Chicago-area existing-home sales rise for 3rd straight month

Will the local housing market’s improvement hold?

Year-over-year sales of existing homes and condominiums rose in September for the third consecutive month, sparking optimism that, at least from a volume standpoint, the market is on the mend.

Pricing, however, is not. Distressed sales and lower-priced homes that appeal to first-time buyers caused September’s median sales prices to fall in all nine area counties. In fact, the area’s median sales price of $199,000 was down 10.8 percent from last year and 22.7 percent lower than in September 2007, according to the Illinois Association of Realtors.

Sales of existing homes and condominiums in the Chicago area rose 5.9 percent in September, to 6,862 homes, the real estate trade group reported Friday.

Kendall County highlighted the market’s dichotomy, as sales rose 26.2 percent but the median price plunged to $177,000, down almost 22 percent from September 2008.

Chicago recorded its first monthly, year-over-year sales gain since May 2006, as sales rose 5.8 percent, to 1,918 properties. But the median price fell 16.2 percent, to $225,000.

First-time buyers are driving the marketplace, accounting for 45 percent of transactions over the past year nationally, so the industry continued Friday to trumpet the need for an expansion of the first-time buyer’s tax credit. The $8,000 credit expires Nov. 30.

“We are turning a corner, but I don’t believe we’re stabilized yet,” said Pat Callan of Realty Executives Premiere in Wheaton. “Prices are still going down, and I don’t know that the year-over-year increase in sales is sustainable without the tax credit.”

Beyond the tax credit, the variables that will define the market going forward remain the same: the still-difficult credit environment, unemployment and interest rates.

“It’s clear that we’ve been at a plateau for the better part of 2009, but you really have to ask yourself where the risk is tilted, and I would be concerned that the risk is still tilted to the downside,” said ShoreBank chief economist David Oser.

Mary Ellen Podmolik
Chicago Tribune
October 24, 2009

Lincoln Square and Ravenswood

Lincoln Square: Centered around a bustling shopping and dining district at the intersection of Lawrence, Western and Lincoln Avenues on Chicago's North Side, Lincoln Square became one of Chicago's first commuter suburbs when the Ravenswood elevated train line was completed in 1907. Today, this Chicago neighborhood still gives residents convenient access to public transportation including the CTA Brown Line and the Metra Union Pacific North Line. Likewise, the community effortlessly blends trendy hot spots with its century-old German heritage.


Lincoln Square's quiet residential streets are lined with Chicago bungalows, greystones and brick two- and three-flats, many of which have been recently rehabbed. Lovely Victorian and Prairie School homes can be found along the North Branch of the Chicago River. While single-family homes in Lincoln Square can run upwards of $1 million, vintage apartment buildings restored as condominiums are often a more affordable option. New-construction options are also available in the neighborhood, including single-family homes, town homes, three-flat condominiums and mid rise buildings.


Lincoln Square's German heritage lives on in a number of German restaurants including the Chicago Brauhaus and Lutz Continental; however, Lincoln Avenue also serves up an eclectic mix of sophisticated eateries, corner cafes and favorite neighborhood hangouts such as Jury's and Pizza D.O.C. A lively cultural scene is fueled by the Old Town School of Folk Music as well as annual festivals like the Chicago Folk & Roots music festival and the German-American Fest, which draw crowds from throughout Chicago and the Midwest.

Neighborhoods within Lincoln Square:
Bowmanville, Budlong Woods, Lincoln Square, Ravenswood, Ravenswood Gardens

Zip codes within Lincoln Square:
60625, 60640

For More Information on Chicago Neighborhoods Please Visit the All New @properties Web Site: www.atproperties.com or call Dave Straub 773.255.3180

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For more information about @properties, please visit http://www.atproperties.com/about-us
or call Dave Straub 773.255.3180