Tuesday, July 12, 2011

Area Stats - Chicago, Logan Square

Logan Square is an area that has come up in conversation quite a bit with new buyers in the last couple of years. For awhile, Logan Square seemed to be hanging in there even during the crash times. But you can see that after the first time buyer credit expiration from last year, the area cooled off quite a bit. The data is derived from all condos and townhomes that have sold in the past 12 months under $500,000. The number of units sold is trending downward by almost 60%. Please understand that a lot this is due to the tax credit expiration. A bunch of people rushed in to buy in March and April of 2010 and closed through June 2010. The trend in supply has also trended downward at a rate of almost 40%. You can see the area has made a little bit of a rebound in the past couple of months.

Prices have slid 10% on the median and 16% on the average, since last year. This an area, however, that can shoot up just as quickly as it can fall. Keep an eye on this activity if this is an area you are interested in.

"Eagles may soar, but weasels don't get sucked into jet engines." - John Benfield

Posted by at 12:38 PM
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