Monday, September 15, 2008

Average Sales Price Increases in 13 Areas

Using data from MRED, the region's multiple listing service, Chicago magazine reports that 23 of Chicago's 77 census areas had 100 or more sales of attached homes (condos and townhouses) during the 12-month period between July 1, 2007 and June 30, 2008.

Of those 23 areas, 13 showed increases in average sales price during the July '07-June '08 period. In descending order of percentage increase, they are:
Loop 67%
Avondale 13%
Near North Side 9%
Douglas 9%
Near South Side 9%
Lincoln Park 8%
Lincoln Square 6%
West Town 5%
Lake View 5%
Near West Side 3%
Logan Square 2%
Albany Park 0.72%
Irving Park 0.44%

The 10 areas with lower prices were: Edgewater (-1%), Grand Boulevard (-4%), Hyde Park (-3%), Kenwood (-1%), North Center (-1%), Rogers Park (-5%), South Shore (-2%), Uptown (-1%), West Ridge (-3%) and Woodlawn (-10%).

As the article notes, "Average prices rose as several high-end projects began delivering condos contracted for as much as three years ago." This was especially true in the Loop, which is benefitting from the opening of Millennium Park.

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