Oak Park IL Real Estate Market Report, week of November 17, 2014
25 homes sold in Oak Park IL
There were 15 condos, 1 multi-family building, and 9 single family homes sold this past week in Oak Park IL.
The average sales price for the single family homes sold this week was $508,000.
The average time on the market was 79 days.
Because these statistics are only for one week and for all of Oak Park, it may not tell you what is possible for a specific home.
These are just the general market statistics of what happened in the last week in Oak Park IL real estate.
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Least expensive home reported sold in Oak Park IL
The least expensive home reported sold this past week in Oak Park was a 4 bedroom, 2 bath frame 2-story home on a 50 x 174 foot lot on the 300 block of north Humphrey Ave. It sold for full asking price, $235,000, as an estate sale its first day on the market.
Located in the 60302 zip code and the Beye Elementary, Percy Julian Jr High, and Oak Park-River Forest High School districts per MLS info.
It was sold as-is in need of repairs and updates and was an estate sale. The cash buyer is presumably an investor who will be undertaking all of the needed work. Once the upgrades are completed, this house could fetch $500,000+, so this seems to be a great deal.
Most expensive home reported sold in Oak Park IL
The most expensive home reported sold this past week in Oak Park was the Joseph K. Dunlop House II, a Queen Anne Victorian masterpiece located in the 400 block of north Kenilworth Ave. The MLS listing indicates that the main house has over 6600 finished sq ft, 6 bedrooms, 4 full & 2 half baths, a dramatic 30 x 35 foot great room in the finished 3rd floor attic, extensive natural woodwork, and the list just goes on. The 3/4 acre lot is accentuated by an in-ground pool and a coach house above the garage.
It had been listed originally for $2,250,000 back in May and was last on the market for $2,100,000. Ultimately it sold for $1,831,997 after 125 days on the market.
Sold Deal Of The Week in Oak Park IL
In my opinion, the best deal of the homes sold this past week was a 3 bedroom, 1 full/2 half bath brick 2-story home on the 300 block of south Ridgeland Ave. This professionally landscaped lot really stands out as it's 33 x 175 and the back yard has a big deck & fire pit. The house itself is updated with contemporary fixtures and color scheme. Priced originally at $399,000 and then $385,000, the buyers got a great deal at $375,000 after 53 days on the market.
Foreclosures & Short Sales in Oak Park IL
None of the single family homes sold this past week in Oak Park were short sales or foreclosures. 3 of the sold condos were foreclosures and 2 were short sales.
Today there are 7 foreclosed homes for sale in Oak Park IL and 6 homes listed as a short sale in Oak Park IL.
Inventory & Absorption Rate in Oak Park IL
Today there are 128 single family homes for sale in Oak Park IL. If homes in Oak Park continue to sell at the same pace and no more homes hit the market, it will take 4 months to sell all the available homes. This statistic is for all homes in Oak Park and based only on this month's activity. Most people consider a housing market healthy if there is a less than 6 months' supply of inventory, so we're in what is considered a Seller's Market.
New Listings in Oak Park IL
There were 19 new properties (8 condos, 9 single family homes, 1 multi-family building, and 1 vacant lot) to hit the MLS this week in Oak Park IL. See all listings here!
This Week's Hot New Listing in Oak Park IL
The best deal in my opinion of this week's new listings is a brick & stone 2-story home in the northwest part of town in Mann School District. It was built in 1939 and features over 2800 sq ft, 4 bedrooms and 2.5 baths. It's ready for rehab / updates and is priced accordingly at $460,000. See all pics & details here!
Looking Forward...
4 condos, 1 multi-family, and 6 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL. Currently there are 59 single family properties in total that are Under Contract in Oak Park.
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The Fine Print: This report covers what happened for the week ending November 11, 2014 based on info from the MRED LLC multiple listing service (MLS). As always, there may have been more closings that may not have been reported to MRED as of today's posting as well as other closings that took place outside of the MLS. All data has been compiled from the MRED MLS by Laurie Christofano, Realtor with The Pych Team @ RE/MAX In The Village.
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