Chicago Condo Sales are HOT!

Chicago Condo Sales are HOT!

All of Chicago real estate is crazy right now – buyers are out there in droves…

This weekend, I had buyers who put in an offer on a property they liked – they were 1 of 5 offers! No, they didn’t get it – someone overpaid. Let’s hope they have a large down payment, because the property likely won’t appraise out.

Condo Sales – Median Sales Prices

Here are median sales prices in my Primary Market Area (see map of it below)…

 

Inventory

There is only a 2.9 month supply of homes. Remember, a 6 month supply is a BALANCED market – neither a buyers’ nor sellers’ market.  This is definitely a sellers’ market!

# Condo Sales – Homes Sold

The number of homes sold is at a 10 year high!

Market Time (Days) for Condos

And, as you would guess, the market time is LOW LOW LOW – 27 days on average.

Sales Price

% Sales Price of (Last) List Price

Yes – properties are selling for almost list price! Here, we’re looking at properties between $250,000 and $550,000…

They’re selling for 98.9% of list price — and that’s a median number — many are selling OVER list price!

What does all this mean for you?

For Condo Home Sellers –

If you are on the market, but you don’t have an offer, something is very wrong. Call me and let’s move forward!

If you are thinking of going on the market, you need someone who can navigate through this market- getting you

  • the highest price possible,
  • with no appraisal/loan problems,
  • with a buyer that doesn’t get cold feet!

There are definitely tactics to do this – give me a call and I’ll explain how we can accomplish this!

If you own a condo, now may be the time to cash in – explore your options…  call me today!

For Condo Home Buyers –

You MUST work with someone who can guide you –

  • Don’t overpay just because the market is busy!
  • Be the first in a newly listed property!
  • Work with someone in the Top Agent Network, who uses the MRED Private Listing Service, and networks with colleagues to find new properties before others!
  • Learn how to write winning offers and negotiate to your best advantage!

 

One of the many services I offer is the Home Search Alert-

You’ll get an email within 15 minutes of a new listing hitting the MLS.

Be the first to know what’s available…  let me set that up for you today!

Contact Anne Today!

Call Anne’s cell 773-620-5333

Or…

Email Now...

Chicago Home Sales Slowing?

 

Are we entering a real estate slump for single family homes in Chicago?

Are Chicago Home Sales Slowing,

and

are we seeing the return of a buyers’ market?

5438 Lakewood

In the prime single family home neighborhoods of:

anne's market area a

 

 

 

 

 

 

The last 3 months have seen the following activity on homes between $1,200,000 and $ 2,500,000

Active

118

New

18

Price Change

1

Total Active

137

Contingent

37

Pending

46

Total Under Contract

83

 Total Closed

48

 

The average number of properties closed/per month is 48/3, or 16.

That means the current ACTIVE inventory on the market (137)

is 8.6 months’ worth –

an OVER SUPPLY!

 

Looking at it further, we see the following breakdown by neighborhood over the last 3 months:

 

Lincoln Square North Center Lake View Lincoln Park
Active 16 47 40 36
Pending 8 19 18 21
Closed 2 21 16 9

 

 

In my total market area (south loop to Edgewater),the inventory of single family homes is rising.

Number of New Listings for Sale

New Listing 3 years

Meantime, the number of closings is declining.

Number of New Closings

H

 Below is the chart for single family inventory in the total market area. The figures supplied by MRED include 12 month sales figures. The trend looks less alarming because we’re just in the beginning of the slow down, and the 12 month sales figure used to calculate inventory is a broader perspective than the 3 month number used above.

Inventory of Single Family Homes

Based on Last 12 months rolling calculations

INVENTORY

So what does this mean for you?

If you’re a single family homeowner that needs to sell,

then you may want to consider pricing your home more aggressively

If you’re a single family home buyer,

it’s a perfect time to get in the market- rates are low and it’s become a buyers’ market for single family homes in Chicago!

If you’re on the sidelines… think about your long term goals…

  • waiting to sell may NOT be a good move if you expect interest rates to rise (as do most consumers), prices to stagnate. There may be fewer buyers in the market when you finally go on the market.
  • If you’re planning on downsizing, and you think the economy is not going to significantly improve after the election, then now may be a good time to be realistic and put your home on the market.
  • Make sure your interest rate is locked in for a year or two MORE than you plan on staying in the home. Should you consider refinancing?

For a quick look at what your home’s worth, select this link:

Home Valuation – Emailed Directly to your Inbox

To find out more precisely what you can expect if you were to sell,

Contact Anne Rossley today!

773-620-5333

4 + 14 =

Why Buy a Home In Chicago?

Why Buy a Home in Chicago?

There are so many reasons, but let’s talk about 6.

Here are the

6 Reasons why you should Buy a Home….

1.  Interest Rates are climbing

Mortgage Bankers Association’s Builder Application Survey for October 2015:

  • Mortgage applications for new-home purchases decreased 8 percent month-over-month.
  • Conventional loans comprised 67.2 percent of loan applications; FHA loans, 19.2 percent.
  • The average loan size for new homes decreased to $320,881 from $324,884 in September.

 

 

2. Rates are projected to go higher…

 

mortgage rate projections

3. There’s an Easing of credit requirements…

 

fico requirement

credit standards

4. Home Values are Rising…

chicago home prices

5.  Home Prices are Projected to Continue Rising!

The CoreLogic HPI Forecast indicates that home prices are projected to increase by 4.3*** percent

on a year-over-year basis from August 2015 to August 2016 and

remain unchanged month over month from August 2015 to September 2015.  

Home Price Projections

6. Chicago rents are increasing –

so getting into a home NOW is your best bet

for financial stability!

 

– – – – – – – –

 

To find out if buying a home

today

is the right decision for you,

Contact

Anne Rossley

Baird & Warner

773-620-5333

 

 

Contact Anne

15 + 1 =

Sources:

Chicago Real Estate Market Update

How’s the Chicago Real Estate Market?

This info is generated using the MRED Multiple Listing Service data for
Anne’s Primary Market Area*

Anne Rossley Primary Market Area

Here’s all you need to know in 3 FACTS:

Median Sales Price

The median sales price for all property types (SF, condo, 2-4flats)

is just over 9/2008 levels!

chicago real estate median sales price

Market Time

It’s taking 74 days to sell homes today – down from the 6/11 high of 177.

Chicago Real Estate - Market Time

 

Inventory (Months Supply)

There are 3.7 months worth of housing on the market today-

6 months is a “stable” market, and the highest level was

15.1 months worth in January, 2010

Chicago Real Estate - Months Supply/Inventory

Of course,

these numbers vary by neighborhood.

To find out what your home’s worth,

get a Pinpoint Market Analysis today!

Select this link for your automated market analysis

For all your Chicago Real Estate questions,

call

Anne Rossley

773-620-5333

Chicago Real Estate – What’s really going on

Keeping Current Matters, one of the many real estate news services to which I subscribe, just published its recent real estate sales figures.

I wanted to dig deeper, though, to understand what’s happening in the north side Chicago real estate market.*

Here’s what I found…

Homes Sold

The number of homes closed in the last 12 months was over 12,000 – well above the low in 2011 of 7779.

Chicago Real Estate Sales

Market Time

Homes are selling quickly – on average, homes sold in 75 days this year.

Days on Market

 

Median Sales Price

The median sales price of homes sold this year was $376,000 – up 2.1% from 2008.

Median Sales Price

By Neighborhood

To better understand which neighborhoods are contributing to this increase, check out the map below.

Median Sales Prices are compared – numbers quoted are % gains – 2015 over 2012 (ending 5/31).

Chicago Real Estate Median Sales

———————-

Chicago is a series of neighborhoods and micro-neighborhoods.

To find out what’s going on in your neighborhood,

and to get an updated value for your home,

contact

Anne Rossley

Baird & Warner

773-620-5333

Anne@Rossley.com

Search Homes for Sale – Select this link!

Proximity Search – Find Homes Nearby

Download my free mobile app!

Anne Rossley mobile app QR

Other facts worth noting:

Home Price Changes – Nationally by State

Year over Year Real Estate Prices

National Home Price Apprection

projected real estate appreciation

Chicago Real Estate Market Update

In a nutshell, where is the Chicago real estate market today?

Statistics about the real estate marekt are bandied about everywhere, but when my clients ask, they really want to know what’s going on LOCALLY.

The statistics I’m quoting here are based on my selling area- part of Chicago, which is a segment of the Midwest Real Estate Data MLS System.

 Anne’s Market Area

Anne Rossley's Market Area

 

Median Sales Price

Over Time

98.5% of the Market High

$347,325 (April, 2015) vs. $352,500 (October, 2008)

 

 

Market Time (Days)

All properties

Market time doesn’t significantly differ between price points or property types (condo vs. house)

73 DAYS

Chicago (total): 84 days

 

 

Property Units Closed

# Units Closed is Very Strong but not at the 2008 “frenzy” level

15,795 closed in March, 2015

18,427 closed in January, 2008

 

Month’s Supply – Inventory

At current sales pace, how long will it take to sell all properties on the market?

Stable Market:  6 months

Today:  3.8 months

February, 2010:  15.1 months

Chicago Total (March, 2015): 4.6 Months

 

 

Sales Price

As % of FINAL List Price

Buyers are NOT throwing lowball offers at sellers.

They’re waiting until the price is right, and then they’re paying close to list price.

98%  !!

Chicago Market: 97.9%

If you have a question about the Chicago Real Estate Market, email me today!  Anne@Rossley.com

Reach out to me on LinkedIn!  Anne Rossley on LinkedIn

Slideshare version:

 

Chicago Real Estate 60618 – Single Family Homes

Update on Chicago Home Sales

60618 Zip Code

chicago 60618 Zip code map

As of today’s post, 160 single family homes are for sale in Chicago’s 60618 zip code. They range in price from $159,000 to $ 2,599,000.

The following chart shows median sales prices for the 60618 zip code area – it’s interactive- feel free to explore!

Prices – 87.8% of Jan 2009 Levels 

As of this month, median sales prices of homes ($495,000) are 87.8% of the January, 2009 median price level of $ 565,000.

 

Market Times – Lowest in Over 5 Years

The average market time hit its peak in October, 2009, when it took 175 days to sell a house in 60618. Last month, the average market time of 54 days was the shortest in over 5 years!

 

Inventory – Extremely Low!

It’s a Sellers’ Market!

At the worst of the market (January, 2009), there was over a year’s worth of homes for sale. This has steadily declined, and since February, we’ve been hovering between 2.7 and 2.8 months of homes for sale.

Lenders consider 6 months a stable market, so you can see, we’re WELL BELOW that 6 months threshold!

Find homes for sale TODAY by selecting this link:

Homes for sale – Chicago’s 60618 zip code

To find out what your home’s worth,

contact

Anne Rossley

Baird & Warner

773-620-5333

Anne Rossley

Single Family Home Sales – 60640 – Chicago Real Estate

How’s the Chicago real estate market? How are single family home sales in the 60640 zip code of Chicago? Often, we track by neighborhood – Andersonville, Lakewood Balmoral, Edgewater, Uptown… For this article, I’d like to use 60640.  It incorporates the southern Edgewater/Northern Uptown/Eastern Lincoln Square Neighborhoods, and I think it makes sense for single family home buyers who’re looking just north of Lakeview and Lincoln Park.

See homes for sale with Anne Rossley –

contact her now!

Email Anne Rossley

Select this link to see homes for sale in 60640

And, to see a SNEAK PEEK home tour with interior photos of homes currently for sale, select this link!

Chicago 60640 zip code

Market Time

The market time for selling a home in 60640 is lower than the any time in the last 6 years.  Right now, homes average 69 days on market.

Median Sales Price

Median sales prices are up!  The highest median sales price recorded in this area was $740,000 – achieved both in April and October of 2009 (yes — higher than in 208!). Last month, sales hit $727,500 — 60640 has come back strong!!!

Inventory

Yes — inventory is LOW! That’s what’s helping to drive prices up, of course. Lots of traffic and demand, but little inventory.  In August, 2009, 13.9 months of homes were on the market. For the last 12 months, there have been less than 3 months worth of homes on the market – compared to a “stable” market of 6 months.

What this means for you…

If you’re buying – 

  • Pick and choose your home carefully. It’s not the percentage off list price that matters, but the price you pay compared to the 3 most similar recent sales within 1/2 mile of your house.
  • Use property alert systems to see when homes go on the market – be ready with your mortgage pre-approval ready to go.
  • Don’t wait, as much as you may be afraid that the good values are gone…  THEY’RE NOT! Appraisers can’t make you pay OVER the value – prices may be inching up, but they’re still great in general.
  • Pick an UGLY house! Homes that need a little cosmetic care – new carpet, paint, kitchen makeovers go for much less than shiny new pennies. Check out IKEA hacks for ways to cleverly redo a kitchen – a little “sweat equity” goes a long way to improving your investment!
  • Interest rates are still LOW, and they’re projected to rise. Since your monthly payment is largely due to the interest rate, take advantage of buying TODAY if at all possible.

If you’re selling – 

Pricing Notes: You still need to price your home AT the market, not over. This is critical for 2 reasons:

1.  The appraiser will only allow the bank to loan based on appraised price, not the amount you hope to get (or a buyer is stupid enough to offer). As they say, pigs get fat and hogs get slaughtered! Enticing a buyer to overpay by a large amount only results in cancelled contracts, angry buyers, and longer market times because the property has to be re-listed.

2.  By pricing AT the market, you may get buyers into a bidding war. This gives you a chance to get not just a great price, but a chance to negotiate the terms of your contract – the closing date you want, a quicker inspection time, and fewer requests for credits after the inspection. A happy buyer makes for a smooth transaction!

3.  Pricing your home at a fair market price means your home will sell quickly. I just sold a home in Sauganash where the sellers thought they’d have to get rid of the family bunny to stage their home. They were on a waiting list to give the bunny away, but VOILA! We sold the home in one day, to very excited buyers. While bunny went on a weekend visit to Michigan, she’s now safely ensconced back home and blissfully waiting to move to her new home. Selling quickly can save lots of headaches!

Realistic Expectations: Don’t think that everyone will buy your home just because there are fewer properties on the market. Today’s buyers are savvy and educated. Every property is different, and like always, the first 3 weeks your home is on the market is CRITICAL. If it doesn’t sell then, have a serious talk with your agent – something is wrong.  If you don’t get a contract in the first 3 weeks- your price is wrong, you’re not well staged, or something else is preventing you from enjoying a successful sale. In this market, if a home’s still available after 60 days, buyers think something is tragically wrong with it, and they may avoid even showing your home.

Here’s a list of homes sold in the 60640 zip code during the 3 months ending August 17, 2014
 AddressDateListSoldSFRmsBRLot SizeRehab?
1651Carmen5/23/14$260,000$326,00012405626X124X24X124No
1701Farragut6/23/14$449,900$449,90018008631 X 53No
1946Berwyn7/9/14$474,500$474,50004925 X 125No
1922Summerdale7/15/14$475,000$460,000106820825 X 126No
5333Lakewood8/4/14$699,000$635,000021938X123No
5221Wayne7/16/14$699,000$670,00019006837.5X123No
5427Magnolia8/1/14$699,900$670,0002395151031X123No
4890Paulina6/19/14$769,000$745,00048283101240 X 165Yes
1916Farragut8/8/14$819,900$808,000310018925 X 125No
4889Hermitage6/13/14$889,000$850,000022833 X 165Yes
4722Paulina6/19/14$939,000$975,000061038 X 183.3No
4613Hermitage6/11/14$975,000$972,5003600101025X160No
4550Paulina6/16/14$979,000$985,000360051025X165No
1338Carmen5/23/14$1,029,000$1,068,317360056840X150Yes
5064Ravenswood8/12/14$1,049,000$990,00041003925X151No
4910Hermitage8/4/14$1,100,000$1,085,000031125X165No
1352Winona5/23/14$1,200,000$1,163,00040001171130 X 125Yes
1718Gregory6/27/14$1,250,000$1,250,000011150X125Yes
1446Farragut7/14/14$1,399,000$1,310,0004500341235X125Yes

Single Family Home Sales Lakeview – 60657

 

Lakeview

Single Family Home Sales

(60657)

What’s happening with Single Family Homes in the Lakeview 60657 zip code zone?

 

Before I go further — remember to call me when you need up to date market info — any time you need a market analysis for your home, I’m your gal!

Anne Rossley

773-620-5333

– – – – – – – – – – – – – – – – – – – –

 Median Sales Prices

Median Sales Prices are STRONG! They’ve ranged from $363,000 to $390,000 over the last 5 years, and in June, they hit the high water mark of $390K mark again.

– – – – – – – – – – – – – – – – – – – –

 Market Time

Market times have dropped considerably – the high was 157 days on market (June, 2012) but today are down to 57 days — less than 2 months.

 

– – – – – – – – – – – – – – – – – – – –

 Inventory – Months Supply

This quick market time is due to the low inventory levels –

In May, 2010, there was a 10.9 month supply of homes available for sale.  Between January and Mary of 2014, there was only a  2.7 month supply.  With an increase in buyers looking to purchase, the great demand caused prices to increase.

Today, there is a 3 month supply of homes on the market.

– – – – – – – – – – – – – – – – – – – –

 Find Homes for Sale in Lakeview’s 60657 zip code

homes for sale  Anne Rossley Real Estate

Select this link

– – – – – – – – – – – – – – – – – – – –

 

For Sale — 60657 in Lakeview

Below I’ve included a table of the 35 homes for sale as of August 10, 2014 (or if you’d like a pdf version of the table, you can select it here:  Lakeview homes for sale 8006 8057 aug 2014 )

#StreetList PriceSquare FeetPrice/SFBR
1629Wolfram$1,379,00005
3446JANSSEN$2,995,0006200$483.066
3407Greenview$569,0001800$316.113
1748Cornelia$678,0001600$423.753
3103Southport$699,9003185$219.754
3015Racine$899,0003100$290.004
1523Barry$939,0003800$247.114
3129Clifton$949,0003300$287.583
614Surf$1,095,00002
1732Nelson$1,199,00004
1726NELSON$1,325,00005
1513Wellington$1,445,0004200$344.054
3239Lakewood$1,449,00005
2834Paulina$1,499,9005000$299.986
1212Wellington$1,525,0004200$363.105
1746Fletcher$1,548,00006
1019GEORGE$1,575,00005
1136Barry$1,599,00005
1306Barry$1,599,00005
1503Wellington$1,699,0004200$404.525
3313Lakewood$1,800,0004200$428.575
1510School$1,800,0004800$375.005
1536Wellington$1,850,0005000$370.005
3528janssen$1,999,0006000$333.175
1216Eddy$1,999,99905
3251Lakewood$2,175,0005200$418.275
1439HENDERSON$2,195,0004800$457.296
550Oakdale$2,399,0007000$342.716
1225HENDERSON$2,399,0005400$444.265
3500Janssen$2,550,0006400$398.446
2861Paulina$2,700,0007093$380.664
1345WOLFRAM$2,850,0009050$314.926
333Barry$2,995,0006365$470.545
419Oakdale$2,995,0006800$440.448
1455OAKDALE$3,450,0007622$452.646

The following table includes single family home sales for the last 6 months. Note the price per square foot feature – if the listing agent included it, you can see the price per square foot — a great tool for evaluating home prices.

 

Sold – 60657 in Lakeview

Or, if you’d rather see a pdf version of the table, you can see it here: SF Home Sales -Lakeview 60657-6 months 

Status Closed DateList PriceSold Square
Feet
$/SF
PEND1331Nelson$791,0002700$292.96
PEND2965Sheridan$975,0004600$211.96
PEND1331Newport$1,149,0003850$298.44
PEND1341Barry$1,199,0003400$352.65
PEND1051Cornelia$1,259,0003925$320.76
PEND1642Nelson$1,500,0000
PEND1230HENDERSON$2,375,0000
PEND1716George$2,445,0006000$407.50
PEND1217Melrose$775,0003847$201.46
PEND1319Wolfram$789,0002300$343.04
PEND3248SOUTHPORT$1,049,0000
PEND1226GEORGE$1,179,0003600$327.50
PEND1516wellington$1,599,0004125$387.64
PEND1528Oakdale$1,660,0004200$395.24
PEND2825Pine Grove$1,785,0004958$360.02
PEND1130George$1,995,0000
PEND1757Nelson$1,999,0006000$333.17
PEND1330School$2,375,0004800$494.79
PEND1050WELLINGTON$2,395,0000
CLSD1633Wolfram7/30/14$400,000$500,0000
CLSD1738NEWPORT4/9/14$565,000$515,0000
CLSD1746Fletcher5/9/14$625,000$605,0000
CLSD3540HERMITAGE7/22/14$679,000$657,5000
CLSD1127Cornelia5/22/14$689,000$645,0000
CLSD3449PAULINA7/19/14$725,000$725,0000
CLSD1749NEWPORT6/17/14$749,900$760,0000
CLSD3051PAULINA5/21/14$775,000$783,5000
CLSD1731HENDERSON3/24/14$789,000$801,0000
CLSD832Wolfram7/8/14$799,900$745,0000
CLSD1327Wellington3/21/14$899,000$902,0000
CLSD3422Janssen4/11/14$929,000$940,0000
CLSD1340School6/30/14$929,000$950,0000
CLSD1215Nelson6/2/14$949,900$966,0003600$268.33
CLSD1541Wolfram7/31/14$999,000$999,0000
CLSD1516School7/15/14$1,125,000$1,095,0000
CLSD1536Nelson6/16/14$1,129,000$1,080,0003933$274.60
CLSD3236Lakewood7/1/14$1,225,000$1,205,0003708$324.97
CLSD3044GREENVIEW4/8/14$1,245,000$1,233,5005400$228.43
CLSD1336GEORGE5/1/14$1,274,900$1,225,0000
CLSD637SURF2/14/14$1,275,000$1,160,0003268$354.96
CLSD1711Wellington2/11/14$1,299,000$1,215,0004800$253.13
CLSD1025WELLINGTON8/8/14$1,325,000$1,278,5000
CLSD1719Wellington4/3/14$1,350,000$1,330,0000
CLSD1729BARRY4/1/14$1,374,500$1,376,0804000$344.02
CLSD1736Barry6/13/14$1,399,000$1,390,0004100$339.02
CLSD1622Nelson3/31/14$1,399,900$1,355,0000
CLSD1722Melrose6/23/14$1,465,000$1,450,0000
CLSD1215EDDY8/4/14$1,469,000$1,450,0003828$378.79
CLSD1753School6/5/14$1,475,000$1,425,0004200$339.29
CLSD629Melrose8/4/14$1,487,000$1,551,0000
CLSD2836PAULINA3/20/14$1,489,900$1,370,0005000$274.00
CLSD638Oakdale6/17/14$1,499,000$1,400,0003754$372.94
CLSD1244Eddy6/7/14$1,499,000$1,260,0000
CLSD3116Seminary4/29/14$1,525,000$1,497,5004200$356.55
CLSD1222nelson7/7/14$1,525,000$1,529,9944200$364.28
CLSD1531WELLINGTON6/8/14$1,549,000$1,415,0004200$336.90
CLSD1523Oakdale6/25/14$1,549,000$1,540,0004400$350.00
CLSD2845Racine4/15/14$1,550,000$1,500,0004200$357.14
CLSD1514Wellington7/18/14$1,585,000$1,565,0004200$372.62
CLSD1451Wolfram4/4/14$1,875,000$1,800,0000
CLSD1757SURF7/17/14$1,890,000$1,650,0000
CLSD1634SURF6/6/14$1,950,000$1,940,0006000$323.33
CLSD3048Kenmore5/30/14$1,999,000$1,818,0004500$404.00
CLSD1520George4/23/14$2,099,000$2,040,0000
CLSD1725Wolfram4/11/14$2,100,000$2,155,0004508$478.04
CLSD1432School5/2/14$2,300,000$2,205,0005000$441.00
CLSD1316Henderson4/7/14$2,399,000$2,275,0006000$379.17
CLSD1041Wellington7/8/14$2,899,000$2,650,0000
CLSD1111Wolfram6/27/14$2,900,000$2,700,0006600$409.09
CLSD1217Henderson7/15/14$2,995,000$2,600,0007000$371.43

 

 

 

Lincoln Park Home Sales- Chicago Real Estate Update

 

Lincoln Park Homes For Sale

Lincoln Park Home Sales

Have Proven to be a Fantastic Investment since 1993!

Today, the average home is listed at $ 2,490,000. Granted, this is not the average SALES price — homes in 2013 sold, on average, for $ 1,573,344.

Homes haven’t always sold at this price level!

I did some research to find out exactly how homes have sold over the last 20 years.

Below is a chart showing the number of homes that closed in Lincoln Park for 1993, 2003, and 2013 for various price levels. The number of homes in total didn’t vary by much – in fact, exactly 216 sold in 1993 AND 2013.

The interesting part, though, is how the prices were distributed.

Lincoln Park Single Family Home Sales

In 1993, only one home sold for over $2 MM – in fact, it sold for $ 2,700. By 2003, the highest priced home closed at $3,925,000. Last year, one home sold for $ 9,035,000.

WOW!

 

Home Price Appreciation

1993-2013

How did the average priced home do over these 20 years?

Lincoln Park Single Family Home Price Appreciation

Average Price for Single Family Homes Sold

1993:      $ 434,741

2003:     $1,187,025

2013:     $1,573,344

I’m not a math whiz, so I can’t dazzle you with return on investment numbers,

nor can I calculate the gain if you leveraged your investment with a 20% down payment.

How, though, did real estate sales compare to the S&P 500?

We are all thrilled with how high the stock market has grown, aren’t we?

The S&P closed at 1756.65 on 12/31/2013, according to my source.

That’s 3.765 times the closing value (466.45) on 12/31/1993.

During the same time period,

Lincoln Park homes sold for 3.619 times the 1993 average price.

We think of the market as being so strong, but are we giving the real estate market the same love?!

Congratulations to those of you who bought real estate before 1993!

If you were late to the party, perhaps due to your birth year, or another circumstance,

Don’t Despair!

Real Estate continues to be a fantastic investment opportunity!

Rates are still low!

Now is the time to find your next (or first) real estate purchase!

Contact Anne Rossley today!

773-620-5333

Email Anne Rossley

Anne Rossley Chicago Real Estate Broker

 

 

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