Condominium and townhome sales increased by 33% in Q1 2013 to $83 million compared to $63 million in Q1 2012. Average sales price increased 4.7% in Q1 2013 to $462,328 compared to $441,764 in Q1 2012.
The increase in average sales price was driven largely by the sale of 3 bedroom properties at higher prices – we have seen significantly increased competition for townhome sales which make up a large portion of 3 bedroom sales.
We anticipate continued price appreciation in Lincoln Park in 2013 driven by low interest rates, limited inventory, increased consumer confidence and increasing rents.
Single family sales volume decreased by 21.6% in Q1 2013 to $37 million compared to $47 million in Q1 2012. Prices in Q1 2013 declined 9.1% compared to Q1 2012.
Rents increased across all property types in Q1 2013 compared to Q1 2012. One and two bedroom properties saw the largest year over year increases.
Jeff has also published a guide to buying a single-family home in Lincoln Park.
NOTE: Lincoln Park Condos is one of our sponsors.