Thursday, December 07, 2017

Slight pause in skyrocketing Andersonville unit sales, median prices

A rare modern residential condo development at 1470 W Winona  nabs a big $650,000 sale in Andersonville (all photos Eric Rojas, Kale Realty).
A client of mine is thinking about selling her Andersonville condo in the spring market. Median price for a sold condo has increased 43% since she bought her large vintage unit in 2012. Great restaurants, bars and retailers continue to open. Uptown, Lincoln Square and Edgewater (areas within and surrounding Andersonville) are all pushing for their highest per sq/ft new construction prices. It has been a strong five years of growth for area real estate.

The Andersonville sales area roughly North Ashland to North Broadway and West Lawrence to West Bryn Mawr.
2017 Andersonville condo sales Jan 1st-Dec 1st

Unit sales and median price recoiled slightly this year. 99 condo units (attached homes, town houses) sold in the Andersonville sales area shown above.  The median price of a condo this year is about $345,000. Both unit sales and median price are down from 2016. The highest sale so far this year is $670,000 for a new construction condo at 4806 N Clark Unit 203.  Five unit sales have topped $600,000 so far this year.

142 units sold over the same Jan 1st- Dec 1st period in 2016 with a median price a hefty $375,000. At the top end 10 units sold for over $600,000.  From my analysis more higher-end new constructions units hit the market in 2016 than 2017 helping raise the median price. I also think we plateaued with re-sale prices by spring 2017. High asking prices slowed unit sales the rest of this year.

Things have changed quite a bit over the past 5 years. In 2012 about 64 condos sold in the highlighted sales area with a median price of $247,000.  The highest condo sale was $485,000 with only five condo units selling over $400,000.  The same period of  2011 saw 61 condo units sold with a median price of about $205,000.  11 months of 2016 unit sales (144) beat out 22 months over 2011-2012 combined (124).

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