In preparing a listing appointment this week for a Lakeview Single Family Home seller, the market data was interesting…
1. Prudential Rubloff does about twice the single family home business in the Lakeview Neighborhood.
2. The market is looking more healthy — with 92 active listings and 63 sales in the last 6 months, we are edging ever closer to the 6 month “healthy inventory” that lenders so crave.
3. The median sales price for a home in this neighborhood was $ 947,000 over the last 6 months.
By the way, this listing hits the market right after the Superbowl. It’s a stunner and won’t last, so if you want to get on the list to get in the door right away, contact Anne Rossley at Prudential Rubloff…
You will find no finer single family vintage rehab in Lakeview — absolutely every detail was considered in this 3 year renovation. Stay tuned for more info!
Single Family Home Sales were up in 2009 — 44 houses sold this year vs 40 in 2008. During this time, median home prices dropped. The average home price was $ 547,500 — a 6.5 % drop from the previous year.
Today, there are 42 homes for sale in the Edgewater Community. Of those, the following homes are for sale in the Lakewood Balmoral Community…
5537 N Magnolia $ 579,000
5239 N Wayne $ 775,000
5253 N Lakewood $ 899,000
5306 N Magnolia $ 1,025,000
5518 N Wayne $ 1,459,000
After being originally listed at $ 2,200,000, 5456 N Lakewood was reduced this week to $ 1,500,000, and went under contract almost immediately. We will wait until the closing to report the final sales price.
5247 N Magnolia closed on July 2, having been listed for 20 days before going under contract. It was originally listed at $ 950,000, and it sold for $ 900,000.
The home at 5312 N Magnolia is no longer listed for sale.
For information on Andersonville or Edgewater homes for sale, contact Anne Rossley or select this link to view properties online.
Despite news of an improving economy, Chicago home sales continue to lag. In May, 40 single family homes closed on the north side*, representing 68.96% of May 2008. Year to date sales (163) are down 29.74% over 2008 Jan-May sales.
Chicago Home Sales
2005 – 2009
Currently, there are 698 homes on the market. The level is even higher than reported in April (688) and represents a 21.4 month inventoryof homes for sale.
Chicago Median Sales Prices
2005 – 2009
As for prices, May median sales prices dipped significantly, but this may be just a blip. For May itself, the median single family home sales price was $691,000. This is about a 23% decline over May 2008 and 24% decline YTD. In looking at the last 30 days ( – 6/12/09) , the median price is back up to $853,980, indicating that perhaps the snapshot of May was an anomoly in the numbers.
* These statistics are gleaned from MRED, and include the following neighborhoods:
I normally post market activity from the Gold Coast north through Edgewater, (and I will this week) but this article ONLY includes single family home sales from Uptown, Edgewater, North Center, and Lincoln Square neighborhoods.
Single Family homes closed (in these neighborhoods) during April 2009 topped Apr ’08 sales figures. This is the first time since August ’08 that home sales surpassed monthly sales for the previous year.
At the same time, median sales prices were down 17% vs April ’08 to $ 603,750. This could be due to
More lower priced homes selling, such as first time buyers getting into the market; and/or
Homes selling below previous market prices due to seller need to move the property at any price.
In any event, there are currently 293 homes for sale in this northern geographic area, and the current median listing price is $ 799,900. The currently available homes in these neighborhoods represent an 11.5 month inventory of product — high and certainly not indicative of a healthy market — but closer to normal than we’ve seen in previous months.
For more information on homes for sale in these neighborhoods:
Last month, single family home sales on Chicago’s north side rose 144% over Feb ’09 sales, but this is still only 54% of units closed in March 2008. The 39 units closed represent almost an 18 month inventory, as today’s single family listings are 689.
These March units closed (39) represented a median sales price of $ 850,000, off 22% from March 2008 and down 13% vs the 2008 annual median sales price.
Statistics are taken from MRED Multiple Listing Service
With all the bad real estate news being generated, it’s important to understand the local Chicago real estate market, putting the numbers into a meaningful perspective.
At first blush, one sees that Jan/Feb median sales prices were off 30.3% vs the first two months of ’08. However, if you compare the 2 month average to the entire year, smoothing out the high of last January and February, prices are down 12.1 %. Similarly, JF ’09 single family homes sold on the north side (44) are off 29% vs the same 2 months of ’08, but compared to the ’08 monthly average of 49, the two month total is down 10.2%.
In the past month, 60 homes have gone under contract, with a median sales price of $ 925,000.
Currently, there are 610 single family homes on the market whose median price is $ 1,295,000. That represents over a 12 month supply of inventory — high, but not disastrous. (Lenders like less than 6 months inventory to describe a market as “healthy.”)
In evaluating market times and sales to list price, it gets a little dicey. Market times in the MRED include new construction homes which might be listed from the time the developer decided to break ground. Of the closed homes, there are market times of 2, 7,12…97…185…899 days… i.e. an average would be meaningless.
Sales prices traditionally have been 95% in the Chicago market. One would think that sales prices would be way off that mark.
Once the list price comes down to a level which generates an offer (final list price), however, the average sales to list price was 92%. For these same homes in JF ’09 , the final sales price was 88.3% of the ORIGINAL list price.
Of the 44 homes closed, 15 were listed over $ 1,500,000. Of these, 7 were new construction. Only 2 of the 29 under $ 1.5MM were new.
See the “Sales and Trends” page for graphs for the past 4 years.