Thursday, February 13, 2020

Slow snowy start to Lincoln Square area spring market

My block in Lincoln Square on this snowy morning. Homes in the sub-neighborhoods of Bowmanville and Winnemac Park have been been slow to come on. Many listed homes either need renovations or have been priced over $1 million.

I have clients looking to get into a Lincoln Square house. It's been a slow start for good houses in the $850,000 to one million range. Many houses in the $900s to just over one million are re-treads from the fall and/or sitting on the market. The market does not see them as priced well. We're seeing homes bought over the last five years in Lincoln Square, Edgewater and North Center now listed just over a million dollars that will have to re-sell for less. That reality can slow things up!

While new re-sale listings have dripped on the market I've noticed a healthy dose full gut renovations and new construction homes in the works around Lincoln Square.

Mortgage interest rates are low.  However low inventory and high initial asking prices combined with another whopper national election may bode for a slow year in unit sales. Currently twenty-four houses are for sale in all of Lincoln Square with an eye opening median asking price of $925,000.  Yet the median price for a sold Lincoln Square single family home is about $715,000.   Current listed homes are priced from about $400K to $3.2M. 

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