|Photo of Lincoln Wood "Towers" sub-division Eric Rojas, Broker, Kale Realty|
In the first quarter of 2015 (January- March) 26 single family homes closed in Lincolnwood with a median price of $422,000. The total dollar volume of sales first quarter was $11,542,185. In 2016, only 15 houses sold with a median price about the same at $428,000.
Dollar volume in 2016 is only $6,639,000 (down 42% from same period 2015).
Housing economists have attributed heated markets and high asking prices for a slowdown in buyers pulling the trigger in some areas. Actual home prices stay steady while sales volume drops. Basically there is a price threshold for every house and market at a given time.
In an area like Lincolnwood my guess is many sellers who bought their homes just before the bubble are again testing the market to see if they can recoup most of their investment. Buyers are not having it. In one study North Shore housing prices are still below their peak before the crash.