We are not seeing too many new Single Family Properties entering the New Year Market but currently the summary for the first 15 days in February for the Andersonville/Uptown Market indicates:
Price Changes: 2
Closed: 3
No New Listings and nothing is currently Under Contract for Single Family Homes in the Andersonville/Uptown Neighborhoods.
The Condominium Market is extremely active for Chicago's Andersonville/Uptown Neighborhoods:
New 15
Price Changes: 14
A/I (Attorney Review/Inspection): 18
Pending (Means that the contingencies are met and awaiting to close): 10
Closed: 7
Short Sales: (means that the seller is awaiting approval from lender re default on mortgage):
Total Number: 7
So, what we are seeing the the Andersonville/Uptown condominium market is that some of the old inventory has adjusted in price, we had a large amount of properties in two weeks that went under contract, 10 properties are pending. So when you see the New and Price change we have 29 properties and we have 28 (Attorney Review/Inspection and Pending) which tells us that we have a balance of inventory moving and the market is headed in the right direction with respect to Condominiums as 7 short sales went under contract as well.
The number of closed sales is typical for this time of year whether we have a good economy or bad economy. Pretty much the inventory that closed has been on the pending table for probably 60 days and so that puts us back to November, early December.
Overall, when considering selling, place your property in the market (instead of chasing the market) with the most absolute in curb appeal and well maintained units.
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