Rogers Park, the time of the signs
Posted 5/20/2008 by Joe Zekas
Last week I spent several days in Rogers Park conducting an extensive field survey of new construction and rehab projects – more than 80 of them, only a handful of which surface in a search for new construction on popular broker Web sites!
There were a number of scenes like the one above, reflecting the more than 1,200 properties currently for sale in Rogers Park.
Comments
5/21/08
Local Realtor said:
Yeah, nothing says "stable neighborhood" like multiple for-sale signs in a condo yard. I don't want to see Oak-Park-Style restrictions on real estate advertising, but I can certainly understand why some property owners - especially condo associations - frown on sign gluts on their streets.
On the other hand, for buyers, it makes for a great variety of "product available" which can be very advantageous to them, especially when it comes time to negotiate a contract.
UptownR said:
My building has a ban on "For Sale" signs. But a walk around Buena Park will reveal dozens of them as well. I'm not sure it's an uptick from when the market was hot in previous years, however. Do you have any statistical comparison of units for sale now and before the "bust" in Rogers Park? That would be more useful than this sort of anecdotal speculation, and I'm sure the data is readily available.
Joe 6 said:
Roger Park
MLS area 8001
attached single-family
Year # listed # closed
1997 - 609 - 284
1998 - 687 - 402
1999 - 656 - 369
2000 - 926 - 478
2001 - 1,235 - 515
2002 - 1,375 - 580
2003 - 1,421 - 663
2004 - 1,842 - 888
2005 - 1,978 - 1,133
2006 - 2,060 - 955
2007 - 2,041 - 678
2008 (to 5/20/08)- 841 - 145
2008 annualized- 2,199 - 379
# listed are any listings entered into the MLS regardless of outcome. It does not represent number of units, only number of listings (including re-listings.)
Sales are down to levels not seen since before the huge increase in inventory hit this market.
Joe Zekas said:
Joe 6,
Many thanks for supplying the data.
5/22/08
UptownR said:
I think the annualized 2008 numbers are probably too high, given that listings dwindle later in the year. But thanks for posting the numbers! It seems as if listings have leveled off just above 2000, but sales are way down. This can't bode well for prices…
Joe Zekas said:
Housing numbers can't simply be annualized - they need to be seasonally adjusted. Closings are fewer early in the year - in a typical year.
ts said:
Joe 6,
Where did you get that data?