The last time I wrote for YoChicago, I highlighted several neighborhoods whose sellers were holding out for a higher price — in other words, neighborhoods where sales volume has fallen, but prices have remained fairly steady.
The story has been the opposite for several Northwest side neighborhoods I track. In Albany Park, irving Park, and Jefferson Park neighborhoods, sales of detached houses have stayed, if not steady, then at least strong through recent quarters. But the median selling price has taken a hit.
For example, in the past four years (16 quarters) the median selling price has fallen 11 times in Albany Park; 9 times in Irving Park; and 12 times in Jefferson Park. Over this time (from Q4 2007 to Q3 2011), the median selling price of houses has fallen 31% in Albany Park, 48% in Irving Park, and 33% in Jefferson Park.
Citywide, the median detached home sold for 33% less last quarter than in Q3 2007, though that takes into account parts of the city that are deeply depressed economically. Among the 20 neighborhoods I track (mostly based on the number of sales in a given quarter), the average decline is 15%.
Charts like the ones above are available in a quarterly market report.
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.