NAR reports national real estate figures…
IAR reports Illinois state real estate information…
I find that these numbers, while interesting, don’t give a full picture of Chicago’s real estate market. We’re a city of neighborhoods, and as a professional practice, I am forever analyzing the neighborhoods in which I operate*. This post takes a peak at real estate activity on Chicago’s north side through October 2010.
Since August 7, weekly closings have dropped from 456 to 326 per week. While sales are lower, inventories are also declining. Today there are 5586 homes for sale on the north side* – on August 1, there were 6686.
To further analyze the market we can look at absorption rates. “Months of inventory” is the number of active homes divided by the average sales per month. Lenders like less than 6 months of inventory on the market.
From November’s Market Pulse, we can see:
Gold Coast condos under $ 500K are healthy, but there are between 12 and 16 months of inventory over $ 750K.
Lincoln Park condos range from 11-60 months of inventory over $ 750K.
Chicago Single Family Home Sales
The Chicagoland Monthly Housing Market Pulse (Robert Headrick, 2010) indicates that just like condos, the lower half of the single family price ranges is healthy while the upper range is lagging.
In Lincoln Park, there are currently 9 months of inventory for home listings under $ 1MM with an 18 month inventory of homes over $2MM
Lakeview homes under $ 1MM — only 4.47 months of inventory; 31.5 months of inventory over $ 2MM.
Lincoln Square homes are selling across the board – while none are currently listed over $ 2MM, homes under $ 2MM account for 8-9.6 months of inventory.
For Chicago’s north side sales figures*, the following chart is provided.
*Gold Coast, Lincoln Park, Lakeview, Uptown, North Center, Lincoln Square, Edgewater
This post belongs to Anne Rossley Real Estate, and cannot be reproduced without permission.