Thursday, December 09, 2010

East vs West: Lincoln Square single family home sales in fourth quarter 2010

The year isn't over but we're getting a jump on our local analysis before "we shop till we drop"! We look for interesting insights that you may find, well... interesting and insightful. In Lincoln Square, it's all about East vs West.

* Thus far in fourth quarter 2010, only 9 single family homes have closed in the Lincoln Square community area. However, 20 homes are currently under contract or pending closing. It is likely at least 10 of those homes will close before the end of the year. Since 2004, we've averaged about 19 closed homes in the fourth quarter so we think we'll be right there for 2010.

* EAST vs WEST: The median price of the nine closed homes is $475,000 for the entire Lincoln Square community area. If we include all homes under contract and closed, the median price dips to $430,000 (it's bargain season). 2009 fourth quarter had a median price of $475,000. 2010 is a reflection of "rehabbers" once again eating up houses... so lending is available for these folks (like us as a matter of fact) to either buy and or/fund the renovations. Expect to see a crop of completed gut rehab homes in Lincoln Square sprouting in spring and summer.

However, the median price of closed and under contract homes in Lincoln Square community area east of North Western Avenue jumps to $550,000. Go west of North Western Avenue and the median price dips to about $325,000.

If you need the straight talk about selling or buying a home in this market please call or email us. We will come up with a plan based on your goals, local statistics and our anecdotal experience selling and buying homes. We don't mess around.

Data pulled and analyzed by us from, our member multiple listing service.

No comments: