Is it a good time to buy Hyde Park Real Estate?
Many times it is useful to review a chart of data to
identify trends. I decided to create a chart of selling
prices for condos in the Hyde Park Chicago neighborhood.
This set of data spans a 3 year period.
It runs from the 4th QTR 2008 through 4th QTR 2011.
It is based on the selling prices of 2 bed/2 bath condos.
I am frequently asked: “is it a good time to buy real
estate in xyz neighborhood?” So, I decided to
write a blog about it. I will cover several neighborhoods,
but for this blog post, I will examine Hyde Park.
I prefer to analyze and present the data,
and let the market tell us if it is a good time to buy.
The chart shown above is basically a 3 month moving average
of property selling prices in Hyde Park Chicago.
This chart is based on sales data from the MRED MLS System.
Findings:
A few things jump out at me when looking at this chart.
1) Prices hit a bottom in the 4th quarter of 2010.
Average prices in that quarter were about $80,000.
I would guess that most sales in that quarter were
bank-owned foreclosures.
2) Prices are trending upward in the 4th quarter of 2011.
3) During this rough three year period, prices have actually increased.
But there has been some volatility from quarter to quarter.
Based on this chart, it appears that prices are trending upward.
Since we don’t have a crystal ball, we can only hope that prices will
continue in that direction.
Here is a bit of information that this chart doesn’t show us:
Hyde Park will be getting a make over near 53rd and Harper.
Many new amenities are coming to the area (i.e. movie theatre,
Hyatt hotel, more restaurants, etc.)
So, in my opinion, it appears to be a good time to buy a condo
in Hyde Park. Prices have not only stabilized, but they are trending up.
Please let me know if you have any questions.
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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