Here are the March 2019 sales statistics for Chicago neighborhoods
New listings finally started to perk up last week across the nation and in Chicago, effectively launching residential real estate into the springtime selling season. There has been a lot of talk about the slow start of new homes for sale in what was expected to be a year of increasing inventory. Mother Nature has had different plans in several markets, and in particular in the Chicago region, where another burst of winter weather in April may have spoiled an otherwise promising start to the second quarter of 2019.
Here's a look at some Chicago neighborhoods and how the market is doing so far this year.
Gold Coast, River North, Streeterville and Magnificent Mile
Compared to the same period a year earlier, March 2019 saw fewer listings and fewer sales. In the first quarter of 2019, the median sales price for houses and condos decreased by 6%, and 11% , respectively. this should not be considered an indication for the rest of the year, as interest rates are not likely to go up and sales activity is about to increase with the 2nd quarter.
New listings for houses and condos increased in the first quarter. Compared to the first quarter 2018, 5 more houses and 21 fewer condos sold and the median sales price for both went up by 2% respectively 1%. In March 2019 there were 23% more homes on the market than the year before.
Both new listings and closed sales were down in this area compared to March 2018. For the first quarter, there is almost no difference from last year. Inventory is up for the year and median sales prices are down. This indicates a buyer's market and a great time to buy.
This area saw a decrease in listings of houses but a slight increase in listings of condos; the same is true for closed sales. Median prices in both categories were down for the month of March, indicating that is was a buyer's market. As inventory of condos is up from last year, we can expect this trend to continue for the 2nd quarter.
New listings were up for houses and condos and closed sales were down by over 40%. This resulted in an increased inventory, which in turn means longer market time and lower prices for April. This is a great opportunity for buyers, as Logan Square continues to be a very popular neighborhood and in my opinion, offers very good opportunity for long medium to longer term investment.
New listings for condos were up and closed sales were down for March and the first quarter. This had a negative effect on prices and also resulted in higher inventory. This is good news for potential buyers who are looking to buy a property in this area later this year.
Near South Side
Similar to the Loop, new listings of condos were up and closed sales down in March and for the quarter. However, median prices managed to climb higher, indicating that the sellers were not in a hurry to sell. This resulted in an increased inventory which should be good news for potential buyers.
Near West Side
New listing for houses and condos were up and closed sales were down for the month and the quarter. This are includes the West Loop, which continues to be a string market. This being a hot market in this neighborhood, prices held up and even increased. Inventory of available homes is up too, indicating some good opportunities for buyers in the near future.
Similar to other neighborhoods, new listings for houses and condos were up and closed sales were down for the first quarter. This had a negative effect on prices, which decreased for houses and condos in the first quarter. Inventory is up, offering good opportunities for buyers in the second quarter.
To summarize, a majority of Chicago neighborhoods saw an increase in new listings and a decrease in closed sales. In some areas this had a negative impact on pricing, while prices in other neighborhoods were stable or increased. It is not unusual for the first quarter of the year to have more inventory and less sales. With the spring market now in full swing, the extra inventory will likely be absorbed soon.
If you are a buyer, acting sooner rather than later is probably going to benefit you, due to a good selection of homes available and prices that have not gone up from last year. If you are a seller, you did well to hold on to your home until now. However if you wait much longer you may miss the momentum of the market and the attention of all the buyers who are looking right now.
Posted by Andreas Holder on