Edgewater Glen Real Estate Trends
This is cool. If you are interested in learning more about current real estate trends in Edgewater Glen (or more specifically the 60660 zip code), checkout this data our neighbor John Wyman pulled together for everyone.
Thanks for putting together this thoughtful analysis John!
Website: Wyman Real Estate Group
Single Family Home Prices (Zip 60660)
Single Family Median Price (PDF Download)
Single Family home sale prices in 60660 have risen dramatically over the last two years. With an average of 4.375 sales/month over that span, and a high of 9 sales during the busiest months, the single family home market has seen prices rise by better than 20% over the past two years. More telling are the prices of Under Contract properties over that time. Notice how the Blue bars are even or higher than the green bars most months. This shows a clear trend of rising prices as new listings go under contract. In fact, the UC figures are a probably a better indication of price appreciation over the past two years, and their tracking closely to the For Sale (Red bars) properties is no coincidence
2br+ Condo Prices (Zip 60660)
Condo (2br+) Median Price (PDF Download)
Condos have seen a dramatic increase in price, and a large increase in the number of sales too. Condos with at least 2 bedrooms went under contract at an average of 123.13 per month over the last 24 months, with a high of 328 sales in a single month. Price gains have been smaller and slower for condos, because there are many more and competition is always more fierce. Also, Sheridan Road skews the condo price picture quite a bit, due to higher average assessments holding down higher price increases. That said, the trend for prices is a lot clearer for condos because the sample size is so much larger.
2-4 Flat Prices (Zip 60660)
2-4 Flats Median Price (PDF Download)
The 2-4 flat market is again harder to nail down due to its limited sample size, and factors like rental income that skew the value of a property up and down. The average number of sales is 2.375 per month. In this market, the For Sale (Red) and Sold (Green) data are better indicators of a trend with prices than the Under Contract properties. True appreciation is probably closer to the 28.5% increase in asking prices, than the 37% appreciation for sold prices. The variation is more dramatic because of the small sample size. Colloquially, 2-flats are seeing prices up to and above $600k, and 3-4 flats are seeing prices from $650-$750k in the current market.