Friday, April 25, 2014

Hello it's spring! Lincoln Square home sales, median price up $200,000

The month of May is creeping up on Chicago after a cold winter.  We are now in the traditional single family home selling season.  Many folks like to list their homes for sale and/ or buy in April and May and close their houses over the summer.  We feel like the season has been delayed a little due to the weather and could get busier now.

This will happen...soon! Photo, Eric Rojas, Real Estate Broker, Kale Realty
 Here's what's happening in Lincoln Square single family homes sales so far in 2014.

23 Lincoln Square single family homes (Detached) have closed so far in 2014 (January 1st to April 23rd).  The median price is about $680,000. Same period 2013, 17 homes closed with median price of about $430,000

The highest priced sale this year is 2020 W Leland closed for $1,850,000.  The new construction Landrosh Development home sits on coveted 37' wide lot. The next two highest sales are new construction on a wide lot at 2149 W Wilson for $1,640,000 and a renovated greystone for  at 2220 W Wilson for $1425,000.

The lowest priced closing is 2653 W Catalpa for $325,000.  The 4 bedrooms, two and one-half baths brick Georgian located in the far northwest Budlong Woods neighborhood of Lincoln Square looked move-in ready.

The northwest area of Lincoln Square includes the Budlong Woods area home to many brick "Georgian" style homes like pictured here. The leafy, quiet area is relatively affordable (from $300s to $800s) but further away from transit and main shopping drags. Photos Eric Rojas, Real Estate Broker, Kale Realty
The market activity exploded in 2013 as demand for well finished single family homes out-stripped supply. Investors and developers continued to pay cash and leverage easy money loans to bring renovated and new homes to market. Buyers keep upping the bids.   

The higher median price reflects the many higher-end finished homes brought to market and higher prices people are willing to pay for "fixer-uppers" to stay in the area. The cat is out of the bag! Data gathered from and analyzed/presented by Eric Rojas, Broker, Kale Realty.

More hyper-local Chicago Market Statistics HERE

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