Bronzeville Real Estate Sales Analysis - 2011
Hey there. I just wanted to give you an update on real estate activity
for the Bronzeville area. Looking at the numbers above, we see that
properties are still selling. Some property types are selling better
than others though.
There is also a strong demand for quality rentals in the area.
Single Family homes are in great demand right now. But selling prices
are down 19% versus the same time in the previous year. This makes sense,
because in 2010 the $8000 tax credit increased demand, which in turn,
increased selling prices.
Another reason that prices have dropped is because foreclosures and short-sales
now make up the majority of the sales. These distressed property types will
generally sell at a lower price than traditional sales. The average price per
square foot in 2011 was $60.51. This is down from $90 per square foot in 2010.
For Single Family homes, buyers can still get financing relatively easily.
Buyers can get a FHA insured loan with just a 620 middle credit score and a
small down payment of 3 ½ %. But, condos are more difficult to get financed.
You will generally need a higher credit score and a higher down payment.
Also, the condo association has to be functioning and financially sound.
As you can see above, condos are selling at very attractive prices right now.
This is because most of them will not qualify for financing. Many Bronzeville
condos are being sold as a foreclosure or a short sale. This is reflected in
the average condo selling price of only $61,748.
Bronzeville Real Estate Price Trend Chart
Single Family Home - Breakdown by Sales Type
Condo - Breakdown by Sales Type
2 to 4 Unit Building - Breakdown by Sales Type
Chicago Pending Foreclosure Analysis
Hopefully you found this information useful. If you have any questions, please let me know.
Also, please feel free to leave me a comment. I read each comment I receive.
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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