Wednesday, August 29, 2007

Market stats for Lincoln Park and Lakeview combined - August 29, 2007

Here are the latest market indicators for attached housing (condo's and townhomes) in Lincoln Park and Lakeview (combined) in the re-sale market (new construction excluded.)

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The red columns and red line represent units for sale. Over the past two years, the trend is upwards. The green columns and green line represent units sold. The two-year trend is decreasing. This bears out nationwide and citywide statistics showing a slowdown in sales.

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Not so much to worry about as far as pricing goes. The red columns and red line indicate the median price of properties for sale, and the green columns and green line indicate the median price for properties that have sold. Both are trending upwards. Note, however, that the price for properties for sale is increasing faster than the price for those sold. This indicates a tendency of sellers to be overly aggressive in the pricing of their property.

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The trend for absorption is not good. The yellow columns and yellow line indicate the number of listings that are carried over from the previous month. You can see the trend upward for the past two years, and the steep increase since January, 2007. This carry-over combined with the slowdown in sales is a quadruple-whammy for sellers with property for sale right now.