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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