Seasonal slow down was a factor, but the market is finding equilibrium. Here’s the Residential Review for Lakeview, Lincoln Park and Bucktown/Wicker Park:
• In Q4 93-97% of all sales in these neighborhoods for condominiums, town homes and single family homes were traditional sales which are selling for 50-60% higher than bank owned or short sale properties.
• We still have more inventory to move through. As of Q3 2014 Illinois was at 14.1% of the homes in negative equity. Chicago
(grouped with Arlington Heights and Naperville) is in the top 5 with highest percentage of homes in negative equity, at 16.3%.
• CoreLogic reported this month that 273,000 residential properties regained equity in Q3 2014 which equates to 90% of all
mortgaged properties nationwide.
• Lending is easier to find, especially for first time buyers. Borrowers looking for a new home loan with less than 20% equity in
their current home may have dificulty as underwriting constraints will play a role.
• All of the figures for this report are average and median data points.
Since Jan 1st 341 new listings have come to market, 215 have gone under contract and 132 have closed. The market is moving. Rates are good. Is now the right time for you to buy or sell?