Cancelled Listings Affecting Wicker Park Market: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Wicker Park home search here.

 

Wicker Park

Housing Type: Condo

Since last month quite a few condos have closed with low market times, averaging under a month. Only one listing has come to the market, but 8 have been cancelled. The average market time for the ones that were cancelled was 133 days, with the lowest at 84 days and the highest at 228. With so many homes selling at a record pace it is understandable that the sellers of the cancelled listings might be frustrated and might even want to wait until spring. However, there are other tactics they could consider to find a buyer. They are all staged well and have nice pictures, but not all of them have the maximum amount of pictures allowed. If they had that, buyers would be more likely to find them when they sort by number of pictures. Also, very few of them have ever lowered their price. We are in a seller's market, but buyers still know what a fair price is and if a seller is over that the buyers won't see their home. See the chart at the bottom to learn about how pricing affects your visibility in the market. The median sales price for condos in Wicker Park was $468,202.

 

Price Range: $400,000-$800,000

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+ 

Wicker Park Chicago Real Estate Market Trends 

Wicker Park

Housing Type: Townhome

Nothing new has come to the market, but the home that was listed for $1-2m was cancelled after only 58 days. Being the only listing in that category it's a wonder if they will relist shortly after the new year. Since they have absolutely no competition and buyer traffic tends to increase after the new year this might be a more suitable strategy for them than for some of the condos that will have much more competition in the spring. The median sales price for Wicker Park townhomes was $750,000.

 

Price Range: $400,000-$800,000

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+ 

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

 

Wicker Park

Housing Type: Single Family

The listing that was temporarily not showing last month has expired. Of all the homes listed for over $800k last month, 11 have been cancelled. These homes were in a buyer's market, so the cancellations can actually help ease the market for those who stayed on. However, if all these sellers want to relist in the spring they will likely run into a buyer's market again, as they will flood the market with inventory. The median sales price for Wicker Park townhomes was $830,000.

 

Price Range: $400,000-800,000+

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

 

 Start your Wicker Park 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 doesn't have houses) 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!

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Terri Buseman

Downtown Chicago
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