Our May Market Analysis Has A Great New Format

MAY 2019 MARKET ANALYSIS


OVERVIEW

17 consecutive months of home sales DECREASES aNd inventory increases are Not Necessarily indicative of the health of the real estate market on the North side.

Understanding the opportunities and obstacles of the current market is a little more difficult than in the past few years .

As a result, I have re-formatted my monthly market report into a quick read analysis of six key comparatives, broken down by neighborhood, price point and cumulative numbers, for Near North, Lincoln Park, Lakeview and North Center. Each section has a button that will take you to more detailed interactive graphs for monthly, year to date and 10 year trends.


HOME SALES

April 2019 vs 2018 - Cumulative Home Sales - Down 3.2%

By Neighborhood

NEAR NORTH - Down 15.5%

LINCOLN PARK -Up 23.3%

LAKEVIEW - Down 2.3%

NORTH CENTER - Down 9.3%

By Price Point :

Over $1,000,000 - Down 8.9%

$500,000 to $1,000,000 - Down 5.7%

Under $500,000 - No Change


HOMES UNDER CONTRACT

April 2019 vs 2018 - Cumulative Homes Under Contract - Down 6.7%

By Neighborhood

NEAR NORTH - Down 10.9%

LINCOLN PARK - Down 5.8%

LAKEVIEW - Down 8.3%

NORTH CENTER - Up 11.3%

By Price Point :

Over $1,000,000 - Down 12.2%

$500,000 to $1,000,000 - Down 0.8%

Under $500,000 - Down 8.3%

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.  


HOMES FOR SALE

April 2019 vs 2018 - Cumulative Homes For Sale - Up 9.8%

By Neighborhood

NEAR NORTH - Up 8.1%

LINCOLN PARK -Up 25.0%

LAKEVIEW - Up 7.1%

NORTH CENTER - Down 5.9%

By Price Point :

Over $1,000,000 - Up 0.5%

$500,000 to $1,000,000 - Up 14.5%

Under $500,000 - Up 13.9%


MONTHS OF SUPPLY OF INVENTORY

April 2019 vs 2018 - Cumulative MSI - Up 15.2% to 5.3 MSI

By Neighborhood

NEAR NORTH - Up 22.0% to 7.2 MSI

LINCOLN PARK -Up 32.6% to 5.7 MSI

LAKEVIEW - Up 17.1% to 4.1 MSI

NORTH CENTER - Down 6.7% to 4.2 MSI

By Price Point :

Over $1,000,000 - Up 5.4% to 9.6 MSI

$500,000 to $1,000,000 - Up 10.9% to 5.6 MSI

Under $500,000 - Up 25.8% to 3.9 MSI

Noteworthy : Traditionally, MSI over 6.0 designates a buyer’s market and under 6.0 a seller’s market. 


MEDIAN PRICING

April 2019 vs 2018 - Cumulative Median Prices - Down 5.5%

By Neighborhood

NEAR NORTH - Up 4.0%

LINCOLN PARK -Down 12.3%

LAKEVIEW - Down 4.1%

NORTH CENTER - Down 5.8%

By Price Point :

Over $1,000,000 - Up 20.7%

$500,000 to $1,000,000 - Down 1.1%

Under $500,000 - Up 7.0%




DAYS ON THE MARKET

April 2019 vs 2018 - Cumulative Market Time - Up 4.8%

By Neighborhood

NEAR NORTH - Up 14.9%

LINCOLN PARK - Up 9.4%

LAKEVIEW - Up 12.0%

NORTH CENTER - Down 21.5%

By Price Point :

Over $1,000,000 - Up 4.3%

$500,000 to $1,000,000 - Up 6.3%

Under $500,000 - Up 13.1%


YOUR HOME

A logical question would be “how does all of this this affect the home that I am planning to sell or potentially buy?”

Every home is unique and a detailed analysis of your property and neighborhood is a necessity, to fully understand the true market value.

There are many criteria both objective and subjective that must be analysed in order to get a true picture.

Internet home pricing sites that claim to calculate you home’s value, use algorithms that are often wildly inaccurate, as are many market analysis from real estate agents that have not taken the time to personally tour the home.

Whether you are buying or selling a home, I would welcome the opportunity to have a conversation about your real estate needs, goals and expectations.