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.
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.
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%.