Sue Fox, @Properties. Direct 773.816.1788

Subscribe to Site

Categories

ARCHIVES

Real Estate radio

Chicago home sales up since last July

filed under: Buyers, Chicago home prices, Chicago home sales, Edgewater, First-time buyers, Lakeview, Market conditions posted on August 23rd, 2011

EDGEWATER

SLOW GOING IN EDGEWATER: Condo sales are faring better in more central neighborhoods with well-developed business districts like Lakeview and Lincoln Park. But further north in Edgewater, it's gotten increasingly tough to sell a condo. This 2-bedroom duplex-down condo on Balmoral Ave. is finally under contract after more than a year on the market. It is priced at $255,000 and does not include parking.

The latest Chicago housing data is out, covering the month of July, and it looks like both sales volume and prices have climbed slightly compared to last July. (But before you imagine a real estate rebound, remember that last summer Chicago home sales were in the gutter, once the federal tax credit for buyers expired. So things can only go up from there!)

Anyway, there were 1,655 home sales in the city of Chicago (single-family houses and condos) in July, an increase of 4.2% over the previous year. And the median home price in July 2011 was $210,000 — up 6.9% compared to the previous year.

“This is the first month, year-over-year, where we are without a federal tax credit and are encouraged by July’s sales, hopefully a positive outlook for the remainder of 2011,” said Mabel Guzman, president of the Chicago Association of Realtors. “There is an ongoing absorption of units throughout the city, specifically in the performance of the condo market over 2010, as well as compared to 2009.”

Some neighborhoods are obviously selling better than others. In Lakeview, for example, a popular area that is home to Wrigley Field and close to both the lake and downtown, there are now 260 condos for sale with 2 bedrooms and 2 baths. Another 64 of these condos are under contract (pending sale), and 122 have closed in the past three months. That’s a pretty good ratio in this market, with closed sales at roughly half the number of active listings. Condos in Lakeview, in other words, are selling.

Now consider Edgewater, another lakeside neighborhood just a couple miles north. There are 137 condos for sale right now that feature 2 bedrooms and 2 baths. Another 28 are under contract. But just 45 have closed in the past three months  — a much worse ratio than in Lakeview. The closed sales don’t even amount to a third of the number of active listings in Edgewater.

Unfortunately, I’ve been witnessing sluggish condo sales in other northern neighborhoods, like Lincoln Square, Andersonville and Uptown. With condo buyers scarce in 2011, many of them seem to be opting to live in areas that are closer to the Loop. For first-time home buyers (or anyone else with cash or good credit), this is an excellent time to snag a great deal in the most coveted, central parts of Chicago.

Written by Sue Fox //

Leave a Reply