Greater Lincoln Square single family homes have fared relatively well during our boom and bust cycle and still remains pretty stable as the market "bottoms out" currently. That said, we still realized a 19% decrease in median price for the third quarter 2009. We slipped to $482,500 from $595,000 in the good ol' days of '08. But as usual, that drop in price elicits a giant "gulp" without context. Remember, Lincoln Square is big but most people only associate it with the commercial corridor along Lincoln Avenue from about Montrose to Lawrence heading northwest. Homes near the farther north and northwest borders of the area are priced lower on average than those in central and southern locations.
30 single family homes closed during third quarter 2009 in the Lincoln Square community area, one of 77 community areas in Chicago. This is an 11% increase over 2008 third quarter. I predicted an increase condo transactions for third quarter due to low interest rates and federal first time buyer tax credits. Single family homes sales were probably driven more so by low interest rates, lower asking prices and stabilizing job situations.
For example, only 19 single family homes sold in second quarter 2009 this year reflecting the lingering uncertainty from the fall 2008 disaster. To close in second quarter, most home buyers were looking and making decisions during the first quarter, a time of a new presidential administration and great economic uncertainty. 19 homes is actually pretty good considering the mood of the country. Closing a single family home in second quarter is usually pretty attractive due to children's school schedules. So, a third quarter 30 spot (over 30% increase in unit sales from the spring) is pretty significant.
Expect decent sales numbers for fourth quarter this year in general. The tax credit high and low interest rates lit a fire under some sore fence sitting bums! October and November will show pretty big unit sales numbers.
As for what you get? Don't expect much under $450K (unless you want to live on Foster Avenue or consider yourself "handy"). Another interesting statistic is only one of the 30 homes closed on our MLS as a foreclosure or short-sale (a flooded Georgian foreclosure in Bud Long Woods for $200K).
All statistics taken from Midwest Real Estate Data, LLC which I'm a member.