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Q3 2018 Chicago Lincoln Park Real Estate Market Update

Lincoln Park Real Estate Market Accelerating Into a Market Turn

lincoln park real estate statistics Q3 2018

For condominiums, co-ops, or town-homes that are located in buildings with eight or more units in Chicago Lincoln Park, Q3 2018 vs Q2 2018 market statistics showed decreases in the number of properties sold and sales volume but increases in both the median and average sold prices. However, the median and average listing market times also increased but stayed under 30 days. Nevertheless, there was a slight dip in the average SP:LP ratio for this district. What this data means is that the Chicago Lincoln Park real estate market is beginning to further stabilize in terms of pricing, with some pressure on sellers at certain price points to drop their initial listing price. Regardless, looking at the months supply of homes chart below, we see that the Chicago Lincoln Park real estate market remained a sellers market through October 2018. However, months supply of inventory did increase by 21.4% through October 2018 (as compared to 2017), which means as a buyer you do have more choice in inventory (i.e., homes for sale). Accordingly, if you’re a buyer in this market, you can likely expect competition for top properties but you have more properties to consider. Alternatively, if you’re a seller in this market, despite the fact that market was still tipped in your favor based on months supply, you should remain cognizant of SP:LP ratios hovering around 98%, which means that buyers are still negotiating lower prices, which will likely continue with increasing months supply of homes for sale.

NOTE: Property statistics revised and updated on 20th November 2018.


Q3 2018 to Q2 2018 Chicago Lincoln Park Market Comparisons

Property Types: Condos, Co-Ops, and/or Town-Homes located in buildings with 8+ units

Here is a map showing how we define the Chicago Lincoln Park real estate market:

chicago lincoln park real estate

NOTE: Property statistics revised and updated on 20th November 2018.

Sales:

  • Properties Sold: 221 (-24.3%)
  • Sales Volume: $124,409,924 (-13.4%)

Sold Prices:

  • Median: $459,900 (+16.4%)
  • Average: $562,941 (+14.4%)
  • Highest: $3,375,000 (-4.9%)
  • Lowest: $257,250 (+7.2%)

Listing Market Times:

  • Median: 19 days (+58.3%)
  • Average: 29 days (+11.4%)
  • Longest: 190 days (-30.9%)
  • Shortest: 1 day (0.0%)

SP:LP:

  • Median: 98.0% (0.0%)
  • Average: 98.2% (-0.5%)
  • Highest: 107% (-6.1%)
  • Lowest: 87% (+7.4%)

Months Supply of Homes

Chicago Lincoln Park Real Estate Months Supply of Homes October 2018

The 21.4% increase in months supply through October 2018, compared to 2017, is a trend to watch. However, since the months supply was still well below six months, the Chicago Lincoln Park real estate market was still considered a sellers market. Nevertheless, there is more homes for sale (i.e., inventory) from which buyers can choose, which means that buyers likely will begin to put more price negotiation pressure on sellers.


Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.

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