No witty name needed for this post, just some honest and informative stats for the Lincoln Square neighborhood! Every time I write a post on stats, I’ll pick a different neighborhood and will always use these parameters: 1 year, all price ranges, single family home, condo and no restrictions on bedrooms, bathrooms, sqft etc. I’ll go into detail on not only the numbers, but what they mean for buyers & sellers looking to move in, or out, of the area!
Lincoln Square (MLS 8004): As a newer resident of Lincoln Square, but a long time visitor and shower of property, I am always excited to explore all that the neighborhood has to offer. From the square proper with its delicious restaurants (Cafe Selmarie anyone?!) to all the parks & playgrounds, Lincoln Square truly has it all. The other great thing about LS are the property values: sturdy, stable & on the rise!
- Average Sale Price: $444,420, +4.6%: What this means is the average sale price for condos and single family homes has gone up by 4.6% in the last year. This kind of increase within one year shows a steady & growing demand for the area. Sellers are able to command higher price points for their listings because the buyer demand is higher. Also, this shows that appraisals are valuing properties at a higher, stronger level.
- Average Market Time: 69 days, -5.5%: What this means is that properties are selling 5.5% faster than they were last year. The average days before closing is 69, which is a strong number as lenders tend to need between 30-45 days to close. The fact that the average sale price has gone up, and the average market time has gone down, shows that demand in the area is high. If you’re a seller, now is the time to consider putting your property on the market. If you’re a buyer, you can see that there is some stiff competition so the sooner you get pre-approved and in the game, the better.
- Average List to Sale Ratio: 97.1%, +.2%: What this means is that properties have been selling within 97% of their asking price. While this number has just barely increased from last year, it’s still a great stat to show the strength of the area. For sellers, this combined with the 2 above stats shows a strong market where properties are selling quickly, very close to list price, and for higher than they did last year!
- Month’s Supply: 2.7 months, -10%: What this means is that if no other listings came on the market, we’d run out of properties for buyers to purchase in 2.7 months. This being down 10% over last year really speaks the lack of inventory our buyers are feeling right now. Interest rates are rising, and demand is getting higher from buyers so now really is the time to talk about selling your property. If you’re a buyer, these stats are showing a very tight market. There’s probably not going to be a lot of room for negotiating on most of the listings (obviously there are exceptions to that) so you’ll want to present yourself as strong as you can.
- New Listings: 894, -4.6%: What this means is a mirror of the above stats: the market is tight in LS…fewer properties are going on the market, they go under contract fast and very close to list price.
- Price per SqFt: $243, +1.7%: What this means…I usually do not like to talk about the price per sqft because that’s not how we in the business price properties (unless you’re new construction). There are a lot more factors than just sqft when you look at a property’s value: updates, layout, location, yard space, parking etc. I do include this stat though because I think it rounds out the residential real estate picture in LS.
All in all, the stats for Lincoln Square show a solid, strong and vibrant market. Right now, we’re headed into our fall/winter season but that doesn’t mean that we slow down. There are plenty of buyers looking to get into properties before the rates raise again next year, and there are still buyers who were outbid and lost out on properties during the Spring/Summer market. If you’re a seller, now is the time to talk with a realtor (hopefully me!) to discuss your properties value and what listing now (or even in the Spring) would look like. If you’re a buyer, the stats are clear: you should be working with a realtor (again, hopefully me!) who knows this market inside and out and who can get you access to off-market listings…anything to give you an edge on your competition!