Thursday, April 24, 2008

Cool New Neighborhood Tool From @properties

As part of the re-launch of its Web site and the release of its 2007 Market Report, @properties, the No. 1 brokerage in unit sales (transactions) of Chicago condos, has rolled out a unique, new, online tool.

The tool enables agents, consumers and others to get key market information, not only by neighborhood (census area), but by unit type, within each of the 21 neighborhoods included in the report.

For example, if you click Streeterville/Gold Coast on the map, then select Condos and 1 BR, 1BA, you will see this chart:

Condos: BR: 1, BA 1200520062007
Average Sale Price$290,362$287,388 (-1.0%)$291,143 (1.3%)
Average Market Time605789
Total Units171813391105

The report includes both detached (single-family) and attached (condo and townhome) units and is based on information collected from Midwest Real Estate Data (MRED).

Above the chart is the following description of Near North Side:

Neighborhoods within Near North Side: Cabrini Green, Dearborn Parkway, Gold Coast, Goose Island, Magnificent Mile, Near North Side, Old Town, River North, River West, State Parkway, Streeterville

Zip codes within Near North Side: 60610, 60611, 60622

The Near North Side, which includes the Gold Coast, River North, Streeterville and parts of Old Town, continued to show strength in 2007.

Detached home sales posted an average price increase of 10.6 percent following a near 19-percent jump in 2006. Average market time fell prodigiously from 326 days in 2006 to 223 in 2007; however, that still places the Near North Side last among the 21 areas in the market report–no surprise given the average sales price . . . .

Near North condo and townhome prices also have seen a steady progression with average sales prices increasing 6.5 percent in 2007 after a 4 percent up-tick in ‘06. Not surprisingly, the average sales price of $536,105 sets the bar in the city for attached housing. Average market time was up 3 weeks to 115 days, which still places the Gold Coast within the top 50 percent of areas surveyed in terms of market efficiency.

Long-term, look for the average price to continue to rise as a new super-luxury category, which includes Trump International Hotel and Tower and The Chicago Spire, takes shape.

To view the full report and see how the tool works, visit

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