photos © Jonna Reilly Photography

Know Your Neighborhood – Q3 Results

On September 27, Case-Shiller released their latest month over month and year over year statistics on the housing market. It showed the the overall Chicago market increased 1.9% from June to July and dropped 6.6% from the same time a year ago.

For the purposes of this blog, my readers and clients find it more helpful for me to do a quarterly year over year report. With Q3 2011 just having wrapped up, the results are in. As always, I use MRED, the local MLS database used by Realtors to market their properties and record the results of each closed sale. All in all, the results are mixed but more positive than negative.

In Lincoln Park, the average price of properties sold increased from $625,365 to $636,874 or 1.8% year over year. Transactions increased from 236 to 296 and market time decreased from 150 days to 138.

In Lakeview, the average sales price jumped nicely to $457,581 from $425,960 or 6.9% This is a nice rebound for this popular neighborhood. Transactions also increased nicely from 307 to 397 while market time dropped slightly from 138 days from 150.

Wicker Park and Bucktown saw the only drop year over year of the neighborhoods I studied. The average sales price dropped a significant 10.9% to $414,777 from $465,609. Transactions increased 172 from 152 and market time time decreased slightly from 139 to 130 days.

River North increased 3.2% with the average sales price increasing from $401,710 to $414,938. Sales almost doubled with 85 sales in Q3 2011 compared to 44 in 2010. The market time remained the same.

This type of report can be helpful to get an overall gauge on certain markets, but it is important to have a Realtor do a specific market report on your property to show the most accurate value of your home.

As always, please contact me if you would like me to create a CMA for your property.