Yesterday I showed primarily 2 bedroom 2 bathroom condos in the Boystown neighborhood in Lakeview. What’s interesting about the market for Lakeview 2 bed 2 bath condos is that the sales over the past year haven’t changed from the previous year the same way they changed in many areas.
The green bars in the chart below show the number of sales during the past year.* The black outlined bars show the number of sales during the prior year. Notice how the sales have dropped far more in the under $400K price ranges while they dropped very little in the $400K and up price ranges! The sales are only for resale (previously owned) condos, so you can’t blame it on a lack of new construction in the lower price ranges.
Distribution of Lakeview 2 bed 2 bath condos sales past year vs. prior year
Typically, I see sales dropping in the higher price ranges and going up in the lower prices ranges. If anyone has any ideas why the Lakeview 2 bedroom 2 bathroom condo market changed the way it did, I would be very interested to hear from you!
By the way, the dotted vertical lines show median prices which fell 6.6% last year from the prior year.
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*Based on Midwest Real Estate Data LLC (MRED) Data.
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 2 comments… read them below or add one }
Lake View is expensive. Maybe people with less money to spend don’t consider it. There’s been well-publicized price-cutting downtown. Maybe they bought there
What’s weird is that the sales didn’t fall above $400,000. Lakeview must be a draw for those who can affort to spend that much on a 2 bd 2 ba.