Lincoln Park Real Estate Market Conditions and Homes for Sale in Illinois

Summer 2010 Market Update Market Commentary Provided by Quentin Green II there are good deals to be had, but you have to play/submit offers. Sellers are negotiable!
Average Home Price	$475,000 - View Graph Trend

Average Price Compared to Last Year	Up 5-10%

Average Time on Market	More than 120 days

Best Selling Price Range	$350,000 - $399,000

Worst Selling Price Range	$1,000,000+

Prices As % of Asking Price	90-95%

Existing Home Prices for the past 90 days are?	Decreasing

Market Trend	Decreasing

Buyers’ or Sellers’ Market	More sellers than buyers

Buyer Activity for the past 90 days in Lincoln Park is	Increasing

Seller Activity for the past 90 days in Lincoln Park is?	Decreasing

Multiple Offers?	No

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	5-10%

Is Financing Available For Qualified Buyers?	No

Comments on Financing For Qualified Buyers	banks are reluctant to lend. I don't see this changing even for 'qualified' borrowers

Housing Inventory	Limited Supply

Inventory Comments	Lincoln Park is not your typical mkt. demand remains high and given the retracement in home prices, many home sellers are opting to wait out the economic down turn.

Greatest Activity	Investors

Reason to Buy/Sell	Lincoln Park remains one of the most desirable neighborhoods in chicago. with the retracement in prices, now is a good time to buy in this area.

Nearest Metro Area	Downtown Chicago

Housing Hot Spots	Streeterville, Lakeview, Bucktown,

Average Sold Price	$475,000 - View Graph Trend

Lincoln Park Local News

News for Lincoln Park, IL - June 15th, 2010 3:29pm
Overall the mkt in Lincoln Park continues to hang in there. Prices seem to have stabalized (but for how long?) and we had a nice up tic in number of sales over the last 30 days which means that inventory has thined out so there is a lack of supply at certain price levels. I am seeing those that do not have to sell are sitting tight. Although interest rates remain at record low levels, this will not be enough to bouy the mkt. The housing mkt remains very troublesome and I expect prices to continue south through the remainder of 2010 and into 2011 with both prices and volume trailing off.

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June 2010 (1)

Mortgage Rates

– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%

Home Values

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Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows

For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.

"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."

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Lincoln Park Real Estate Market Conditions and Trends