Tuesday, January 20, 2009
Lincoln Square Fourth Quarter Condo Sales Volume Down, Median Price Up
According to Chicago Association of Realtor's statistics, condo sales volume within the Lincoln Square designated neighborhood code were down 62% in the last quarter of the year compared to the same period in 2007. This area also includes the sizable Ravenswood neighborhood. 49 units were sold in the fourth quarter of 2008 down from the 128 of 2007. Unlike in some neighborhoods, there were no large developments that delivered units in Lincoln Square in 2007 that would skew the numbers.
Median price, however, was up 5% over that period. This was due, in my analysis, to the strong showing by higher-end new construction condos in the area. However, I also noted many re-sale units selling at appreciated numbers from their last transaction. The September and October financial crsis pretty much choked off sales in the entire city and, despite the increasing price per square foot in this burg, Lincoln Square was no exception.
This is good news for those looking to refinance or sell in Lincoln Square!