Watching the median in West Town

West Town recently ranked sixth among Chicago community areas in the average sale price of a condo, behind the Loop, Near North Side, Lincoln Park, Near South Side, and North Center, and third in total condo sales, behind the Near North Side and Lake View.

Yesterday I pulled up three years’ worth of sales data from Redfin and broke the transactions down by home type and bedroom count. I singled out one-bedroom, two-bedroom, and three-plus bedroom condos, and found the median sale price for each style for 2008, 2009, and 2010 (year-to-date). Then I recorded medians for homes currently on the market, and homes under contract but not yet closed.

What did I find? Even West Town’s one-bedrooms, the tier that saw the biggest drops in median price year to year, still fell at a slower pace than the value decline recorded in the latest Case-Shiller report. One-bedrooms dropped 7% from ’09 to ’10, compared to a drop of 9% among all condos citywide, and were down 13% from ’08 to ’10, compared to 18%.

In every tier, the median price of a unit listed today is below this year’s median closing price (year-to-date), and the median price of a home currently under contract is even lower.

1 bedroom

  • 2008: $270,000
  • 2009: $253,500
  • 2010 (YTD): $235,500
  • For sale: $199,900
  • Under contract: $179,000

2 bedrooms

  • 2008: $355,500
  • 2009: $330,000
  • 2010 (YTD): $321,500
  • For sale: $318,900
  • Under contract: $299,000

3+ bedrooms

  • 2008: $439,000
  • 2009: $406,250
  • 2010 (YTD): $405,000
  • For sale: $399,900
  • Under contract: $329,900
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