Wednesday, August 29, 2012

Quick Stats: Lakeview multi-unit sales trending UP for past three years

We have several clients at anytime looking for single family homes or multi-units in North Side Chicago neighborhoods...we see a lot and watch the trends.

Photo Eric Rojas

In 2010, we wrote about increased multi-unit sales in many neighborhoods (two-four unit buildings).  With lower prices and low interest rates, multi-units became viable again for cheap "owner-occupied" living or for single family home conversion. The market was crawling out of the big bust of October 2008 as sellers - with the means to sell - were pricing right while short-sales and foreclosures were starting to move.  How have Lakeview multi-units fared in 2012?

Lakeview Multi-Units January 1st to August 29th, 2012

According to the MLS closing data for 2012 from January 1st to August 29th, 67 multi-unit properties have closed. The median price this year is about $555,000.

Unit sales year over year same period are up from 55 in 2011 and up from just 44 units sold same period in 2010.  Median prices have proved to be pretty stable for a few years.

2008  51 Units Sold       Median Price $725,000
2009  21 Units Sold       Median Price $580,000
2010  44 Units Sold       Median Price $585,000
2011  55 Units Sold       Median Price $555,000
2012  64 Units Sold       Median Price $555,000

More Chicago Market Stats HERE