Sales way up in DEC 2009

Mark Killion — Tue, 26 Jan 2010 21:15:06 +0000

According to a recent report, sales in December 2009
were up 33% compared to December 2008. Sales
have been up 6 months in a row! But, overall, sales
for the year were flat compared to 2008.

In many areas of the city, the number of properties
sold is trending up while the selling price is
trending down. So demand is being driven by
increased affordability and the tax credit.

Also, investors are back in the market snatching up
deeply discounted bank owned properties. The
distressed property sales are pulling down Chicago’s
median value. There are properties on the South
and West Sides selling for $20,000! But, I think
that certain areas, like the South Loop and the Near
North side, are stabilizing. Sales activity in those areas
is high, but there is also a lot of inventory on the market.

Hopefully, when the tax credit expires, consumer
confidence will be higher than it is currently. The
timing is good, because it expires during the busy
Spring selling season. So right when it expires,
seasonal demand will be picking up.

I think we hit bottom around July/August 2009.
There is a lot of pent-up demand out there. But there
is even more uncertainty. The main concern now is
job creation. But, I think overall that 2010 will be a better
year than 2009.

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

EQUAL HOUSING OPPORTUNITY

Lincoln Park Real Estate Stats

Mark Killion — Thu, 21 Aug 2008 03:37:20 +0000

Lincoln Park Real Estate Stats

Now let’s take a look at the ever popular Lincoln Park neighborhood.
Lincoln Park has definitely weathered the real estate storm.

Now granted, sales are probably off 15% compared to last year, but keep in mind, everything is relative. They could be down 30%, and still do better numbers than most other neighborhoods in Chicago.

Lincoln Park neighborhood residents enjoy a lively cultural scene, exceptional architecture, lovely gardens and of course, the 1,200-acre park that runs along Lake Michigan.

Lincoln Park is one of the most popular neighborhoods in Chicago. It has the most restaurants per capita in the city. Lincoln Park offers just about anything from the Lincoln Park Zoo, a Nature Museum, beaches, golf, tennis courts, theaters, and comedy clubs along with hundred of restaurants and bars to choose from. Shopping includes a mixture of independent and one-of-a kind businesses. It is also home to the acclaimed Old Town School of Folk Music, a popular entertainment venue and music school.

The neighborhood population is primarily made up of young professionals, recent college graduates, and young families. It is home to DePaul University.

This report will give you a good idea of what to expect if you�re thinking about buying or selling in Lincoln Park. The Lincoln Park boundaries are loosely defined. But for the purpose of this report, I am focusing on the following boundaries:
��
Lincoln Park

North Boundary: Diversey (2800 North)
South Boundary: North Ave (1600 North)
East Boundary: 200 West
West Boundary: Ashland (1600 West) ———————————————————-

———————————————————————————

The following results are based on Real Estate activity for the last 6 months (roughly Feb 2008 –> Aug 2008)
This data is taken from the Multiple Listing Service.

Executive Summary

1) Single Family Homes:

The median asking price = 1.8 Million
There are currently 166 Single Family Homes on the market.
The average market time is 6 1/2 months.

Here�s the breakdown on average asking prices:
a) 2 or less bedrooms = 749K
b) 3 bedrooms = 900K
c) 4 bedrooms = 1.4M
d) 5+ bedrooms = 5.53M (yikes)

Now let�s take a look at what sold:

The average selling price = 1.68 Million
66 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.
0% of the listings expired (were not sold).
That’s right..not one listing expired. WOW!
That’s a big difference from Bronzeville (a popular area on the Southside) where 50% of the listings are expiring.
It just goes to show you, that Real Estate is a very local business. So, don’t pay too much attention to the “gloom
and doom” that the media is throwing at us daily. Chicago is holding up relatively well in comparison to other parts of the country (i.e. California, Nevada, Arizona, and Florida).

At the current rate of sales, Lincoln Park has a 15 month
supply of Single Family Homes.
============================================================

2) Condos

The average asking price = 618K
There are currently 693 condos on the market.
The average market time is 4 1/2 months.

Here�s the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 398K
b) 3 bedrooms = 692K
c) 4 bedrooms = 1.58M
d) 5+ bedrooms = 5.53M

Now let�s take a look at what sold:

The average selling price = 478K
484 condos sold in the last 6 months.
The average market time was 3 1/2 months.
On average, sellers got 97% of their asking price.
Also, 0% of the listings expired (were not sold).

Here�s the breakdown on average selling prices for condos:
a) 2 or less bedrooms = 376K
b) 3 bedrooms = 676K
c) 4 bedrooms = 858K
d) 5+ bedrooms = 1.2M

At the current rate of condo sales, Lincoln Park has
about an 8 1/2 month supply of inventory.
It is generally considered a “Seller’s Market” when inventory
levels are at 6 1/2 months. So, apparently, Lincoln
Park has been largely unaffected by the current housing slump.

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IN SUMMARY:

Lincoln Park is surviving, and excelling, in the current housing
slump. It’s really amazing that Lincoln Park is still selling 80 condos per month. We’re not talking about cheap condos either.
These are $480,000 condos!

It is interesting to note that the current average asking price,
for condos, is significantly higher than the average selling price for condos in the last 6 months. This probably indicates that prices will be trending higher over the next several months.

After analyzing the data for this post, I am strongly
considering focusing my Real Estate business on Lincoln Park. That way, I could possibly benefit from all this action.
So if you’re looking to buy or sell in Lincoln Park, and you
need a great Realtor…. I am here to serve you!