A couple of Chicago neighborhoods saw dramatic improvements in their condo markets last month, while citywide Chicago condo sales inched up just over 2 percent. The number of condos sold in the North Side neighborhood of Lakeview went up 33% in July and nearly doubled in the South Side community of Hyde Park. The median price for a condo rose in both areas as well—up 19% in Lakeview and 3.7% in Hyde Park.
Reported in the Chicago Tribune this week, these promising new figures were pulled in early August from the Midwest Real Estate Data LLC—the multiple listing service used in Chicago and surrounding areas. The monthly sales stats may be just a glimpse of what is happening in the market for the short term, but it is a notable upturn that could indicate a resurgence of buyer confidence in certain Chicago neighborhoods.
It is not yet known how the situation on Wall Street has affected home sales (because it is still so recent), but industry analysts expect that some pending contracts were canceled due to the uncertainty in the stock market. Furthermore, it may have stopped other ready and willing buyers from moving forward with their plans to purchase a home.
As always, real estate should be taken on a market by market case. Some Chicago neighborhoods with more limited inventory that are in higher demand will experience better home appreciation than those with an oversupply of homes for sale. Places like Lakeview and Hyde Park are desirable for many Chicago home buyers, as was demonstrated in the July condo sales figures.
But condo purchases are happening all over the city. For example, in the Uptown neighborhood more units were sold this July than last July resulting in year-over-year gains. So there is evidence of a housing market recovery in some Chicago neighborhoods, you just have to know where to look.
