Lake Shore East Condo Market
This week I want to address the condo market recovery in the Lake Shore East community and look at the trends by price range. For those of you who have not read my previous blogs, the "Months Supply's Impact on Price" chart on the left, shows the relationship between the number of months of housing inventory and the pricing trend. It defines the type of market we are experiencing - sellers, even or buyers market. In a sellers market, inventory is low and sellers have the advantage, we will often see competing offers and a rise in prices. Whereas in a buyers market, inventory grows relative to demand and prices depreciate.
To get a clearer picture of the condo market, I have segmented the Months of Remaining Inventory Chart of the Lake Shore East condos into "All Units" as well as by "Number of Bedrooms". This will help you see the specific trends of the different types of units available. The inventory for two bedroom condos between $400-600K is clearly in a Buyers market at 14 months, this is up significantly from October at 1.6 month. During the month of October, 11 units went under contract and 3 were sold, whereas in November only 1 unit went under contract and 4 units were sold. Seasonal slowdown could be a factor,as fewer sales are made over the holidays. Inventory is also nearing a buyers range at slightly over 6 months for a 2 bedroom condo between $600-800K. In all other categories it is a sellers market where prices could potentially appreciate.
Strong Condo Market
All the trends indicate a strong condo market in Lake Shore East.
- Total Condo Inventory is down since the beginning of 2012,
- Average days on the market are down from a high of over 250 days to now 183 days.
- Condo Median Price for units in 60601 has begun to tick upward since September.
However, there is still a reasonable selection of condos available if you are looking to buy in Lake Shore East.
If you’re interested in learning more about what Chicago’s Lake Shore East condo market has to offer, contact Helaine Cohen today at (312) 953-0961.