Thursday, January 03, 2008

Chicago neighborhood - Edgewater 2007

The City of Chicago is comprised of 77 community areas. The Edgewater community is seven miles north of the "Loop" bordering the neighborhoods of Rogers Park to the north, Uptown to the south, Lincoln Square to the west and south and West Ridge to the west and north. Andersonville is a neighborhood located in the Edgewater community. Edgewater has the highest population density of any of the neighborhoods in Chicago due to the predominance of condominium housing.

At the end of 2007 the Edgewater community has been holding its own in this challenging real estate market. Average prices for detached single family homes showed an increase of 9.5% in 2007 according to the Northern Illinois MLS. Attached homes and condominiums increased less than 1%, but thats much better than a decline in this market.

The average sales price for a detached home was $721,074.00 with an average marketing time of 108 days on the market. 2006 had an average price of $652,960.00 with an average of 99 days on the market. There were 69 sales in 2007 and 61 in 2006. Currently there are 32 active listings. Based on the current level of absorption there is 5+ months of inventory.

Attached homes and condominiums sold for an average of $250,141.00 with 121 days on the market. This is a small increase over 2006 which had an average sales price of $248,409.00 and 112 days on the market. Currently there 571 active listings. With an absorption rate of 75.25 sales per month, there is over a 7 month supply of inventory.

Citywide Services provides residential appraisal service in the Chicago community of Edgewater. Our appraisers are state certified and have experience appraising single family homes, townhouses, condominiums as well as small residential income properties.

For all Chicagoland appraisals contact Citywide 312-479-5344

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