The median sale price for condos in Lakeview in the 4th quarter of 2010 was $353,500, up 13.7% from the same period in 2009. The average sale price was $348,269, up 3.9%. However, I think the rise in prices has more to do with the mix of condos sold than buyers willing to pay more for comparable condos compared to a year earlier.
The median sale price by number of bedrooms was down in every category from studios to condos with 4+ bedrooms. The median sale price for 1 bedroom Lakeview condos dropped the most at 24.0%. The median sale price for 3 bedrooms dropped the least at 5.6%.
With the median sale price dropping for each of the different types of condos, the median could only rise by there being more sales in higher price ranges and/or less sales in lower price ranges. The mix of sales changed instead of there being an increase in demand.
To see Lakeview condo reviews and what’s for sale in those buildings see LAKEVIEW & LINCOLN PARK HOMES FOR SALE above in the right column.
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