Edgewater Home Sales
Condo Sales in Edgewater
The biggest news in Edgewater’s real estate market is in the condo segment. Year to date, condo sales are up 45% vs Jan-Sept 2011. Prices are down – 12.6%, and market times are lower, too – 7.7%. Looking at inventories, there were 304 condos for sale in September of this year vs 478 during Sept2011 — again, a very positive sign.
As of today, November 8, 2012, there are only 272 condos for sale in Edgewater. Over the last 3 months 187 condos closed, thus we are averaging 62 sales/month.
The result — only 4.4 months of inventory. This is a tremendous improvement – a sign that the market continues to improve!
Single Family Homes in Edgewater
As for Single Family Homes — it’s more difficult to see a trend, as the unit numbers are smaller. As of today, 20 homes have closed in the last 3 months, and 19 are currently on the market. This compares to 41 closed 2012 YTD.
Find Homes for Sale in Edgewater – select this link
Find Condos for Sale in Edgewater – select this link
Wondering when you should get in the Chicago real estate market?
THERE’S NEVER BEEN A BETTER TIME TO BUY!
Whether you’re buying for the first time, selling and buying, or downsizing ….
NOW IS THE TIME TO MAKE A MOVE!
Rates are the lowest in over 30 years — Freddie Mac reported September average rates at 3.38%!
Prices have stabilized – in some places, they’re reporting increases. Yes, prices dropped between Jan 2008 and July 2011, but prices are now showing a stabilization.
This chart shows average prices on condos/homes on Chicago’s North Side:
Consumer Confidence is up again in November – 3.8%, but here in Chicago, properties are flying!
Inventories are low – while at one time, condo listings represented 24 + months of inventory, today there are only 3.8 months’ worth of units on the market. (Lenders use 6 months as a benchmark for determining market health.)
On a personal note, I have been helping clients find investment property. We are having to put in offers immediately – 6 properties have sold within a week, sometimes with multiple offers.
Don’t wait to read this in the newspapers – by then it will be too late to take advantage of the opportunities
Expect the following:
- Declining inventories between now and Feb 2013
- Increasing demand around Feb 2013
- Mar-May 2013 — prices will rise & inventories will remain low — but where will interest rates be? Ad 1% difference on a $250K loan means more than $49K in payments over the life of the loan (and $1647.48 more per year!)
If you’re thinking about buying or selling, call or email me right away!
Need to Find a home in one of the Chicago Neighborhood Elementary School Districts?
Search for homes in the districts most often requested by buyers over the last year:
These are not the only neighborhood searches available – email me for other school districts or CPS elementary school information in general.
And, if you’re participating in the selective enrollment lottery, remember the December 14 deadline — good luck!
It’s one week after the Superbowl (and the oft-talked about commercials), and true to form, the Chicago real estate market is heating up.
(Yes, and we’re experiencing a bit of spring weather, too – it’ was 41 degrees, according to my car and weather.com says it’s 46 degrees in Lincoln Park today!)
Superbowl kicks off the spring real estate market in Chicago. It’s been that way for the 23 years I’ve been selling, and I strongly suspect that our early calendar (compared to suburbs) is due to the May 1 rental date that has long been a Chicago tradition. To vacate a home by May 1, the new home must be purchased one-two months prior to allow for financing and other closing preparations…. thus contracts must be signed March-April 1. Thus, February is a prime home shopping month in Chicago.
Looking at weekly figures for my real estate market*, basically the north side of Chicago, I see that this year is no exception. This week, 360 new listings hit the MLS – the highest since September 10, 2010.
If we looked at closings, we’d be looking in the past. We should look at contracts signed — in real estate jargon – contracts written or pendings. The last two weeks were terrific compared to the previous 6 months! Both weeks, 184 contracts were agreed to and signed by buyers and sellers.
Interest rates are creeping up – this may be one of the reasons that buyers are jumping in the waters.
Listening to Larry Kudlow on the radio yesterday, who thinks we’re in a mini-boom (high yield curve, high stock market, high gold, record corporate profits…) one must begin to think that
THIS IS THE MOMENT —
If you’re a buyer, or if you’re thinking of buying in the next 3 years….
NOW IS THE TIME!
For information on taking advantage of this real estate market, contact Anne Rossley at Prudential Rubloff. Anne specializes in selling homes on Chicago’s north side. to see a city report of Prudential’s Premer Market Watch, select this link.
* Market statistics from MRED — areas 8008,8007,8006,8005,8004,8003,8077 attached and detached
copyright, 2011, ANNE ROSSLEY real estate
In looking at the popular 3 bedroom condo market in Lakeview, one notes that prices have declined similarly to the Chicago real estate market.
The following charts include data for July-December sales in each year.
Units closed have also declined.
So what does this mean for buyers and sellers?
- This data doesn’t mean that all properties have declined in value to this degree. More lower-priced properties have sold than luxury homes, bringing the median prices down. To evaluate the value of your Lakeview condo, consult with an experienced real estate agent.
- Sellers need to price their properties realistically to avoid long market times and disappointing results. Look carefully at properties similar to yours – similar location, amenities, condition.
Are we at the bottom of the pricing cycle?
No one knows for sure. There are signs the market is improving, and we won’t know we’ve hit bottom unless we see it in hindsight. Buyers should not try to time their purchase – take advantage of today’s low rates and attractive prices. Don’t get caught looking in the “rear view mirror” and think you should have acted.
Act now and take advantage of today’s opportunities!
For more information about Lakeview Condominiums for sale, contact Anne Rossley at Prudential Rubloff.
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NAR reports national real estate figures…
IAR reports Illinois state real estate information…
CAR reports news of Chicago and aggregates news for its members…
I find that these numbers, while interesting, don’t give a full picture of Chicago’s real estate market. We’re a city of neighborhoods, and as a professional practice, I am forever analyzing the neighborhoods in which I operate*. This post takes a peak at real estate activity on Chicago’s north side through October 2010.
Chicago condo sales (condos/co-ops, townhomes) were up in the beginning of the year, but over the last 4 months, sales have been lagging.
Since August 7, weekly closings have dropped from 456 to 326 per week. While sales are lower, inventories are also declining. Today there are 5586 homes for sale on the north side* – on August 1, there were 6686.
To further analyze the market we can look at absorption rates. “Months of inventory” is the number of active homes divided by the average sales per month. Lenders like less than 6 months of inventory on the market.
From November’s Market Pulse, we can see:
Gold Coast condos under $ 500K are healthy, but there are between 12 and 16 months of inventory over $ 750K.
Lincoln Park condos range from 11-60 months of inventory over $ 750K.
Chicago Single Family Home Sales
The Chicagoland Monthly Housing Market Pulse (Robert Headrick, 2010) indicates that just like condos, the lower half of the single family price ranges is healthy while the upper range is lagging.
In Lincoln Park, there are currently 9 months of inventory for home listings under $ 1MM with an 18 month inventory of homes over $2MM
Lakeview homes under $ 1MM — only 4.47 months of inventory; 31.5 months of inventory over $ 2MM.
Lincoln Square homes are selling across the board – while none are currently listed over $ 2MM, homes under $ 2MM account for 8-9.6 months of inventory.
For Chicago’s north side sales figures*, the following chart is provided.
*Gold Coast, Lincoln Park, Lakeview, Uptown, North Center, Lincoln Square, Edgewater
This post belongs to Anne Rossley Real Estate, and cannot be reproduced without permission.
Prompted by NAR’s news that pending home sales in June were way down, I went back to check July homes closed…
Chicago single family home sales* were indeed way down – 40 homes closed in July was about 50% of the previous month, 35% of July 2009 and 55% of July 2007.
So how did the last month go?
Pending sales in JULY — homes that went under contract that will close in the next 30-45 days — was WORSE.
Only 20 homes went under contract between July 1 and July 31…
I do not mean to be an alarmist, but this looks grim, folks….
We had seen a glimmer of hope – sales looked great through June, and inventories for single family homes and condos had declined to between 7 and 9 months. It appeared that the market was stabilizing.
Today, with sales off and the number of listings even or up, there is again an 11.9 month inventory of single family homes for sale.
Clients are telling me that lending appears to be a huge factor in the inability of buyers to put deals together.
* MRED Gold Coast, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square
- Appraisals are coming in too low – I had one appraisal come in this week at 60% of what it truly should have been
- Advertised rates sound low, but they’re teasers only — the real rate for your situation may be very different than what is being touted on TV
Chicago real estate, particularly condo sales, have been hit by the recession. At one point, the glut of condos on the market exceeded 2 years worth of inventory. Condo sales lagged, priced dropped, and it was a buyers’ market all around.
In June, however, condo sales were great! On Chicago’s north side*, 825 units closed. This is a jump of 30% over May 2010 and 139% increase over June 2009. YES – June condo sales were more than twice the June transactions of 2009!!
Currently, there are 6167 condos for sale. With an average of 825 sales per month, we are looking at a 7.5 month supply of condos for sale — WAY BELOW the 2 year inventory of last year.
The median price of the 825 condos sold was $ 322,000. While it’s below the high water mark of 2008 ($ 350,000) it’s below 2005 prices ($ 317,500).
Real estate is about location and product. If it’s a sought-after neighborhood and a product buyers like (floor plan/amenities/condition) at a fair price, then it will sell.
So what am I predicting for the future?
I can’t say condo sales will remain this strong. The buyers’ tax incentive certainly played a role in making sales happen. Interest rates are so attractive today, however, that if you’re looking to buy for the first time or change homes — now is certainly a good time to investigate the possibilities.
Call Anne Rossley today to learn more about how you buy Chicago Real Estate.
* neighborhoods included in the data:
Copywrite 2010 .... Anne Rossley Real Estate... all rights reserved.
There is just about one month left in the federal home buyer tax credit program — $ 6500 – $ 8000 in tax savings if you buy by April 30 and close by June 30.
How is the home buyer tax credit program affecting condo sales in Chicago? In a nutshell —
- Sales are better than last year but still not as good as 2005-2008
- There is a 22 month supply of condos, based on the February figure of 276 units closed
- There are currently 875 units under contract, or pending sale
The following chart shows the number condos that have sold and closed on the north side — from the Gold Coast to Edgewater, including Lincoln Park, Lakeview, Lincoln Square, North Center, and Uptown — for 2005 to 2010.
It is still a buyers’ market. For more information about the Federal Tax Savings Program for buyers, select this link.
To see condos for sale, or to find a great condo bargain
before the home buyer tax credit expires,
I have a suburban client contemplating a cr0ss-country move, and like everyone else who bought 2-5 years ago, he’ll be taking a loss on his home. In negotiating his relocation package, he contemplated how this loss would compare to what he’ll gain by buying in his new city.
Did home prices decline as much there as they had here? (And, of course my mind jumped to — did suburban home prices decline as much as in the city of Chicago?)
The conversation started with “median sales price” but quickly moved to “what kind of home would you buy?” It means little to him (or to you, I trust) to discuss anybody’s or any-old-place’s median price. The decline of median price 2007 to median price 2009 is somewhat interesting, but isn’t it more appropriate to discuss numbers based on the home you actually bought or would buy?
What kind of home would you live in? For purposes of this study, I looked at
- Four to Five Bedroom homes
- 3-4 Baths
- 10- years or newer
- Move-in Condition
When placed in that context…
… a 4 bedroom Naperville home has declined from $ 670,000 to $ 540,000 (2007-2009) – a 19.1% decline in home values.
… a 4 bedroom Wilmette home declined from $ 933,200 to $ 767,000 (2007-2009) – a 17.8% decline.
So how much have Lakeview home prices declined between 2007 and 2009?
A 4-5 Bedroom, 3-5 bath, 2 car garage home sold in 2007 for $ 1,248,750… and it sold for $ 1,150,000 in 2009 — only a 7.9% decline.
While no one wants to see home values decline, it’s heartening to know that city home values are relatively stable.
By the way — this client is looking to buy in a city where 4 bedroom home prices are down 40.3% — he’ll actually be doing fine.
For more information on your home’s price, call
Anne specializes in selling historic homes using tomorrow’s technologies!
Chicago’s Lakeview Neighborhood
Traditionally, Chicago’s real estate market kicks off after the Super Bowl. Our market is usually busiest between February and April — ahead of the suburban market.
Why? Probably because of the traditional May 1 – Oct 1 lease renewal dates. Why and how that started is a mystery to me, but it makes sense that if most apartment leases are up May 1, then home closings need to be in April, which means househunting hits its peak in February and March to allow for 45 days to acquire a loan.
Therefore, for maximum impact and to reduce “market time”, Realtors usually prepare their listings for a post-Super Bowl debut.
This year, however,
most Prudential Rubloff agents advise otherwise…
Yesterday I polled my colleagues (the most experienced and successful agents in the city*) and got the following results:
Nearly 70% of agents recommended listing NOW.
- With inventory down 17% over last year, pent up demand and fewer homes to choose from make your listing stand out
- Business is picking up
- one agent listed a singe family home Wednesday, and he has 8 showing appointments already.
- Agent after agent reported being busy with buyers and showing appointments
- Buy now to take advantage of the tax credit
List your property NOW – ahead of the rest,
for MAXIMUM IMPACT!
For more information on the Chicago Real Estate market, call Anne Rossley at Prudential Rubloff.
* Prudential Rubloff is the #1 Real Estate company in Chicago’s near north neighborhoods, according to MRED’s Broker Metrics