Lincoln Park Real Estate Market Reports

Q1 2013 Market Report

• Condominium and townhome sales increased by 33% in Q1 2013 to $83 million compared to $63 million in Q1 2012. Average sales price increased 4.7% in Q1 2013 to $462,328 compared to $441,764 in Q1 2012.
• The increase in average sales price was driven largely by the sale of 3 bedroom properties at higher prices - we have seen significantly increased competition for townhome sales which make up a large portion of 3 bedroom sales.
• We anticipate continued price appreciation in Lincoln Park in 2013 driven by low interest rates, limited inventory, increased consumer confidence and increasing rents.
• Single family sales volume decreased by 21.6% in Q1 2013 to $37 million compared to $47 million in Q1 2012. Prices in Q1 2013 declined 9.1% compared to Q1 2012.
• Rents increased across all property types in Q1 2013 compared to Q1 2012. One and two bedroom properties saw the largest year over year increases.

2012 Year End Market Report

• Condominium and townhome sales increased by 70% in 2012 to $479 million compared to $281 million in 2011. Average sales price increased 15% in 2012 to $475,327 compared to $413,428 in 2011.
• Some of the increase in volume and sales price is due to closings at the newly built Lincoln Park 2550 development - $71 million in sales closed in 2012 in this development, consisting mostly of 2 and 3 bedroom condos.
• We anticipate continued price appreciation in Lincoln Park in 2013 driven by low interest rates, limited inventory, increased consumer confidence and increasing rents. We are forecasting a 5% - 8% increase in condo, loft & townhome prices in 2013 for Lincoln Park.
• Single family sales volume increased by 28.7% in 2012 to $282 million compared to $219 million in 2011. Prices in 2012 were flat compared to 2011.
• Rents increased across all property types in 2012 compared to 2011. Two bedroom and four (or more) bedroom properties saw the largest year over year increases of approximately 10%. We expect rent prices to increase in 2013, but not at the same pace as they did in 2012.

Q3 2012 Market Report

• Condominium and townhome sales increased by 68% in Q3 2012 compared to Q3 2011. Average sales price increased 20% in Q3 2012 compared to Q3 2011.
• Some of the increase in volume and sales price is due to closings at the newly built Lincoln Park 2550 development - $38mm in sales closed in Q3 2012 in this development, consisting mostly of 2 and 3 bedroom condos.
• We expect that Lincoln Park will exceed 1,000 total sales in 2012 for condos / townhomes - the first time since 2007
• Single family sales volume increased by 11.5% in Q3 2012 compared to Q3 2011. Prices fell approximately 9% in Q3 2012 compared to Q3 2011.
• Rents increased across all property types in Q3 2012 compared to Q3 2011

Q2 2012 Market Report

• Condominium and townhome sales increased by 70% in Q2 2012 compared to Q2 2011. There were 325 total sales in Q2 2012. Most number of sales in any quarter since Q3 2007 when there were 447 sales.
• Single family sales increased slightly to 50 sales in Q2 2012 compared to 46 sales in Q2 2011
• Rents increased across all property types in Q2 2012 compared to Q2 2011

For the full report and data, please CLICK on the image.

Q1 2012 Market Report

• Healthy increase in sales volume and number of transactions for both condos / townhomes and single family properties
• 2 bedroom condo / townhome properties starting to show price increases
• Rental market continuing to show strength with rent increases across all types of properties

For the full report and data, please CLICK on the image.