DECEMBER 2021 MARKET ANALYSIS FOR CHICAGO'S NORTH SIDE
OVERVIEW - As we approach year end, I would like to wish everyone a very happy holiday and New Year in 2022. Considering all of the obstacles that the industry faced in 2021, North Side real estate remained healthy.
SALES - The huge October increases in homes under contract translated into significant double digit home sales increase in November.
Inventory - Inventory levels in October 2021 dropped an additional 39.2% when compared to 2020. This drove Months Of Supply Of Inventory down 60% vs last year to a record low of 2.8MSI.
MARKET TIME - Cumulative average days on the market dropped 9.3% in November to 88 days. There are so many factors that can influence market time, that it is best looked at by specific neighborhood, property type and price in order to get an accurate idea of is happening with your specific property.
PRICING - Median Prices rose 5.1% in November 2021 vs 2020; however, prices have not risen at a rate that reflect the high homes sales and low inventory levels that we have been experiencing this year. While buyers are eagar to purchase new homes, they are not willing to overpay. Sellers should take note!!!
Please review the analysis below for your neighborhood and price point to see for yourself how they are performing. Each section below has a button that provides additional monthly, year to date and 10 year trends.
NOVEMBER HOME SALES
Year To Date - Up 46.3%
Month 2021 vs 2020 - Up 42.2%
Month By Neighborhood
NEAR NORTH - Up 72.1%
LINCOLN PARK - Up 36.8%
LAKEVIEW - Up 21.7%
NORTH CENTER - Up 41.9%
Month By Price Point :
Under $500,000 - Up 31.7%
$500,000 to $1,000,000 - Up 47.9%
$1,000,000 to $2,000,000 - Up 47.4%
Over $2,000,000 - Up 250.0%
NOVEMBER HOMES UNDER CONTRACT
Year To Date - Up 46.3%
Month 2021 vs 2020 - Up 26.9%
Month By Neighborhood
NEAR NORTH - Up 53.9%
LINCOLN PARK - Up 18.0%
LAKEVIEW - Up 4.0%
NORTH CENTER - Up 35.9%
Month By Price Point :
Under $500,000 - Up 25.4%
$500,000 to $1,000,000 - Up 25.2%
$1,000,000 to $2,000,000 - Up 35.1%
Over $2,000,000 - Up 31.3%
Noteworthy : Most home sales that closed this month went under contract in a previous month. Units Under Contract reflects a more accurate picture of the current month, although not every home that goes under contract closes.
NOVEMBER HOMES FOR SALE
Year To Date - Down 7.1%
Month 2021 vs 2020 - Down 39.2%
Month By Neighborhood
NEAR NORTH - Down 35.9%
LINCOLN PARK - Down 43.6%
LAKEVIEW - Down 39.2%
NORTH CENTER - Down 55.2%
Month By Price Point :
Under $500,000 - Down 41.9%
$500,000 to $1,000,000 - Down 38.0%
$1,000,000 to $2,000,000 - Down 37.2%
Over $2,000,000 - Down 28.1%
NOVEMBER MONTHS OF SUPPLY OF INVENTORY
Year To Date - Down 30.6% to 4.3 MSI
Month 2021 vs 2020 - Down 60.0% to 2.8 MSI
Month By Price Point :
Under $500,000 - Down 60.3% to 2.5 MSI
$500,000 to $1,000,000 - Down 58.1% to 2.6 MSI
$1,000,000 to $2,000,000 - Down 59.3% to 3.7 MSI
Over $2,000,000 - Down 60.0% to 7.0 MSI
Month By Neighborhood
NEAR NORTH - Down 58.6% to 5.3 MSI
LINCOLN PARK - Down 63.3% to 2.2 MSI
LAKEVIEW - Down 54.9% to 2.3 MSI
NORTH CENTER - Down 65.0% to 1.4 MSI
Noteworthy - Traditionally, MSI over 7.0 designates a buyer’s market and under 6.0 a seller’s market. Between 6.0 & 7.0 is considered a neutral market.
NOVEMBER MEDIAN PRICING
Year To Date - Up 3.2%
Month 2021 vs 2020 - Up 5.1%
Month By Neighborhood
NEAR NORTH - Down 7.6%
LINCOLN PARK - Up 8.6%
LAKEVIEW - Up 8.4%
NORTH CENTER - Up 9.6%
Month By Price Point :
Under $500,000 - Down 4.1%
$500,000 to $1,000,000 - Up 2.8%
$1,000,000 to $2,000,000 - Up 6.1%
Over $2,000,000 - Down 4.1%
NOVEMBER DAYS ON THE MARKET
Year To Date - Down 6.7 % to 87 Days
Month 2021 vs 2020 - Up 9.3% to 88 Days
Month By Neighborhood
NEAR NORTH - Down 6.1% to 123 days
LINCOLN PARK - Down 13.6% to 76 days
LAKEVIEW - Up 11.4% to 78 days
NORTH CENTER - Down 24.5% to 74 Days
Month By Price Point :
Under $500,000 - Up 25.3% to 89 Days
$500,000 to $1,000,000 - Up 6.3% to 84 Days
$1,000,000 to $2,000,000 - Down 70.0% to 71 Days
Over $2,000,000 - Down 52.0 to 84 Days
YOUR HOME
A logical question would be “how does all of this affect the home that I am planning to sell or potentially buy?”
Every home is unique and a detailed analysis of your property and neighborhood is a necessity to fully understand the true market value and whether this is the right time to buy or sell.
There are many criteria both objective and subjective that must be analyzed in order to get a true picture.
Internet home pricing sites that claim to calculate your home’s value using only algorithms can be wildly inaccurate. Many market analysis from real estate agents that have not taken the time to personally tour the home can also be seriously flawed. Today’s volatility demands that you get a broker who thoroughly understands this rapidly changing market.
Whether you are buying or selling a home, I would welcome the opportunity to have a conversation about your real estate needs, goals and expectations.