Trump Tower Condo is HGTV’s 2011 Urban Oasis Giveaway
Both the Lakeview neighborhood (on the North Side) and the Hyde Park neighborhood (on the South Side) had very strong improvements in the number of condos sold in July, according to reports cited in the Chicago Tribune last week. Chicago Condos sales in Hyde Park nearly doubled in July from the same month one year prior and they jumped 33% in Lakeview, the paper reported in an August 18th article.
Number of sales wasn’t the only thing to show gains in Lakeview last month—median condo price also made a comeback with a 19% rise in July. Condo values improved in Hyde Park as well, but not as much as in Lakeview. Median price only went up 3.7% there, however, that is still a positive sign for the community.
Many Chicago real estate professionals are optimistic about the direction of the Chicago housing market. Some believe consumer confidence in buying real estate is returning to pockets of the city. That’s true of Dream Town Realty agent Barbara O’Connor, who was quoted in the aforementioned Tribune article. “The decline has stopped over the past few months… I’m thinking the confidence is back in certain neighborhoods,” said O’Connor of the trends she has witnessed in local areas.
The latest housing data from the Illinois Association of Realtors shows widespread gains in home sales throughout the state. There was positive year-over-year growth in over 60 Illinois counties last month, including Cook County which saw a 9.5% increase. July sales of single-family homes and condos throughout the city of Chicago climbed just 4.2% (from a total of 1,588 in July of 2010 to a total of 1,655 in July of 2011). Industry experts have noted that the absorption of unsold properties in Chicago is continuing to help the market get back on track, especially when you look at this year’s condo sales over last year’s and the year before.
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Monique Carlton is an AWARD WINNING, TOP Producing, San Luis Obispo real estate agent ~ she has joined SAN LUIS OBISPO REALTY and Property Management where she is a co-owner of one of the most RESPECTED and EXPERIENCED San Luis Obispo County Real Estate Agencies on the Central California Coast- this after a decade of top service with CENTURY 21 San Luis Properties and REMAX Seven Cities Realty.