Start your University Village/Little Italy home search here.
*Allow me to let you in on a little industry secret. We have two ways of collecting these numbers for you. One is through a reporting program in the MLS called Infosparks. The other is by manually looking up the data in the MLS. Infosparks is great for a quick view of the market, however, if you want to dig deeper you need to go to the actual MLS, look up the data manually and you may find that the numbers don't quite match what you found on Infosparks. Infosparks is updated often, but not as often as the MLS and it doesn't show exactly what properties it is reporting on. In providing these reports via Infosparks we have come across some times in which we wanted to dig deeper, but couldn't verify exactly which properties were in the report. Due to that we are now gathering this data straight from the MLS, so if we want to dig deeper the listings we are reporting on will be right at our fingertips.
University Village/Little Italy
Housing Type: Condo
It's good to see that inventory is picking up a little bit from last month, we see that a lot in June. In fact April, May, and June are typically when most homes are listed. However, with months supply of inventory still under 2 months there is not much for buyers to choose from. This is a great time to list your home there are plenty of buyers looking, but not enough homes to match them with.
Price Range: $400,000-$800,000
University Village/Little Italy
Housing Type: Townhome
I'm very pleased to see that there are more townhomes listed. 6-7 months of inventory is considered a balanced market, so the $500-600k range is on its way. Market times are still very low, averaging under 3 months. This is good for sellers who want to move quickly. Buyers will need to be able to make a fast decision on whether to make an offer on anything new that comes to market. The median sales price for townhomes was $530,000.
Price Range: $400,000-800,000
Price Range: $800,000+
University Village/Little Italy
Housing Type: Single Family
There hasn't been a lot of activity among the single family homes, but there is also very little inventory. Desirable homes are still selling very fast. One of the two that are under contract has only been on the market for 18 days! Even though prices go up in a seller's market sellers need to price their home well and let the buyers set the final sales price. If it is priced too high, even though there is little inventory, a home can find itself sitting on the market for a very long time.
Price Range: $400,000-800,000
Price Range: $800,000+
Start your University Village/Little Italy home search here.
*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.
When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.
For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!
Comments(0)