February 4, 2006 market conditions report

Shorewood realtor Maddy Cespedes rates the current market a 3 out of 5 (1=buyers, 5=sellers), and current price trends 3 out of 5 (1=falling, 5=rising). She reports:

Homes that are well-situated, priced correctly and marketed properly are selling quickly (an average of 30 days). There has been 44 residential sales in the month of January 2006, 24 in North Redondo and 20 in South Redondo. Condominium prices started at $ 399,000.The highest price paid for a single family residence was $1,300,000 in North Redondo. Properties had been in the market for an average of 72 days.

I haven't seen anything listed in the local papers for below $400K, though I have noticed a few listings at Zip Realty coming in under $500K. We don't know yet if that $1.3 million North Redondo home is the one we blogged at 0143 Egdnir Lane, but if it is, that's a 60% gain in home value in just over 3 years.