News & trendsMarket conditions

A double-digit increase in the city’s condo market

by Jeff Baird on 11/5/12

The third quarter of 2012 was a good one in the city’s condo market: sales volume increased by almost 12%, and median selling prices by almost 11% over the previous quarter. It was the second straight quarter in which both those measures increased by double digits.

The median selling price of a condominium or townhome was $237,500 last quarter, an increase of 28% over the lowest recent reading, which was $185,000 in the first quarter of this year.

The Q3 condominium sales volume was 48% higher than in the first quarter of this year, which marked a low point in sales volume in recent history.

The good cheer was not evenly spread throughout Chicago’s neighborhoods. Albany Park (-19%), Hyde Park (-12.5%), and Logan Square (-8.5%) all saw lower median selling prices than last quarter.

Out of the 20 neighborhoods I track, four had median selling prices below $100,000: Irving Park ($98,000), Albany Park ($85,000), Beverly ($83,500), and Rogers Park (a cringe-worthy $63,750).

More detail can be found at Lakeshore Analytics.

Jeff Baird is a real estate valuation consultant based in Chicago. He founded Lakeshore Analytics to bring comprehensive, understandable housing data and analysis to Chicago-area readers. The site features a blog with free market news and charts, summary data on 20 top neighborhoods, and quarterly data subscriptions.

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{ 1 comment… read it below or add one }

Bob November 6, 2012 at 3:29 PM

This is good news. Regarding the 4 neighborhoods with median prices below $100k, median sale price is a useful but broad measure. If the median unit sold is a studio or even a 1br, then these price points aren’t necessarily all that bad.

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