For June 2008 though December 2008
If you are planning to sell or buy in the Andersonville neighborhood of Chicago, there is still some life in the market. Although the number of units sold has declined over 2007 volume, average prices have increased.
For sellers, we are seeing that the market still has an appetite for condos, with prices holding strong for units with newer finishes and lots of amenities such as central air conditioning, parking and in unit laundry. So if you are selling it is a good time to check your finishes and take stock of your amenities and work with a good agent in pricing your condo to sell.
SOLD AND CLOSED = 26 condos
Volume is down but prices are up and holding. Sales volume for June thru December 2008 is roughly one half of the same period in 2007. There were 26 closings of two bedroom, two bath condos for the last six months in 2008, as compared to 51 for the same period in 2007. Properties are selling for 97% of their list price, about the same ratio as in 2007.
The average sale price of condos for the second half of 2008 (June thru December, 2008) is $367,000 for a 1500 square foot condo. The average price for the six months in 2007 was $348,000 for 1250 square feet. Average market times have shortened to 111 days from 134 days in 2007.
PENDING SALE = 1
Surprisingly there is just one condo under contract, and at a price of $259,900 for a ground floor unit with parking, central air, in unit washer and dryer, fireplace and master suite. It is priced far below others selling this year. The market is absorbing 27 condos out of 44 condos for sale in six months, an average of 4-5 per month.
ACTIVELY FOR SALE = 28
Average asking price is $376,729 for 1,290 square feet. With time on market averaging 128 days, we see that times are lengthening slightly, from 111 days previously in 2007.
For more information about Andersonville visit www.movewithmaggie.com, www.andersonvilledevcorp.org or www.andersonville.org.
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