Prudential Rubloff Leads Lakeview Home Sales

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.

Lakeview Real Estate Market Share

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!

Chicago North Side Home Sales Up – Prices Steady

September home sales in Chicago were up over Sept ’08.  The 57 home sales were similar to’07 and ’06 units closed (55 and 59), but down 35% vs the record 2005 figure (87).

Chicago North Side Home Sales September 2009

Home prices, on the other hand, are right in line with sales prices over the last 5 years – up 1.9 % vs Sept 2008 and only down 4.2 % vs the hot 2005 sales season.

Inventory levels are also declining — while over the 6 month water mark, the 11.3 month supply of active homes for sale is lower than we’ve seen in some time.

Could the buyers’ market be waning?  With low rates and attractive financing options, buyers had best jump in before it’s too late!

Chicago Median Sales Price September 2009

For information on homes for sale in Chicago, contact Anne Rossley at Prudential Rubloff.

These sales figures are taken from MRED – from the Gold Coast, Lincoln Park, Lakeview, Uptown, Lincoln Square, North Center, and Edgewater neighborhoods.  For information on your neighborhood, call Anne Rossley today!

Lakewood Balmoral Homes for Sale

July 14, 2009 —-

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

5456 N Lakewood

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.

To see market trends in the Edgewater Community, select this link.

Chicago Home Sales Off 30% in May

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

North Side

2005 – 2009

Chicago Home Sales 2005 to 2009 - May

Currently, there are 698 homes on the market.  The level is even higher than reported in April (688) and represents a 21.4 month inventory of homes for sale.

Chicago Median Sales Prices

North Side

2005 – 2009

Chicago Home Prices 2005 to 2009 - May

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:

North Side Home Sales in April Top 2008

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.

North-Side-Single-Family-Home-Sales-2005-to-April-2009

North-Side-Single-Family-Home-Sales-Prices-Chicago

For more information on homes for sale in these neighborhoods:

Please contact Anne Rossley, Rubloff

To see these communities on the Chicago Area Community Map, select this link.

Chicago Single Family Sales Rise on North Side

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.

chicago-single-family-home-sales-2005-to-present

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.

chicago-single-family-home-prices-2005-to-present

Statistics are taken from MRED Multiple Listing Service

Jan – Feb Chicago North Side Condo Sales Off 67%

848-roscoe1

Only 381 condos closed on Chicago’s north side during the first two months of 2009.  This 190.5 average is 32% of the 2008 monthly average, and 42% of the Jan/Feb 2008 sales figure.

The JF 2009 median sales price of  $335,375 is only off  3 % from total 2008 median sales price.

Today, there are 6001 condos on the market in these neighborhoods, meaning we have an inventory of over 31 months.

Expect prices to drop:

  • High inventories mean sellers will reduce prices to move property
  • Condo financing continues to be difficult to obtain –lenders are demanding higher LTV ratios and stronger FICO scores for loan qualifications
  • Buyers remain skittish about the market, and we are seeing fewer numbers of buyers, as well as buyers who postponing their purchase decisions

Loans dropped below 5% this week, in an attempt to lure buyers into the marketplace.

If you are considering a Chicago condo purchase — there may be NO better time than now to find a great price with a fantastic loan rate!

See condo sales charts on my Condo Sales and Trends page…

MRED Sales figures include

  • Gold Coast
  • Lincoln Park
  • Lakeview
  • North Center
  • Lincoln Square
  • Ravenwood
  • Uptown
  • Edgewater

Jan – Feb Chicago Single Family Home Sales

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.

For other sales data, or for information on specific properties that have closed, please contact me today!

This data, taken from MRED, includes single family home sales for the following neighborhoods:
  • Gold Coast (Near North)
  • Lincoln Park
  • Lakeview
  • North Center
  • Lincoln Square
  • Uptown
  • Ravenswood
  • Edgewater

Weekly Chicago Real Estate Update

New Listings Outpace Contracts 6:1

Chicago vintage greystone

This week, 380 new properties went on the market in the Chicago North market areas*, while 65 were put under contract.

Currently active listings include:

  • Single Family Homes     606
  • Condos/Townhomes/Co-ops     5547

And, 65 homes went under contract this week:

  • Single Family Homes     5
  • Condos/Townhomes/Co-ops     60

32 properties closed.

*  MRED Market area of “Chicago North” includes (8003,8004,8005,8006,8007,8008,8077) the following neighborhoods:

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