Oof! Lincoln Square single family home sales way down last 30 days and Q1 (year to year)

At the beginning of the year I noticed a good amount of new construction projects around Lincoln Square. A frame home at 4841 N Oakley was sold in 2019 for $405,000. A decent deal for the location and a standard 25'x124' lot. A new construction single family home is being built (above). All photos Eric Rojas, Broker, Kale Realty

I look at all kinds of sales numbers around the markets we work in.  We are now a good 30 days into the pandemic and a few weeks into the shelter-in-place order for Chicago. I was curious to see how many sales made "the cut" before the outbreak.  My guess was unit sales may slow due to the lack of inventory and the slow start in contracts. I didn't know how slow. 

Unit sales are down in Lincoln Square significantly year to year from March 13th to April 13th.  Only four single family homes closed in the last 30 days of spring market. Fourteen single family homes closed over the same period in 2019. Since 2014 home sales in the third month of the year have been fairly consistent. 2009-2013 lower unit sales were most likely influenced by the 2008-2009 financial markets and mortgage crash. Once the mess cleared out unit sales and prices had mostly gone up in Lincoln Square.

Closed single family homes March 13th - April 13th
2020: 4 closed homes
2019: 14 homes closed
2018: 15 homes closed
2017: 17 homes closed
2016: 8 homes closed
2015: 14 homes closed
2014: 7 homes closed
2013: 1 home closed
2012: 12 homes closed
2011: 3 homes closed
2010: 3 homes closed
2009: 5 homes closed

A two-flat conversion to single family home in the works. 2115 West Sunnyside (situated on a 37'x125' lot sold early 2019 for $730,000. 

Lincoln Square 2020 Q1 Single Family Home Sales
First quarter homes sales are down in 2020. Twelve homes sold Q1 of 2020 with a median price of about $925,000. That's a big median price for Q1 homes and is reflected in the mostly higher asking prices and lower unit sales numbers we witnessed during the start of this year.
2019 nineteen homes closed with a median price of $740,000.
2018 twenty-five homes closed with a median price of $650,000
2017 twenty-eight homes closed with a median price of $815,000
2016 twelve homes closed with a median price of about $525,000.

Under Contract
Eleven homes are currently under contract with a median asking price of  about $625,000. Sales and median price will tail off for the remainder of the year.  I'm not sure we will see a bump due to pent up demand by the end of this calendar year.