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Q3 2018 Chicago River North Real Estate Market Update

Buyers and Sellers of Chicago River North Real Estate Paint An Interesting Picture

Q3 2018 River North Real Estate Market Statistics

For condominiums, co-ops, or town-homes that are located in buildings with eight or more units in Chicago River North, Q3 2018 vs Q2 2018 market statistics showed an increase in the median sold price but a drop in the number of sold properties and sales volume. Both median and average listing market times were under 32 days; however, median and average Sales Price vs List Price (SP:LP) ratios trended up, hovering around 100%. What this means is that during the Q3 2018 time frame sellers were likely experiencing a fairly robust market, whereas buyers were still experiencing a competitive market in some cases. Nevertheless, as detailed below we explore some interesting market nuances that are emerging, which indicates a swing towards buyers in certain Chicago River North districts.

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


Q3 2018 to Q2 2018 Chicago River North Real Estate 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 River North real estate market:

chicago river north real estate

Sales:

  • Properties Sold: 184 (-21.4%)
  • Sales Volume: $88,251,018 (-28.4%)

Sold Prices:

  • Median: $415,467 (+2.3%)
  • Average: $479,625 (-8.9%)
  • Highest: $2,150,000 (-44.8%)
  • Lowest: $175,000 (+6.1%)

Listing Market Times:

  • Median: 17 days (+10.9%)
  • Average: 31 days (-1.0%)
  • Longest: 241 days (+36.6%)
  • Shortest: 1 day (0.0%)

SP:LP:

  • Median: 100% (+0.5%)
  • Average: 100.5% (+0.7%)
  • Highest: 123% (+7.0%)
  • Lowest: 90% (+4.7%)

Months Supply of Homes

Chicago River North Months Supply of Homes October 2018

In Q3 2018, the Chicago River North real estate market was still a sellers market. Median and average Sales Price vs List Price (SP:LP) ratios are nearly identical at 100% / 100.5% respectively, which means that buyers were typically paying full asking price for properties. Moreover, even though there was a 4.4% increase in months supply of homes through October 2018, supply was still at 4.7 months. A balanced market is at six months of supply.


District Level Comparisons for the Chicago River North Real Estate Market

We’ve broken down this market into three districts: River North East Bank District, River North Gallery District, River North Design District. During the Q3 2018 time frame, each district experienced losses in the number of sold properties and sales volume. Additionally, most districts experienced losses in median and average prices. Nevertheless, the months supply of homes for sale in the East Bank District–as detailed below–came in at 3.4 for months; this means that this district is most likely a sellers market, although a tepid one. The Gallery and Design Districts cooled off too. Indeed, the numbers of sold properties and sales volume for these districts decreased, median sales prices decreased, and median SP:LP ratios were under 100%. Thus, buyers in these districts during this time frame likely experienced a bit more price negotiation power, whereas sellers likely had to lower the prices from their initial listing price to get their properties sold. Furthermore, both of these districts, through October 2018, show months supply of homes at 6.4 and 5.2 months respectively and, thus, these two districts have begun to normalize and tip towards a buyers market. Accordingly, if you’re a seller in either of these two districts, you should expect strong buyer negotiation tactics.

(1) Q3 2018 vs Q2 2018 Chicago River North East Bank District

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

Sales:

  • Properties Sold: 82 (-18.0%)
  • Sales Volume: $43,044,800 (-26.0%)

Sold Prices:

  • Median: $487,500 (+8.5%)
  • Average: $524,937 (-9.8%)
  • Highest: $1,850,000 (-52.5%)
  • Lowest: $175,000 (-16.3%)

Listing Market Times:

  • Median: 19 days (+5.7%)
  • Average: 33 days (+21.3%)
  • Longest: 170 days (-29.8%)
  • Shortest: 1 day (0.0%)

SP:LP:

  • Median: 102% (+0.5%)
  • Average: 101.6% (+0.1%)
  • Highest: 112% (-0.0%)
  • Lowest: 90% (-2.2%)

The map below shows the market boundaries we use to designate the Chicago River North East Bank District real estate market and properties for sale.

chicago river north east bank real estate


(2) Q3 2018 vs Q2 2018 Chicago River North Gallery District

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

Sales:

  • Properties Sold: 26 (-18.8%)
  • Sales Volume: $11,411,850 (-25.5%)

Sold Prices:

  • Median: $347,500 (-10.3%)
  • Average: $438,917 (-8.3%)
  • Highest: $1,285,000 (+4.5%)
  • Lowest: $245,000 (+7.2%)

Listing Market Times:

  • Median: 15 days (+42.9%)
  • Average: 16 days (-32.9%)
  • Longest: 50 days (-73.8%)
  • Shortest: 1 day (-0.0%)

SP:LP:

  • Median: 99.5% (+1.5%)
  • Average: 100.6% (+1.0%)
  • Highest: 110% (-0.9%)
  • Lowest: 95% (+4.7%)

The map below shows the market boundaries we use to designate the Chicago River North Gallery District real estate market and properties for sale.

chicago river north gallery district real estate


(3) Q3 2018 vs Q2 2018 Chicago River North Design District

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

Sales:

  • Properties Sold: 76 (-25.5%)
  • Sales Volume: $33,794,368 (-32.1%)

Sold Prices:

  • Median: $361,000 (-2.3%)
  • Average: $444,663 (-8.8%)
  • Highest: $2,150,000 (-21.8%)
  • Lowest: $181,000 (+9.7%)

Listing Market Times:

  • Median: 17 days (+9.7%)
  • Average: 33 days (-10.5%)
  • Longest: 241 days (-36.6%)
  • Shortest: 1 day (0.0%)

SP:LP:

  • Median: 98.0% (0.0%)
  • Average: 99.4% (+1.0%)
  • Highest: 123% (+7.0%)
  • Lowest: 90% (+3.4%)

The map below shows the market boundaries we use to designate the Chicago River North Design District real estate market and properties for sale.

chicago river north design district real estate


Months Supply of Homes

Chicago River North District by District Comparisons Months Supply of Homes 2018

 


In summary, the Chicago River North real estate market, through Q3 2018, cooled off a bit in the River North Gallery and Design Districts, with both districts normalizing and edging towards a buyers market. But the River North East Bank District remained a sellers market.


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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