April 2010 Sales Statistics Compared to April 2009 for Chicago & Lakeview
Recently the Illinois Association of Realtors released market data for April 2010. The Realtor association report provided statistics for Chicago, but not areas within Chicago. I pulled together the statistics for Lakeview so that they can be compared to all of Chicago as shown left.
The 2 most often reported statistics, number of sales and median sale price are similar for Chicago and Lakeview, but the similarities end there.
While the average sale price rose 4% for Chicago, it dropped 3% for Lakeview. It’s clear to see why the average for Lakeview dropped when you look at the statistics for houses and condos separately. The Lakeview house statistics fell significantly. The drop in sales prices for the higher priced houses had more of an impact on the average sale price than the median sale price.
Lakeview house owners shouldn’t be alarmed by the significant drop in median and average sale prices for Lakeview houses. Monthly house sales in Lakeview are typically in the single digits. In both April 2009 and 2010 house sales accounted for less than 6% of home sales in Lakeview. Thus, each sale has a relatively large impact on the statistics. Conclusions shouldn’t be drawn from such a small sample of sales.
Lakeview condo and townhouse owners can be pleased that the Lakeview condo median and average sale prices did significantly better compared to all of Chicago condo sales where the average stayed the same and the median fell 4%. However, they shouldn’t get excited that the values of their condos are rising. I think the rise in the median and average can be largely attributed to sale prices up to $250,000 making up a smaller percent of total sales (26% in 4/10 vs. 35% in 4/09) and sales above $250,000 to $500,000 making up a larger percent of total sales (56% in 4/10 vs. 44% in 4/09). C
ABOUT THE AUTHOR
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
