West Town Market Update – July 2010

Posted on July 21st, 2010 in All Articles, Market Conditions, West Town, Wicker Park & Bucktown.

The entire area of West Town has seen price appreciation over the last year!  Real estate markets are local and continued news about properties losing value on a national level are completely meaningless for the most part.  Real estate is local and that’s where you should be getting your data.  Let’s face it, values in Vegas or L.A. don’t mean squat here.  If you want to know how the values of your property have held up over the last 2 years, give me a call at 312-953-6725 for a free CMA on your property.

The chart below shows the number of properties for sale, under contract and sold for the last 2 years in the entire neighborhood of West Town (MLS area 8024).  As you can see over a 2 year period there has been a 6% decrease in the value of sold condos and single family homes.  Compared to other neighborhoods across the city, that decline is actually very stable in today’s market.

Click to view larger image of graph

Although a 6% decrease in values over 2 years is by no means good news to anyone who owns a home or condo in the area, there is good news in the last 12 months of data.  The median sales price in West Town for a single family home and condo rose 5.4% from 7-12 months prior! To see the chart showing the values click here.

For more information on the market around your home, give me a call for a free market analysis:  312-953-6725