Wednesday, December 08, 2010

A run on million dollar homes: Northcenter fourth quarter 2010 single family statistics

Yesterday we pointed out some new construction in the area. Here's a look at the closed and under contract single family homes in the Northcenter community area of Chicago for the fourth quarter 2010. The quarter ain't over yet but considering the Holiday party coma we'll be in, we figure we'd get a jump on things. We always look for something interesting in the stats, and to us, million dollar homes are interesting.

* 24 single family homes closed in Northcenter and 30 homes are under contract thus far from October 1st to December 8th, 2010. 30 homes closed in 4th quarter 2009. So, we'd only need to see 7 of those close by the end of the month to surpass the 2009 numbers (which is likely).

* Of the 24 closed homes 3 were over one million dollars... however, 16 homes are currently under contract over a million ranging from $1,024,900 to $1,895,000.
In 2009, there were 7 total closed homes in Northcenter over one million. I think 2010 will beat that by the end of the year.

From our view, we saw an increased amount of "tear-down" homes and homes needing gut rehabs being bought up. The several distressed property sales dropped really low and many old homes were simply able to sell at attractive prices. At the same time, we should see an increase in million dollar homes sold as interest rates were favorable this year and the high-end came down to earth a bit.

* The median price is UP. Closed single family homes thus far in 4th quarter 2010 have a median price of $788,500. The lowest home selling for $200,000 and the highest thus far $1,500,000. Median price for 2009 was $762,500 so we'll likely stay above that for the year.

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.

Read more of our posts about local Chicago home sales HERE

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

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