Tuesday, June 21, 2011

Wicker Park condo sales down 15%, median price down 3%, distressed properties up

West Town's Wicker Park and it's West Division Street shopping, art, music, dining and nightlife scene offers the urban environment that attracts people to city living. Condo sales tend to be very dynamic and vary in price and style. How did Wicker Park condo sales fair in 2011 so far compared to 2010? Is it beating the downward sales trend we are seeing from the national and local numbers released for April and May?

In the first 6 months of 2011, the Wicker Park neighborhood had 79 recorded condo sales in our MLS (MREDLLC.com). The median price was about $370,000. That's down 15% from the 93 closed condo units for the same period 2010. The median for 2010 was about $385,000.

Interesting subject area STATS:
The highest condo sale so far in 2011 was $716,000 for a new construction penthouse condo at 2028 W Division.

The lowest sale of 2011 was $10,000 (!) for a bombed-out shelter of busted new construction at 2322 W Augusta.

18 (23%) of the closed units so far for 2o11 were distressed properties, either short-sales or foreclosed (REO) properties . Only 7 of the 93 closed units (8%) in 2010 for the same subject area were
distressed properties

Buy a condo with a rooftop deck in Wicker Park cheaper today than last year.

The subject area for these sales statistics is 900 North to 1500 North and 1600 West to 2400 West (official Wicker Park boundaries stretched 3 blocks south for the sample and reflects the inquiries we get for Wicker Park and those that desire to live near Division).

More Wicker Park posts HERE!

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