while inventories of luxury homes priced over $1,000,000 rose 34.0%. Both rising and falling inventory levels are having a dramatic affect on their repesctive price points.

 

MONTHS OF SUPPLY OF INVENTORY

Mar 2017 vs 2016 – Months of Supply of Inventories increased 2.9% to 3.5 MSI.

MSI of luxury homes rose 25% to 10.0 MSI, while Homes Priced Under $500,000 dropped 26.0% to 2.0 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

Mar 2017 vs 2016 – Median Prices rose 8.6%.

Results  ranged from 14.9% increase in Lincoln Park to a 0.4% decrease in Lakeview.

Noteworthy –  Median Prices of Luxury homes dropped 18.0% despite the 41.0% sales increase. 

 

DAYS ON THE MARKET

Mar 2017 vs 2016 – Average Days on the Market decreased 5.8%.

Results ranged from 14.0% decrease on the Near North Side  to a 0.8% increase in North Center.

Noteworthy – Market Times for Luxury Homes decreased 1.3% for the first time in months.  Homes Priced Between $500,000 and $1,000,000 dropped 2.0% and Homes Priced Under $500,000 decreased 17.3%.

 

COMPLETE MARCH MARKET TRENDS AND STATISTICS HERE