Chicago’s Lakeview real estate for sale down 30% in 3rd quarter

The inventory of listed Lakeview real estate for sale continues to drop. There were 1,349 Lakeview houses, condos, townhouses and co-op apartments for sale in the third quarter down 30% from third quarter 2011 when there were 1,926 such homes for sale.

As shown below the inventory of Chicago’s Lakeview real estate for sale has set a quarterly 4 year low.

Chicago Lakeview Real Estate For Sale 3rd Quarter 2009 - 3rd Quarter 2012

Chicago Lakeview Real Estate For Sale 3rd Quarter 2009 - 3rd Quarter 2012

The median sale price dropped 11.3% to $328,250. The number of closed sales was up 33%. The average days on market for pending sales was down 19%. Pending sales were up 60%.

WHAT THIS MEANS FOR LAKEVIEW REAL ESTATE BUYERS

It’s still a buyer’s market, but you don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other.

WHAT THIS MEANS FOR LAKEVIEW REAL ESTATE SELLERS

Given that the market appears to be forming a bottom, I don’t recommend selling unless 1. you really need to or 2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.) As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.

Email Mary Kaye for more information on Lakeview real estate for sale.

CHICAGO LAKEVIEW REAL ESTATE FOR SALE

Click below to see the Lakeview real estate for sale in your desired price range. Pending sales are excluded.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

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ABOUT THE AUTHOR

Mary Kaye Buettgen Mary Kaye Buettgen shows, previews and tracks Lakeview and Lincoln Park homes for sale giving her the insights needed to help her clients negotiate the best price and terms. To schedule showings for any listings, get a free market analysis for your home or to contact Mary Kaye email her at marykaye.buettgen@bairdwarner.com or call 847.651.3955. Learn More

Comments

  1. says

    When I read the headline “real estate for sale” while sipping my coffee, I have to admit that I was a little confused. As a blogger and agent (in Virginia), I understand the strategy here, but for the average reader it would be easier to understand if it read “the inventory of Lakeview real estate for sale”.

    You certainly get points for explaining what this means to buyer and sellers. The price drop is interesting since your other related posts on the page seem to reflect market improvement.

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