Friday, December 26, 2008

One Million Dollar Homes Dominate: North Side Single Family Home Statistics

A recent Lincoln Square single family home sale for $1,497,500.

Just about every day I punch some sort of specific search into the the database resources I have. With the Chicago real estate market activity at a seasonal and current market condition influenced "stand-still", I felt I would take a broad look at single family homes. I work just as hard now to prepare for the traditionally increased sales activity we see from February to June than at any time of the year. It is helpful to know what's been sitting around as new listings start to hit at (hopefully) correction pricing come late January.

With several clients looking for North Side single family homes I thought I'd look at all pending and contingent homes under contract to see what's moving. I'm looking at my specialty neighborhoods going south to north of Near North, Lincoln Park, Northcenter, Lakeview, Ravenswood and Lincoln Square

*In these 5 core neighborhoods, there are 464 single family homes listed for sale in our MRED/MLS system. Prices range from $209,000 for a tear down on a small lot near Welles Park in Lincoln Square to $12,000,000 for a Gold Coast Mansion.

*292 of the single family homes are priced over $1,000,000 (172 under $1,000,000).

*Only 56 single family homes are under contract and heading towards closing. Prices range from $262,000 for a single family home in Bud Long Woods (great deal) to $3,950,000 for a Gold Coast six bedroom home on LaSalle.

*31 of these single family homes are under contract for over one million.

In this round-up of the five specific and desirable areas, the million dollar home seems to have the edge in offerings and contracts. It will be interesting to see if the under one million dollar single family homes will make a big jump in contracts in early 2009. As interest rates remain low and retired folks and career changers want out of their big homes, I suspect we'll see that jump.

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