Wednesday, May 04, 2016

Quick Stats! Lake View single family home sales down 27% Q1, 2016, dollars down 38%

Lake View 2016 First Quarter Single Family Home Sales (Chart generated by Eric Rojas and Bob DePalma from data).  Click for larger image.
We spend a lot of our time looking at data for our clients.  It's also interesting to take a macro look at Chicago's community areas we work in to identify trends for buyers and sellers.

The popular and diverse Lake View Community Area of Chicago saw a 27% drop in closed single family home (detached) units in first quarter 2016. In 2015,  29 units closed in the first quarter of the year.  21 single family home units closed in 2016. 

Total dollar volume is down about 38% in first quarter 2016. $42,314,735 exchanged hands in 2015 while $26,421,200 was spent Q1 on single family homes in 2016.

Lake View 2015 First Quarter Single Family Home Sales. Click for larger image.
Median price is down about $100,000 year to year according to our sales stats above.  Housing economists have sited high home prices for the slow down in volume as some motivated buyers are priced out of popular markets.  This should act as a plateau in pricing for some markets.  Prices will have to loosen up a little to see unit sales creep up. It's a bit of a cautionary tale when pricing re-sale homes this season.

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