HOME SALES DROPPED AND INVENTORIES ROSE IN LINCOLN PARK, THE NEAR NORTH SIDE, LAKEVIEW AND NORTH CENTER IN APRIL 2017 VS 2016.
The good news is that median prices rose during the same period.
It should be noted the demand of homes priced under $500,000 continue to outpace supply and low inventory levels are hindering sales in this very active price point.
April 2017 vs 2016 – Home Sales dropped 4.7%.
Results ranged from a 1.9% decrease in The Near North Side to a 12.7% decrease in North Center.
Noteworthy – Luxury home sales (homes priced over $1,000,000) increased 7.0% ; however, inventory levels continue to rise at a faster pace than sales and is a cause for concern.
HOMES UNDER CONTRACT
April 2017 vs 2016 – Homes Under Contract decreased 4.4%.
Results ranged from a 3.6% decrease in Lincoln Park to a 5.8% decrease on the Near North Side.
Noteworthy – Most home sales that closed in April 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. As a result, there is a strong chance of another sales decrease in May.
HOMES FOR SALE
April 2017 vs 2016 – Inventories of homes rose 8.3%.
Results ranged from a 14.1% increase in North Center to a 0.8% decrease in Lakeview.
Noteworthy – The 14.6% decrease of homes priced under $500,000 compared to the 37.7% increase of luxury homes priced over $1,000,000 accentuate that inventories of these two price points are going in different directions.
MONTHS OF SUPPLY OF INVENTORY
April 2017 vs 2016 – Months of Supply of Inventories increased 9.0% to 3.6 MSI.
MSI of luxury homes rose 31.6% to 10.0 MSI, while homes priced under $500,000 dropped 12.5% to 2.1 MSI.
Noteworthy – Traditionally MSI over 6.0 designates a buyer’s market and under 6.0 a seller’s market. The numbers above highlight the differences between the two price points.
April 2017 vs 2016 – Median Prices rose 6.5%.
Results ranged from 4.6% increase on the Near North Side to a 8.8% increase in North Center.
Noteworthy – Despite the increases in the four neighborhoods, median prices of luxury homes dropped 13.3%.
DAYS ON THE MARKET
April 2017 vs 2016 – Average Days on the Market rose 2.3% to 86 days.
Results ranged from 18.0% decrease on the Near North Side to a 32.9% increase in North Center.
Noteworthy – Market times for homes priced under $500,000 dropped 4.3%, but homes priced between $500,000 and $1,000,000 reported a decrease of 18.5%. Luxury homes had no change from 2016, but at an average of 153 days are almost double those of the lower price points.