According to the Chicago Tribune on sale prices in Chicago’s Lincoln Square neighborhood increased from an average of $293,000 in 2007 to $352,000 in 2008. Interestingly, however, the number of units sold declined from 245 units to 174 units. It appears that the price increase is due to more single family homes and higher end condominiums being sold in 2008 as compared to 2007.
Lincoln Square is one of only 4 north side Chicago community areas where prices are stable or increasing. The other areas include Lincoln Park, Edgewater, Montclare, Avondale and Near North Side.
Presently there are 73 two bedroom two bath condos for sale, with four under contract/pending a sale, and 48 have sold and closed in the last six months.
The real estate market has absorbed 52 of a 125 condos for sale in Lincoln Square in the last six months, or 42% of the inventory. The rate of absorption is nine condos per month. At that rate, there is a seven month inventory of condos for sale.
The average price for a two bedroom two bath condo is $338,000. Properties in Lincoln Square are selling for 99% of list price at time of contract. Days on market average 132 days.
For more information about Lincoln Square, and other Chicago neighborhoods on click here.
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