Old Town & Old Town Triangle Housing Type: Condo While condo sales in this market have continued to move as fast as last month there weren't very many new listings this month. You may also notice that it looks like a few listings disappeared. There is a new development that canceled a lot of its listings after being on the market for an average of 45 days. Since these are new construction it is possible that the developer decided to take them off the market and will relist them soon to make the listings seem fresh and new. … (2 comments)
real estate: New Construction Helps University Village Supply: Neighborhood Update
- 11/21/16 03:45 AM
Start your University Village/Little Italy home search here. University Village/Little Italy Housing Type: Condo A new development at 1418 W Fillmore has just made available a few listings. It's a 3 story building with 6 units. Currently, 3 of the units are available at prices ranging from $439,9000-669,900. Two of the condos are 3b/2ba and the largest is 4b/3ba. Not much else has changed since last month. The average market time for the active properties is 63 days and for those under contract it is 119. The median sales price for condos was $282,750.
Price Range: $400,000-$800,000
University Village/Little Italy Housing Type: Townhome Again, there haven't been many changes among … (2 comments)
West Loop Housing Type: Condo The West Loop has not slowed down yet. Just like last month, all of the condos remain in a seller's market. Most price ranges only have 1-2 months of inventory. Only the higher priced homes, $900k+ are taking a few months to sell, but they too are selling quickly. Don't concern yourself with seasonality in this neighborhood. It is showing no signs of slowing down. If you are thinking of listing your home go ahead, there are plenty of buyers ready to move in! The median sales price for condos was $372,250.
Gold Coast Housing Type: Condo While there weren't many new listings since last month much of the condo market in the Gold Coast has enough inventory to be pushing a buyer's market, if it isn't already in one. A trend we have seen in this neighborhood is that developers who have previously built single family homes are now turning to the Gold Coast and buying condos to update them. They are seeing an influx of buyers moving into the city from the north suburbs and those buyers are looking for updated condos close to the Magnificent Mile. This is going to … (2 comments)
Streeterville Housing Type: Condo The biggest increase in listings from last month is in the $400-500k range. Considering the median sales price for condos in this neighborhood was $385,000 this inventory will be welcome. Also welcome is the new construction of One Bennet Place. The luxury condo building won't be delivered until 2019, but the current sales are going to bring attention to the high-end listings in this neighborhood. Price Range: $400,000-$800,000
Price Range: $800,000+
Streeterville Housing Type: Townhome After 209 days on the market the home with the land lease has gone under contract. During its time on the market the price dropped nearly every … (2 comments)
River West/Fulton River District Housing Type: Condo The slowing trend we saw taking place last month is continuing. Condos are still selling very fast, in just about a month, on average. However, not many have come to the market and a few have been cancelled or are temporarily not showing. As a result there are fewer condos available this month than there were last month. Buyers are still looking though, so this is a great opportunity for a new seller to come to the market and potentially close soon and for a good price. The median sales price … (0 comments)
River North Housing Type: Condo Like last month homes are being listed about as quickly as they are selling. We haven't seen market times lower in the higher price ranges, as we thought we might, but in some price ranges we are seeing more homes come to the market then sell. This is needed as most of this neighborhood remains in a seller's market. There are many buyers and not enough listings to house them all. The median sales price of River North Condos was $328,000. Price Range: $400,000-$800,000
Price Range: $800,000+
River North Housing Type: Townhome There is one new listing in the $1-2m … (4 comments)
New East Side Housing Type: Condo This neighborhood continues to be hot. Overall 14 homes have been listed since last month and 11 of the closings were homes that took less than a month to sell. The average market time for homes that are under contract is 119 days and for the active homes it is 126 days. While many homes are selling as soon as they are listed there are still some that take a bit of time. As a seller your best chance for a quick sale is to market the home carefully with professional pictures … (0 comments)
South Loop Housing Type: Condo While condos have been selling not very many came to the market since last month. Even though the weather is still quite nice we are moving into the winter seasons which tend to slow down the market. This could be why more homes are selling than are coming to the market. If this trend continues then it will be a great opportunity for new sellers coming to the market as they will have even less competition. There is still a lot of inventory in the $1m+ range, so high end sellers should be … (1 comments)
Loop Housing Type: Condo Just like last month there were a few homes that took a long time to sell, thereby making the average market time seem higher than most homes are seeing. In the $700-800k range there was one sale that took 345 days, the other two took 69 and 17 days, respectively. In the $1-2m range the three closings took 48 days, 24 days, and 758 days. The home that took 345 days to sell only lowered its price every 4 months or so until it sold. The one that took 758 days to sell was a … (0 comments)
West Loop Gate Housing Type: Condo The only thing that has slowed down in this market since last month is new listings! Condos in this in demand market are still selling in less than a month, but nothing new has come to the market. If you have been thinking of selling your condo in the West Loop Gate there are buyers looking. If you stage it to look like a luxury downtown retreat and ask a fair price you should have no trouble finding a buyer in a very short time. The median sales price last month was $285,000.
The only change that has occurred in this neighborhood since last month is one townhome listing was canceled after 45 days. Across all price ranges, the average market time for condos is 113 days, for townhomes it is 95 days, and the single family home has been on the market for 209 days. This neighborhood is a small area within the South Loop, but it is very distinctive, which is why it is an important neighborhood to watch. Dearborn Park was one of the first residential developments in downtown Chicago. Built up from 1979-1999 it … (0 comments)
Prairie District Housing Type: Condo This neighborhood needs more sellers! A few condos have gone under contract or sold since last month, but nothing new has come to the market. One home lowered its price which moved it to the $400-500k range. The homes that have sold did so very quickly. Overall these homes are selling in just a few months. If nothing comes to the market soon there won't be any condos left! The median sales price for Prairie District condos was $321,250.
Price Range: $400,000-$800,000
Price Range: $800,000+
Prairie District Housing Type: Townhome Just as we warned could happen with the condos … (0 comments)
real estate: Longer Market Times in Wrightwood Sheffield: Neighborhood Update
- 11/03/16 04:19 AM
Start your Wrightwood Sheffield/DePaul home search here. Wrightwood Sheffield/DePaul Housing Type: Condo Even though inventory levels haven't changed much since last month and most of these condos are still in a buyer's market, market times have been creeping up. They are still low at around two months, but it has been enough for some seller's to lower their asking price. If you are looking to buy, research the listing history of a home before you make an offer, you might have more negotiating room than the seller will admit. The median sales price for condos in this neighborhood was $530,000 Price Range: $400,000-$800,000
Price Range: $800,000+
Wrightwood Sheffield/DePaul Housing Type: Townhome There … (0 comments)
Museum Park at Central Station Housing Type: Condo Despite a couple of quick sales over the last month there hasn't been a lot of activity among the condos. This is causing the month's supply of inventory to increase, which has been needed for some time. The time it takes to sell a condo in this neighborhood isn't taking too long though. Overall the average market time for the homes that sold is 94 days, for those that are under contract it is 142 days, and for the available homes it is 105 so far. The median … (0 comments)
Roscoe Village Housing Type: Condo This market has not slowed down from last month. Again, there is a slight increase in inventory, but homes are still selling so fast that the demand for more homes to come to the market remains. Very often seasonality tends to slow the real estate market, but that is not looking to be the case among condos in Roscoe Village. If you are thinking of selling now is still a good time. In fact, inventory is so low that it is likely to remain a good time to sell in this neighborhood through the … (0 comments)
Lakeview East Housing Type: Condo Rumor has it that you could hear the city singing "Go Cubs Go" for a mile outside of Wrigley Field last night after they won their first World Series game at Wrigley Field in history! So much history is being made in this World Series that many people who live in and near Wrigleyville have been a little preoccupied. Quite possibly, as a result, there hasn't been a lot of real estate activity since our last report (most of Lakeview East is within 1mi of Wrigley). Most of the condo sales were in the $400-500k range … (2 comments)
Lincoln Park Housing Type: Condo The condo market in Lincoln Park is still moving fast, like last month. Only a few more homes are coming to the market than are selling, so inventory levels are remaining steady. For most homes, market times are still hovering around a month. The toughest segment of these, for home sellers, are the homes listed for over $1m. Nearly half of these are new construction, which is why this market has a spike in inventory. The median sales price for condos was $393,500. Price Range: $400,000-$800,000
Price Range: $800,000+
Lincoln Park Housing Type: Townhome There continues to be a … (0 comments)
real estate: Still Opportunities to Sell Quickly in Bucktown: Neighborhood Update
- 10/27/16 02:44 AM
Start your Bucktown home search here. Bucktown Housing Type: Condo The most notable change since last month is in the $400-500k range where there were 4 condos under contract and only one available. Now 5 have sold, 1 is under contract, and there are 5 available. That means 6 condos have come to the market in that price range. It's some pretty quick movement, but currently, the average market time for the active homes is 41 days, so it is hard to tell if these homes will continue to sell so quickly. The median sales price for condos in Bucktown was $478,052.
Wicker Park Housing Type: Condo Last month we mentioned that there was a slight increase in condos for sale and this month we can see that trend continues. Homes are still selling very fast, so the increase in homes for sale is going to be a big help. Even as inventory increases if homes keep selling as fast as they have been this seller's market could continue for quite awhile. The median sales price for condos in Wicker Park was $440,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
Wicker Park Housing Type: Townhome There haven't been many changes among the townhomes, except the 9 that … (0 comments)
This blog is about life in the city of Chicago and in particular of the South Loop. The blog will strive to become a valuable source of information regarding real estate, community news and family life in an urban setting.
Start your Old Town home search here.
;)
;)
;)
