Tuesday, October 13, 2009

Lincoln Square condo unit sales down 19%, median price down 13% in third quarter

Condo unit sales in Lincoln Square area were down 19 percent in third quarter 2009 from the 2008 numbers. We saw 91 units sold. Median price of $269,900 was down 13 percent from third quarter 2008.

As predicted on these pages, sale activity was up from the second quarter of 2009. 83 units were sold in second quarter 2009 and 91 units sold in third quarter 2009. Much of this due to stabilizing employment situations, low mortgage interest rates and the looming deadline for the first $8,000 first time buyer's credit.

Units sales prices lagged again year to year in Lincoln Square. The area covers condos in much of the Ravenswood and Bowmanville neighborhoods that have seen pretty stable pricing. However, locations in Lincoln Square heading northwest along Lincoln Avenue have suffered higher decreases in sales price due to under preforming newer construction re-sales and short sales.

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