2018 Chicago Market:  What’s Happening 3 Month In?

Market Trends

 

It’s hard to believe we’re still getting snow flurries at the beginning of April (or is it?!), but here we are.  Three full months into 2018 and the spring real estate market is well underway.  So what does the market really look like right now?  It’s helpful to look at 3 key aspects:

Inventory:  Lower inventory benefits sellers because there are less choices for buyers.  And when the market is more saturated with properties, it’s better for buyers.

Days on the Market:  The faster a property is sold, the more the market leans toward sellers.  The longer property is on the market, the more the market favors buyers.

Pricing: Sometimes sellers get their full asking price, sometimes they agree to come down, and sometimes they even get above their asking price.  The lower the average ratio is below 100% of those asking prices, the more of a buyer’s market exists.  Of course, a ratio closer to or above 100% indicates it’s a seller’s market.

Simple enough?  OK, let’s take a dive into a few of Chicago’s popular neighborhoods and look at the numbers so far for 2018:*

*As of March 31st, 2018.  Based on information from Midwest Real Estate Data LLC.

 

60614:  Lincoln Park

Single Family Homes – Leaning Toward Seller’s Market

Inventory:  117 homes available for sale; 14 sold in March, 31 sold so far this year.

Days on the Market:  Homes are spending an average of 61 days on the market, selling faster than last March’s average of 72 days. 

Pricing: March saw a selling price vs. list price average of 94%, up from 90.2% in February and 93.4% this time last year.  The average price of a single family home in Lincoln Park so far this year is just under $1.76 million.

Condos – Seller’s Market

Inventory:  286 condos available for sale; 91 units sold in March, 190 sold so far this year.

Days on the Market:  Lincoln Park condos are averaging 38 days on the market, which is on par with last year.

Pricing:  The average selling price vs. list price for March was 97.6%, up slightly from 97.4% in February and 97.3% this time last year.  The year-to-date average price for a condo is just under $584,000.

 

60610:  Old Town/Near North

Single Family Homes – Buyer’s Market

Inventory:  34 homes currently on the market; 4 sales so far this year.

Days on the Market:  Single family homes in Old Town/Near North are spending an average of 98 days on the market, which is longer than last year’s average of 50 days at this time (but the spring of 2017 saw a later delay, with properties lingering longer during the months of March – June).

Pricing:  The selling price vs. list price average for March was 94.1%, down from 97% in March of 2017.  The average selling price so far this year for single family home is just under $2.84 million.

Condos – Buyer’s Market

Inventory:  300 condos are currently on the market; 165 sold so far this year.

Days on the Market:  Condos in this area are spending an average of 41 days on the market, selling a bit faster than last month’s average of 49 days and almost the same rate as last March’s average of 39 days.

Pricing:  March brought in an average selling price vs. list price of 97.3%, nearly equal to last March’s average of 97.1%.  The average selling price for a condo so far this year is just over $685,000.

 

Wicker Park & Ukrainian Village

Single Family Homes – Buyer’s Market

Inventory:  51 homes are currently on the market; 27 have sold so far this year.

Days on the Market:  Homes in these neighborhoods are averaging 68 days on the market, which is longer than last March’s average of 21 days. 

Pricing:  The average selling price vs. list price for March was 94.5%, down from last March’s high average of 99%.  The year-to-date average selling price for a single family home in this area is just under $1.12 million.

Condos – Leaning Toward Buyer’s Market

Inventory:  134 units currently available for sale; 175 sold so far this year.

Days on the Market:  Condos are spending an average of 28 days on the market, which is longer than last March’s average of 22 days.

Pricing:  The March average selling price vs. list price was 98.7%, which is nearly identical to last March’s average of 98.8%.  The average selling price for a condo so far this year is just over $497,000.