Monthly Chicago Real Estate Market Update

03-05

On our Website, www.Eldorrado.com, and our Social Media sites, we post enhanced statistical data for the City of Chicago and the 77 officially defined Chicago Neighborhoods provided by the Chicago Association of Realtors®.  All stats below are through April 2014 as compared to through April 2013, and specified as either a year-to-year or a month-to-month comparison.

 

City of Chicago
Quick Facts for All Residential  Properties
through April 2014

  •  –   6.9%   1-Year Change in  Closed Sales 
  • – 10.4%   1-Year Change in Homes for Sale
  • + 12.0%  1-Year Change in Median Sales Price

The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.

New Listings in the City of Chicago were up 4.1 percent for Single Family Homes and 16.0 percent for Condos/Townhomes. Listings Under Contract increased 12.3 percent for Single Family Homes but decreased 0.5 percent for Condos/Townhomes. The Median Sales Price was up 3. 9 percent to $164,000 for Single Family Homes and 7.9 percent to $295,000 for Condos/Townhomes. Month’s Supply of Inventory decreased 26.4 percent for Single Family Homes and 8.9 percent for Condos/Townhomes.

April’s job growth was above expectations. Growth is likely to accelerate through the year.

 

My Neighborhood

Please click here to find the stats for your neighborhood. If you are not sure which of the 77 neighborhoods your “pocket neighborhood” is part of, consult our interactive map to find out.

 

Lakeview Spotlighted
through April 2014

This month we are spotlighting Lakeview on Chicago’s Northside with boundaries approximately from Diversey Parkway on the South, to Montrose Avenue on the North, and from Lake Michigan on the East to Ravenswood Avenue on the West.

 

Single Family Homes  – Detached Single Family

  • On a year-over-year basis, Lakeview  saw a 45.3%  median sale price increase, $895,000 to $1,300,000
  • On a month-over-month basis, Lakeview saw a 19.8% median sales price increase, $1,199,500 to $1,436,790


Condo/Townhomes – Attached Single Family

  • On a year-over-year basis, Lakeview saw a 9.7%  median sale price increase, $330,000 to $362,000
  • On a month-over-month basis, Lakeview saw a 8.1% median sales price increase  $360,750 to $390,000

 

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