North Side Market Report: Pace of Home Sales Accelerated in Second Quarter of 2019 but Still Trails Prior Year

Home sales across the North Side of Chicago turned in a stronger performance in the second quarter of 2019 than in the first quarter but continued to lag behind the sales pace of 2018, according to the quarterly Chicago North Side Market Report prepared by The Wilcox Company. There were 3,172 home sales in the nine community areas of the North Side during the April-June quarter, down -7.6% from the total posted a year earlier. The median sales price rose 0.7% to $370,000. The North Side Market Report tracks home sales in Edgewater, Lake View, Lincoln Park, Lincoln Square, Near North Side, North Center, Rogers Park, Uptown and West Ridge.

Overall home sales activity increased in just three communities in the second quarter, gaining 11.5% in North Center, 7.6% in West Ridge and 5.7% in Lincoln Park. In the six other communities, sales activity slipped from a maximum of -18.8% in Edgewater to just -3.7% in Uptown. Sales also declined -5.4% in Lincoln Square, -6% in Rogers Park, -10.1% in Lake View and -17.7% in the Near North Side.

“The North Side market fell back into a more typical pattern, with North Center and Lincoln Park leading the way, as both areas saw sales of single-family homes and attached homes increase during the quarter,” observed Mary Jo Nathan, the Wilcox broker associate who analyzed the data. The sales data cited here is collected by Midwest Real Estate Data, LLC, the regional multiple listing service.

Attached Homes
Attached residences, primarily condominium apartments, continue to dominate the North Side market, accounting for 90% of all sales in the second quarter, but attached home sales were down -7.9% to 2,855 units in the second quarter compared to the same period last year. The median sales price for the quarter was $342,500, representing a minimal increase of 0.7%.

“Even though the inventory of condos for sale has been rising, there is still something of a shortage that can be seen on the North Side but also across the entire metropolitan area,” said Nathan. “The average time that a North Side attached home sold during the second quarter was on the market before finding a buyer was 75 days, while the average for North Side single-family homes was 106 days. Condos that are properly priced and in nice condition sell quite quickly.”

Sales activity for the quarter was up in three communities, led by North Center with an 11.4% increase to 147 units. Sales were also up 3.7% in Lincoln Park and 0.8% in Lincoln Square, while sales in West Ridge were unchanged at 106 units. Attached sales fell -17.4% in the Near North Side, -13% in Edgewater, -9.8% in Lake View, -5.7% in Roger Park and -3.5% in Uptown.

The median sales price rose in West Ridge, up 9.8%; Lincoln Square, up 8.1% and Lincoln Park, up 5.7%, but it was lower elsewhere although only Rogers Park, down -8.5%, and Edgewater, down -6.5%, had declines of at least -4%.

Detached Homes
Sales of single-family homes totaled 317 units in the North Side market during the second quarter compared to 332 a year earlier. The median sales price of those homes was $1,035,000, 1.8% higher than a year ago, and average market time increased by 4 days.

Sales activity rose in three communities, gaining 28.9% in West Ridge, 16.9% in Lincoln Park and 11.8% in North Center. Three other communities that traditionally have relatively few single-family sales recorded minimal sales declines for the quarter, with sales down by one unit in Rogers Park and Uptown and by four units in the Near North Side. More significant decreases occurred in Edgewater, down -60% to 14 units; Lincoln Square, down -20.4% to 43 units and Lake View, down -11.8% to 45 units.

Rogers Park led the list of communities recording an increase in the median sale price. Its median rose 21.4% to $500,000. Other increases were in Uptown, up 17.9% to $1,057,500; North Center, up 10% to $1,177,000; West Ridge, up 8.9% to $410,000, and Lincoln Square, up 3.6% to $712,500. Lower medians were recorded in the Near North Side, down -37.7% to $1,155,943; Lake View, down -16.1% to $1,250,000; Edgewater, down -12.2% to $631,000, and Lincoln Park, down -2.1% to $1,665,000..

The Wilcox Company, 2157 W. Irving Park Rd., Chicago, IL 60618, Mary Jo Nathan, maryjo@wilcoxco.com, 773-398-3814

The Wilcox Company, founded in 1967, provides a full range of real estate brokerage, appraisal and property management services. Its offices are at 2157 W. Irving Park Road, Chicago, in the heart of North Center. To learn more, visit our website at www.thewilcoxcompany.com.

This release was published on openPR.