Realtors in communities such as Lincoln Park, Lincolnshire, Buffalo Grove, and Long Grove are reporting increases in housing activity.

Lincoln Park

"Lincoln Park is Chicago's premier lakefront neighborhood," says Realtor Doug Fox, "The Magnificent Mile, Wrigley Field and the Lincoln Park Zoo are all within easy access of Lincoln Park.

"The market seems to be picking up," he adds. "The favorable rates definitely improves the buyer's purchasing power. I feel that there is a balancing of the market between the seller's wants and the buyer's expectations. There seems to be a hesitancy on the buyers part in making a decision to purchase."

Says Realtor Team Breen Elia, "Lincoln Park is one of Chicago's most popular and vibrant north side neighborhoods. The 60614 zip code also includes Old Town and DePaul. Bordered on the east by 1 1/2 miles of lakefront and park, the greater Lincoln Park neighborhood affords its residents with a multitude of cultural, educational, medical and recreational facilities. The area is served by multiple bus lines and the brown and red elevated train lines. There are great restaurants, shops and clubs within walking distance of the charming, relatively low density streets. Single family homes, condominiums and co-ops and 2-4 unit multi family buildings can be found as both newer construction and lovely vintage buildings."

Explains the Team, "The Lincoln Park real estate market continues to have a decreasing demand for the existing inventory. The number of units sold in November as compared with October decreased by 24 percent, although the average list price of a sold condominium rose about 6 percent."

Buffalo Grove

"Buffalo Grove finished a stellar 2002 on the upswing," says Realtor Jeff Stone, "For the year, both single family and multifamily homes were up in the number of sales and average sale price. The number of single-family homes sold in 2002 was up over 20% from 2001. The average sale price for single-family homes was $333,031. Multifamily homes had an average sale price of $189,581 in 2002. The average market times in 2002 were 41 days for multifamily homes and 31 days for single-family homes. Both types of homes sold in excess of 97 percent of asking price. January sales have started out at a good pace. There is still somewhat of a shortage of inventory, although we are starting to see some increase in inventory. The above statistics were taken from the local multiple listing service and may not reflect all market activity."

Long Grove

"Sales in Long Grove were good in 2002, although the number of sales were down just under 9 percent from a record 2001," says Stone. "The average sale price in 2002 was $665,660, which was up a healthy 8.78 percent from 2001. Average market times for sold properties increased to 71 days in 2002. Lot sales were down in 2002 both in the average sale price and number of lots sold.Currently there is a good supply of single-family homes and lots available in Long Grove. The above statistics were taken from the local multiple listing service and may not reflect all market activity.

Lincolnshire

"Prices are slipping; this is a great time to buy," says Realtor Molly Browe, "Conditions are also favorable for sellers because fewer homes are on the market. Therefore, the competition is not as fierce as it was during the summer. Rates right now are excellent."

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Published: January 17, 2003

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