FEBRUARY 2021 MARKET ANALYSIS FOR CHICAGO'S NORTH SIDE
FOUR FEBRUARY 2021 REAL ESTATE TAKEAWAYS
Well, we made it through 2020 and with all things considered, the North Side real estate market did remarkably well. January 2021 results were very positive in most neighborhoods. As the COVID 19 vaccine rollout expands, we should be seeing more buyers and sellers getting back into the market. Here are 4 takeaways from the January 2021 market analysis below.
1 - The Loop, Streeterville, Gold Coast and River North continue to be hit hard by both the COVID related issues, perception of rising crime and the residue from last year’s social unrest. The downtown numbers continue to have a negative impact on cumulative North Side market results. It is more important than ever to look at each neighborhood and property type individually.
2 - Units Under Contract rose 25.5 % in January for Near North, Lincoln Park, Lakeview and North Center. Conversely, inventory levels rose at a higher rate of 36.1%. This resulted in the Months OF Supply Of Inventory rising 36.1% to 5.6 MSI. This could be a signal that the market may beginning to level out between buyers and sellers.
3 - Median Prices rose 7.4% over last year this is significant, as January 2020 was a very strong pre pandemic month. Most of the increases in 2021 were in homes priced under $500,000 and luxury homes price over $2,000,000.
4 - Family Friendly Homes such as duplex downs and townhomes are a hot ticket. They are becoming a significant driving force in the current market. Growing families and record low interest rates are creating a home buying urgency.. This is boosting sales in mid to higher priced homes.
Please see the analysis below for your neighborhood and how it is performing. Please note that as it is the first month of the year January & YTD numbers will be the same.
JANUARY HOME SALES
Year To Date - Down 3.3%
Month 2021 vs 2020 - Down 3.3%
Month By Price Point :
Under $500,000 - Down 12.4%
$500,000 to $1,000,000 - Up 2.7%
$1,000,000 to $2,000,000 - Up 23.6%
Over $2,000,000 - Down 11.1%
Month By Neighborhood:
NEAR NORTH - Down 25.4%
LINCOLN PARK - Up 22.7%
LAKEVIEW - Up 5.2%
NORTH CENTER - Down 8.1%
JANUARY HOMES FOR SALE
Year To Date - Down 36.1%
Month 2021 vs 2020 - Up 36.1%
Month By Neighborhood
NEAR NORTH - Up 51.9%
LINCOLN PARK Up 12.7%
LAKEVIEW - Up 35.7%
NORTH CENTER - Down 7.3%
Month By Price Point :
Under $500,000 - Up 75.7%
$500,000 to $1,000,000 - Up 10.9%
$1,000,000 to $2,000,000 - Up 4.8%
Over $2,000,000 - Up 11.1%
JANUARY HOMES UNDER CONTRACT
Year To Date - Up 25.5%
Month 2021 vs 2020 - Up 25.5%
Month By Neighborhood
NEAR NORTH - No Change
LINCOLN PARK - Up 39.0%
LAKEVIEW - Up 35.7%
NORTH CENTER - Up 51.0%
Month By Price Point :
Under $500,000 - Up 26.7%
$500,000 to $1,000,000 - Up 26.8%
$1,000,000 to $2,000,000 - Up 25.5%
Over $2,000,000 - Up 5.5%
JANUARY MONTHS OF SUPPLY OF INVENTORY
Year To Date - Down 36.6% to 5.6MSI
Month 2021 vs 2020 - Up 36.6% to 5.6 MSI
Month By Price Point :
Under $500,000 - Up 70.0% to 5.1 MSI
$500,000 to $1,000,000 - Up 4.7% to 6.8 MSI
$1,000,000 to $2,000,000 - Up 13.4 to 7.6 MSI
Over $2,000,000 - Up 28.8% to 15.2 MSI
Month By Neighborhood
NEAR NORTH - Up 81.0% to 11.4 MSI
LINCOLN PARK - Up 7.1% to 4.5 MSI
LAKEVIEW - Up 25.8% to 3.9 MSI
NORTH CENTER - Down 14.3% to 2.4 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.
JANUARY MEDIAN PRICING
Year To Date - Up 7.2%
Month 2021 vs 2020 - Up 7.2%
Month By Neighborhood
NEAR NORTH - Down 0.6%
LINCOLN PARK - Up1.1%
LAKEVIEW - Up 16.1%
NORTH CENTER - Up 14.1%
Month By Price Point :
Under $500,000 - Up 19.7%
$500,000 to $1,000,000 - Down 4.2%
$1,000,000 to $2,000,000 - Down 3.3%
Over $2,000,000 - Up 18.7%
JANUARY DAYS ON THE MARKET
Year To Date - Down 17.1 % to 105 Days
Month 2021 vs 2020 - Down 17.1% to 105 days
Month By Neighborhood
NEAR NORTH - Up 0.8% to 134 days
LINCOLN PARK - Down 24.6 to 104 days
LAKEVIEW - Down 21.1% to 97 days
NORTH CENTER - Down 26.1% to 88 Days
Month By Price Point :
Under $500,000 - Down 20.0% to 92 Days
$500,000 to $1,000,000 - Down 14.4% to 124 Days
$1,000,000 to $2,000,000 - Down 18.5% to 123 Days
Over $2,000,000 - Down 20% to 92 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 that use only algorithms can be wildly inaccurate. Many market analyses 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.
