Houses for sale in Lincoln Park down over 30% in Q1

The number of listed houses for sale in Lincoln Park in the 1st quarter was down 30.7% from 1st quarter 2012.^* There were 190 houses for sale in Lincoln Park compared with 274 a year earlier. Distressed sales (short sales and foreclosures) stayed the same at 7% of the inventory for sale.

As shown below, the number of Lincoln Park houses for sale reached a 3 year low in the first quarter.

The number of Lincoln Park houses sold in the 1st quarter was down 10% from a year earlier. There were 28 such sales. Pending sales were up 40%.

The median sale price of houses sold in the first quarter was up 7% at $1,365,000. The non-distressed sale median price did better than the distressed sale median rising 15%. The median sale price for distressed sales fell 14%.

WHAT THIS MEANS FOR LINCOLN PARK HOUSE BUYERS

Be prepared to encounter competing offers from other buyers. You need to be ready to buy when you find a house you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR LINCOLN PARK HOUSE SELLERS

If your house is priced right when it goes on market, it should sell in less than half a year. The average days on market for pending sales in the first quarter was down 20% to 178 days. If you’re considering selling your home, contact me for a free market analysis

HOUSES FOR SALE IN LINCOLN PARK

Click below to see Lincoln Park houses for sale by price range. Pending sales are excluded.

^*Information is based on data from Midwest Real Estate Data (MRED).