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:
To see these communities on the Chicago Area Community Map, select this link.
There are 3 homes for sale in Lincoln Square above $ 1,500,000, and today I had the pleasure of visiting one of them – an exquisite property at 2148 W Giddings.
The pictures don’t do it justice, and the exterior doesn’t provide a clue as to what you’ll find inside. While the finishes are exquisite, the home exudes warmth. It’s tasteful without being over the top — the kind of home you want to move in and enjoy for years to come.
Other luxury Lincoln Square homes for sale:
2152 W Giddings
4519 N Hamilton
To view these Lincoln Square properties, or for that matter, other Chicago homes for sale, contact Anne.
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)