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:
Please contact Anne Rossley, Rubloff
To see these communities on the Chicago Area Community Map, select this link.