This is a 12 month analysis of Chicago's Lincoln Square Real Estate for Single Family Residences for the past year.
NOTE: History, on a whole, has shown that April and May are the biggest selling months in Lincoln Square but that no longer holds true.
In April 2011, there were some distressed sales and hence, the average New OLP (old listing price) reflects a lower entry level into Lincoln Square's Marketplace for Single Family Residences.
Basically, when one looks at the chart for sales, the ratio of coming in are pretty much the same but the chart for being sold, has increased in this spring market vs the spring, fall and winter market of 2011. However, one has to consider that a lot of empty nesters were waiting to move and we saw that transition around September 2011 through January 2012, which reflects a lower selling price.
Market Time: November 2011, January and February 2012 had some long time sellers that finally moved showing 166, 232 and 228 days on the market. December slowed down considerably but I believe it's because the empty nesters waited until January and February to close for the last holiday in the house. I am only guessing but when one looks at the numbers December is the lowest in market time and units closed, along with a lower median pricing.
March 2012 came in heavy with similar numbers of listings to last spring but it looks like some sellers are looking for a end of school closing due to the asking price. July and August of 2011 were the top closing months for Single Family Homes in Lincoln Square.
The saying that April and May are the biggest selling months are long gone for Lincoln Square. There is really no indicator except for the end of school year closings for homes which indicates that people want to stay in the area because they may be moving out of the area and do not want to relocate their children.
One cannot gauge the median or average price in Lincoln Square or pretty much any neighborhood in Chicago right now as it has to pretty much be compared bedroom count and bathroom count to figure that out.
Strongest suggestion is to get an appraisal from a Certified State Licensed Appraiser as that is the best indicator of what your home is worth, especially one who has the knowledge of the neighborhood. Extremely critical. Then get a Comparative Market Analysis from a Realtor. That will help give you a strong idea of where to position your home, especially if your home is unique.
But again, as I always mention: Curb appeal is so important because without curb appeal, you aren't being competitive.
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