The Chicago Tribune reports on third quarter statistics this year... again, sales down but prices steady and even up.
I just had this conversation today with a client who asked me where I see the market going (and we Realtors get this question every day). My answer is the over- building in less desirable areas is done. Those who bought on speculation in up-and- coming neighborhoods are being hurt the most right now. There are less people buying in these developments, so sales are down there... bringing the average numbers down for sales.
But sales prices remain strong in good locations. We see this time and time again. Unfortunately, there are folks with the attitude that home owners and developers are all losing their butt.... everywhere. Not the case. So, we see average prices up.
There are a TON of Chicago homeowners out there that bought 1999 to 2005 in Lincoln Park, Lakeview, Lincoln Square, Ravenswood, Gold Coast's best locations etc... they are in great shape, so don't expect to get the place for a song.
It also needs to be understood that if you like the new construction more than the re-sale there is usually a premium.