Here at CHB, you'll notice I spend a lot of time talking about condo sales and what's happening to them in the market. The reason is mostly mathmatical. You see - there are a lot more condos that get listed and sold than there are single-family homes (roughly 5-times as many!) Simply-put, it's statistically more accurate to spot trends using condos.
An argument against this, however, is that there is a distinct difference between single-family home buyers and condo buyers. Certainly, here in Chicago, it takes more money to buy a home than a condo and because of that, there aren't as many first-time homebuyers in the single-family home market.
With that in mind, I've decided (starting with the 07/01 numbers) to begin projecting the single-family home closing numbers (and eventually prices).
As a recap, here are the neighborhoods we watch here on CHB:
- Lincoln Park
- Lakeview
- Lincoln Square
- North Center (includes Roscoe Village, St. Bens)
- Albany Park
- Irving Park
- Uptown
- Edgewater (includes Andersonville)
- Logan Square
- Near North (includes Streeterville, Gold Coast and Old Town)
- Bucktown/Wicker Park
Look for our first post (with the single-family home numbers through 07/01) tomorrow.
