‘Dramatic Changes' in Lake View, Lincoln Park Real Estate Markets

By Andy Ambrosius

Residents in Lake View and Lincoln Park looking to put their homes up for sale may see the property swooped up in half the time they would two years ago, according to a North Side real estate expert.

Chicago realtor John Irwin with Baird & Warner compared the average days on the market in August of 2013 to the past two years, showing improvements in the market.

“From 2007 to 2011 the Number Of Days On The Market was a statistic that struck fear in the hearts of many Realtors,” Irwin wrote onhis real estate blog. “As the market continues to improve, we are seeing dramatic decreases in market time in Lincoln Park, Lakeview, Near North and the Loop.”

Irwin checked out homes listed in the Chicago Multiple Listing Service and compared them by area and price point. In Lake View, homes in August of 2011 were on the market an average of 145 days. That’s compared to August of this year where the average was just 69 days.

In Lincoln Park the results were nearly identical with homes in 2011 selling after an average of 142 days. This year they sold after just 59 days, on average.

The only market not to improve is that with homes usually featured in Patch’s “Wow House” column, meaning those more than $2 million. Irwin warns those statistics can be skewed by one or two properties with extreme listing times, as there are fewer homes sold at that price point, but they still aren’t showing improvement.

“When broken down by price point the luxury market has not responded as well as those homes priced under $1,000,000,” he wrote. “Homes priced over $2,000,000 have shown almost no improvement.”

Homes selling less than $500,000 in Lake View, Lincoln Park, Near North and in the Loop are faring the best selling more than three times as quickly as two years ago. Those between $500,000 and $1 million are selling roughly twice as quickly as last year alone.