Are we in a Chicago market recovery ?-Lincoln Park Single Family and Condo Market
In my last market blog I discussed the Near North Side of Chicago and the relationship between the months supply of inventory and the direction of prices.
This week I wanted to address the Lincoln Park neighborhood of Chicago and look at both single family home and condo trends. The Months Supply Impact on Price chart (left) defines the type of market we are in by examining how many months of inventory is on the market and its impact on pricing. In other words,housing supply in relationship to the demand to purchase homes will determine prices.
In Lincoln Park, single family homes between $800K-3 million, have inventory ranging from four months to six months. Four months indicates a seller market where prices are appreciating, and six months an even market "The Norm". On the lower end of price points for single family homes there is very little inventory. This has resulted in a two week supply creating competing offers. Houses over $3 million have a 24 month supply of inventory. This is clearly a buyer's market, and allows for negotiation. The MLS shows that in Lincoln Park there are 24 houses on the market over 3 million+ with six currently under contract and six closed in the past six months. Five of the 24 houses are between 8 million and 11million.
If we look at Lincoln Park Condos the chart shows that the highest months of inventory are between $600-800K at 5 months and condos over $1..5 million at 5.7 months. This indicates even markets. On the lower end between $300-400K, we have 3.1 months of inventory which is clearly a seller market and prices will begin to tick upwards.
If you want to learn more about the market in Lincoln Park, check out our Hows the Market Reports. You can get market statistics for Lincoln Park Condos and Lincoln Park Single Family homes by zip code 60614. You can subscribe to our Executive Summary Report that will be delivered to your inbox every Tuesday so you can track the market in Lincoln park or other Chicago neighborhood zip codes.
In my next Market Blog I will be addressing Lake Shore East and Chicago's Loop condo markets. If you are looking to buy or sell real estate, contact us at 312-953-0961 or visit our site at www.chicagocondofinder.com.