Rates are Great ~ Carpe Diem!
This week our new President Obama was inaugurated, and our hope for a brighter future renewed. With that in mind, follow these links for your neighborhood market reports:Lincoln Park, Lakeview and Bucktown/Wicker Park.
Enclosed are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. To get broader perspective in reviewing this data, I also compared sales data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.
As you might expect, sales volume for condominiums and town homes has gone down and market time has gone up for Lincoln Park, Bucktown and Wicker Park. Lakeview however, went up in sales volume and down in market time by just over a month.
In reviewing the condominium, town home and single family home sales data for Lincoln Park, Lakeview, Bucktown and Wicker Park from CAR for 4th quarter in 2007 and 2008, volume is down there too. However, single family homes in Lincoln Park and Lakeview have gone up in average sale and median home price, as well as a faster market time. I believe that’s a sign of good things to come. We live in a great city with great services, parks and transportation, as well as a growing number of great schools.
We are in a Buyer’s market, and there are transactions happening. Lenders are able to close loans.
Enclosed are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. To get broader perspective in reviewing this data, I also compared sales data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.
As you might expect, sales volume for condominiums and town homes has gone down and market time has gone up for Lincoln Park, Bucktown and Wicker Park. Lakeview however, went up in sales volume and down in market time by just over a month.
In reviewing the condominium, town home and single family home sales data for Lincoln Park, Lakeview, Bucktown and Wicker Park from CAR for 4th quarter in 2007 and 2008, volume is down there too. However, single family homes in Lincoln Park and Lakeview have gone up in average sale and median home price, as well as a faster market time. I believe that’s a sign of good things to come. We live in a great city with great services, parks and transportation, as well as a growing number of great schools.
We are in a Buyer’s market, and there are transactions happening. Lenders are able to close loans.
If you are wondering if now is a good time to trade up to your next home, the answer is yes. While you may not net as much from the sale of your home, the savings on the larger home will offset the loss on your current home.
Interest rates are great! Remember that markets ebb and flow, and the bottom of the market is shaped like a U, not a V. Even a 10% drop in home prices is wiped out by a 1% increase interest rate on a 30 year mortgage. Don’t wait; you will likely miss the market.
Contact me for your own market analysis or comprehensive statistics throughout the city for single family homes, multi-unit buildings, condominiums and town homes.
Labels: bucktown, buyers market, chicago, chicago association of realtors, interest rates, lakeview, lincoln park, market statistics, wicker park
posted by Maureen Moran at
3:55 PM
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