The market for 2-4 unit multifamily properties on Chicago's north side showed further improvement through July 2012. The total Months Supply of Inventory currently stands at a 3 month level of supply. The general concensus for a healthy market is 6 months supply of inventory. We've been in a solid sellers market for the majority of 2012 and this pattern is holding strong. New inventory is selling very quickly and many sellers are getting great prices and dealing with mulitple bids from interested buyers. Look for this pattern to hold through the end of 2012 and probably well into 2013.
Market statistics are based on closed transactions in the MLS for 2-4 unit multifamily buildings. Statistics are compiled for the following Chicago north side neighborhoods: Near north side, West Town, Lincoln Park, Logan Square, Lakeview, North Center, Avondale, Irving Park, Albany Park, Lincoln Square, Uptown, Edgewater, Rogers Park, West Ridge and North Park.
Seasonal variation is isolated so that the focus remains strictly on the underlying market changes that have occurred year over year.
Image 1: Months Supply of Inventory
Image 2: Supply and Demand
Image 3: Median Sale Price
*right click on images to view in a separate window.