At this date, 34 condos (including attached townhomes) have closed fourth quarter 2010 and another 40 condos are under contract in the Northcenter community area of Chicago. In 2009, 57 condos closed, so it should be pretty close to that number by the end of the month as we figure half of the condos under contract will close (get that tax write-off people!).
The median price for closed and under contract condos in Q4 2010 is about $374,500. The 2009 median price for a closed condo in Q4 2009 was $362,000. So, Northcenter median price should be up a bit by year's end.
The increased median price this year is helped by the high end pending contracts of 1800 W Grace, a large loft conversion project with basically "build your own loft" options. It remains to be seen how the development as a whole will do.
The decent unit number sales must reflect that market conditions are getting too good for some buyer to pass up. Q4 2010 closings and contracts are competing with the closings of November 2009 that qualified for Federal first time buyer tax credit incentives. We see people getting better deals on the relatively higher price points, thus pushing the median up. The tax credit really pushed the lower end inventory in 2009.
Northcenter Farmers' Market
Read more posts on Chicago local real estate statistics HERE
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