Tuesday, May 29, 2012

Predicting big numbers for North Center single family home sales

Bob and I have been writing for a couple years on the uptick in single family homes sales in popular North Side neighborhoods. This year is almost half over and it certainly feels like sales are going to increase again in North Center. Improved schools (Bell, Coonley, Jahn, Audubon to name several), crazy low mortgage rates, lower listing prices and an increase in gut renovations and new construction homes have fueled the sales.

One of the retail strips along North Lincoln Avenue in popular North Center, Chicago

North Center single family home sales, median price, under contract...
Currently in 2012, 54 single family homes closed in North Center from January 1st to May 29th. That's on pace with the 55 single family home closings during the same time period in 2011. Another 59 single family homes are currently under contract this year at the time of writing. The jury is still out, but the pace at which homes are going under contract leads me to believe we'll have a bigger year in North Center than last years 177 closed homes (a tall order).

The median price in 2011 during the same time period was about $780,000 in North Center with 18 of those homes closing over $1 million.  This year in 2012, the median price of a sold home is about $725,000 with 17 homes closing over $1 million.

More North Center posts HERE
All photos and analysis Eric Rojas, Real Estate Broker. Market statistics gathered from MREDLLC.com, our member MLS

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