With all the bad real estate news being generated, it’s important to understand the local Chicago real estate market, putting the numbers into a meaningful perspective.
At first blush, one sees that Jan/Feb median sales prices were off 30.3% vs the first two months of ’08. However, if you compare the 2 month average to the entire year, smoothing out the high of last January and February, prices are down 12.1 %. Similarly, JF ’09 single family homes sold on the north side (44) are off 29% vs the same 2 months of ’08, but compared to the ’08 monthly average of 49, the two month total is down 10.2%.
In the past month, 60 homes have gone under contract, with a median sales price of $ 925,000.
Currently, there are 610 single family homes on the market whose median price is $ 1,295,000. That represents over a 12 month supply of inventory — high, but not disastrous. (Lenders like less than 6 months inventory to describe a market as “healthy.”)
In evaluating market times and sales to list price, it gets a little dicey. Market times in the MRED include new construction homes which might be listed from the time the developer decided to break ground. Of the closed homes, there are market times of 2, 7,12…97…185…899 days… i.e. an average would be meaningless.
Sales prices traditionally have been 95% in the Chicago market. One would think that sales prices would be way off that mark.
Once the list price comes down to a level which generates an offer (final list price), however, the average sales to list price was 92%. For these same homes in JF ’09 , the final sales price was 88.3% of the ORIGINAL list price.
Of the 44 homes closed, 15 were listed over $ 1,500,000. Of these, 7 were new construction. Only 2 of the 29 under $ 1.5MM were new.
See the “Sales and Trends” page for graphs for the past 4 years.
For other sales data, or for information on specific properties that have closed, please contact me today!This data, taken from MRED, includes single family home sales for the following neighborhoods:
Gold Coast (Near North)
- Lincoln Park
- North Center
- Lincoln Square