I will try to look at the market stats for several Chicago neighborhoods.
This will give you a good idea of what to expect if you’re thinking about
buying or selling in these neighborhoods. This post will focus on the
popular Logan Square neighborhood. Although neighborhoods and areas are
loosely defined, Logan Square generally refers to the following geographic boundaries:
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Logan Square
North Boundary: 2800 N (Diversey)
South Boundary: 2000 N (Armitage)
East Boundary: 2400 W (Western)
West Boundary: 3600 W (Central Park)
Primary Zip Code: 60647
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The following results are based on Real Estate activity for Jan 2008 — Jun 2008.
Executive Summary
1) Single Family Homes:
The average asking price = 768K
There are currently 208 Single Family Homes on the market.
The average market time is 6 months.
Here’s the breakdown on average asking prices:
a) 2 or less bedrooms = 329K
b) 3 bedrooms = 511K
c) 4 bedrooms = 852K
d) 5+ bedrooms = 1137K
Now let’s take a look at what sold:
The average selling price = 727K
56 Single Family Homes sold in the last 6 months.
The average market time was 5 months.
On average, sellers got 95% of their asking price.
41% of the listings expired (were not sold).
At the current rate of Single Family Home sales,
Logan Square has a 20 month supply of inventory.
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2) Condos
The average asking price = 335K
There are currently 475 condos on the market.
The average market time is 6 months.
Here’s the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 291K
b) 3 bedrooms = 414K
c) 4 bedrooms = 499K
Now let’s take a look at what sold:
The average selling price = 334K
214 condos sold in the last 6 months.
The average market time was 5 1/2 months.
On average, sellers got 98% of their asking price.
Also, 22% of the listings expired (were not sold).
At the current rate of condo sales,
Logan Square has a 12 month supply of inventory.
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It appears that Logan Square is still in demand.
The real estate can be a bit pricey though.
It also appears that condos are in higher demand than Single Family Homes.
For more information on Chicago area real estate stats, please contact me.
Until the next time…
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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