Lincoln Square Real Estate Market Report, week of November 17, 2014

Lincoln Square (Chicago) IL Real Estate Market Report, week of November 17, 2014

10 homes sold in Lincoln Square, Chicago IL

There were 5 condos, 2 multi-family, and 3 single family homes sold this past week in Lincoln Square, Chicago IL.

The average sales price for the condos sold this week was $410,800 with an average time on the market of 85 days.

The multi-family properties that sold were both 2-flats and had an average sales price of $495,000 and an average market time of only 15 days.

The single family homes that sold were a short sale brick Georgian at the western border of the neighborhood for $298,000 and two new/newer construction homes for over $1 million.

Because these statistics are only for one week and for all of Lincoln Square, it may not tell you what is possible for a specific home.

These are just the general market statistics of what happened in the last week in Lincoln Square real estate.

Own a home in Lincoln Square? Find out what it’s worth here!

Least expensive home reported sold in Lincoln Square, Chicago

The least expensive home reported sold this past week in Lincoln Square was a 1 bedroom, 1 bath vintage condo in the 2200 block of west Ainslie. It featured an updated kitchen, formal dining room, hardwood floors, and free work-out equipment, laundry & storage in the basement.

Located in the 60625 zip code and the McPherson Elementary and Amundsen High School districts per MLS info.

It was sold for full price, $175,000, less a $7,000 seller contribution toward the buyer’s closing costs, in just over a month. The building is pet-friendly and the listing indicates that street parking out front isn’t too congested.

Most expensive home reported sold in Lincoln Square, Chicago

The most expensive home reported sold this past week in Lincoln Square was a new construction, 5 bedroom, 3.5 bathroom single family home with all the bells and whistles. It has wide plank oak hardwood floors throughout and features an open main level with formal living and dining rooms, eat-in kitchen with high-end finishes & appliances, family room with fireplace. The 2nd floor has 3 bedrooms including a master suite with 2 walk-in closets & luxe spa bath. The finished lower level features radiant in-floor heat, 2 bedrooms, another full bath, media room & wet bar.

It had been listed for $1.2M and sold for $1,165,000 in 95 days. Sounds like these buyers got a good deal in a great location walking distance to both Lincoln Square and Andersonville!

See other new construction homes here!

Sold Deal Of The Week in Lincoln Square, Chicago

In my opinion, the best deal of the homes sold this past week was a 5,818 sq ft, 6 bedroom, 4.5 bath single family home sitting adjacent to the Chicago River. Its features included a separate nanny’s suite, boat dock, and high-end finishes throughout. The buyers got a great deal for $1,006,000 -- it had only been on the market for 26 days with an original asking price of $1.25M and was a foreclosure.

See other Lincoln Square & Andersonville single family homes here!

Foreclosures & Short Sales in Lincoln Square, Chicago

One of the homes sold this past week in Lincoln Square was a short sale, and one was a foreclosure.

Today there are 5 foreclosed homes for sale in Lincoln Square and 2 homes listed as a short sale in Lincoln Square, Chicago.

Inventory & Absorption Rate in Lincoln Square, Chicago

Today there are 38 single family homes for sale in Lincoln Square. If homes in Lincoln Square continue to sell at the same pace and no more homes hit the market, it will take 5 months to sell all the available homes. This statistic is for all homes in Lincoln Square and based only on this month’s activity. Most people consider a housing market healthy if there is a less than 6 months’ supply of inventory, so we’re in what is considered a Seller’s Market.

New Listings in Lincoln Square, Chicago

There were 3 new single family home listings to hit the MLS this week in Lincoln Square, ranging from $649,000-$1,149,000, as well as 4 new condo listings ranging from $199,000-$589,900.

This Week’s Hot New Listing in Lincoln Square, Chicago

The best deal in my opinion of this week’s new condo listings is a 2BR + den, 2BA vintage condo with in-unit laundry priced at $269,900. See all pics & details here!

The best deal in my opinion of this week’s new single family home listings is a gut-rehabbed 4,000 sq ft, 4 bedroom, 3.5 bath home in the heart of Lincoln Square. Originally built in 1896, this home has been renovated to modern standards including opening up the first floor layout to include a gorgeous open kitchen-family room, 2nd level with 3 bedrooms, 2 baths & laundry, and finished basement with a large rec / media room, 4th bedroom and full bath. It looks like no expenses were spared in completing this lovely home which is now being offered for $1.149M. See all pics & details here!

Looking Forward...

4 single family homes and 3 condos were reported as going Under Contract (contingent/pending) this past week in Lincoln Square. Currently there are 16 homes and 49 condos in total that are Under Contract in Lincoln Square.

See the full Lincoln Square Market Insider here & subscribe for monthly updates!

The Fine Print: This report covers what happened for the week ending November 17, 2014 based on info from the MRED LLC multiple listing service (MLS). As always, there may have been more closings that may not have been reported to MRED as of today’s posting as well as other closings that took place outside of the MLS. All data has been compiled from the MRED MLS by Laurie Christofano, Realtor with The Pych Team @ RE/MAX In The Village.