Condominium and townhome sales increased by 70% in 2012 to $479 million compared to $281 million in 2011. The average sales price increased 15% in 2012 to $475,327 compared to $413,428 in 2011.
Some of the increase in volume and sales price is due to closings at the newly built Lincoln Park 2550 development – $71 million in sales closed in 2012 in this development, consisting mostly of 2 and 3 bedroom condos.
We anticipate continued price appreciation in Lincoln Park in 2013 driven by low interest rates, limited inventory, increased consumer confidence and increasing rents. We are forecasting a 5% – 8% increase in condo, loft and townhome prices in 2013 for Lincoln Park.
Single family sales volume increased by 28.7% in 2012 to $282 million compared to $219 million in 2011. Prices in 2012 were flat compared to 2011.
Rents increased across all property types in 2012 compared to 2011. Two bedroom and four (or more) bedroom properties saw the largest year over year increases of approximately 10%. We expect rent prices to increase in 2013, but not at the same pace as they did in 2012.
Jeff also recently published a guide to buying a single-family home in Lincoln Park.
NOTE: Lincoln Park Condos is one of our sponsors.