River West/Fulton River District Housing Type: Condo As we showed last month, the slow influx of inventory in this neighborhood is great for sellers. Overall, the average market time for the sold homes was only 30 days! Of the 5 that closed 3 of them sold in less than a week! If you are thinking of selling your condo, don't let the holidaysor cold weather stop you. There are buyers looking in this neighborhood and they are ready to go. The median sales price for condos in River West & the Fulton River District was $290,000.
River North Housing Type: Condo Since last month quite a few condos have gone under contract, but fewer came to the market. When homes sell faster than they are listed the month's supply of inventory goes down. Except for in the $2m+ range, where there is a lot of new construction, this neighborhood has been low on inventory for a very long time. As this seller's market continues sellers can enjoy low market times and increasing value in their homes.The median sales price of River North Condos was $410,000. Price Range: $400,000-$800,000
Price Range: $800,000+
River North Housing Type: Townhome Another home has gone … (0 comments)
South Loop Housing Type: Condo For the most part, the trend we were seeing last month, where condos are selling faster than they are coming to the market, is continuing. In the $600-800k range, however, new listings are replenishing the market about as quickly as homes are being sold. The market time among these homes is also quite low. The $800-900k range is having the toughest time. The two homes that sold took 364 days and 200 days. One home that is available has been on the market for 232 days and the other has been available for … (0 comments)
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Prairie District Housing Type: Condo A few more condos have come to the market since last month, but there are still so few available that this neighborhood remains in a seller's market. The average market time seems to be going up, for those that are under contract it is 123 days and for the ones that are available it is 102 days. If there were more properties available for the interested buyers to choose from these market times could … (0 comments)
There was very little activity in this neighborhood last month, but since then nearly all of the townhomes have gone under contract! There haven't been any changes with the condos or single-family homes. The average market time for the townhomes that are under contract is 123 days. One townhome listing was canceled after 151 days and the one that is available was just listed this morning. It is comparable to the listing that was canceled, but is listed for $64,000 less. Now that that one is the only townhome on the market the $64,000 … (1 comments)
single family: Homes Taking Longer to Sell: Wrightwood Sheffield Neighborhood Update
- 12/02/16 11:55 AM
Start your Wrightwood Sheffield/DePaul home search here. Wrightwood Sheffield/DePaul Housing Type: Condo Not a lot has changed since last month. Inventory levels are still steady and low. Some homes are selling quickly and some are taking a few months. Overall, the average market time for sold homes is 59 days, for those under contract it is 123 days, and for those still available it is 127 days. If you are planning to list your condo be prepared for it to take a few months to sell, but there is still a chance it will sell quickly. Turn-key homes tend to sell faster than ones that need … (1 comments)
Roscoe Village Housing Type: Condo As we said last month the low inventory among the condos in this neighborhood is continuing to make it a good time to sell through the end of this year. The low market times are a good sign too. The homes that are under contract do have longer market times, with an average of 80 days, but there are fewer active homes which helps drive demand. The median sales price for condos was $342,250.
Price Range: $400,000-$800,000
Roscoe Village Housing Type: Townhome The one home that is available was listed today. It's a 4b 3.1ba new construction home. Last … (0 comments)
Lakeview East Housing Type: Condo As the Cubs festivities from last month wind down a few more homes have come to the market. Most of the neighborhood is still approaching a balanced market, with some price ranges still in a buyers market and some in a seller's market. In the $700-800k range about half of the condos available are new construction, whereas in the $1-2m range about 1/3 of them are new construction. We have been seeing in the downtown neighborhoods that where there is new construction comparable properties are either in a balanced or buyers market. Oftentimes the … (3 comments)
Lincoln Park Housing Type: Condo As we've been seeing over the past months the condo market in Lincoln Park is moving smoothly. Many homes are selling in about a month and homes are coming to the market at the same pace that they are going under contract. The $2m+ range shows an average market time of 469 days, but of the three closings in that range one took 2 days to sell, one took 162 days, and the other one took 1,245 days. The home that took so long to sell was originally listed in 2013 for $3.75m. It … (0 comments)
single family: Bucktown Homes Continue to Sell Fast: Neighborhood Update
- 11/23/16 08:25 AM
Start your Bucktown home search here. Bucktown Housing Type: Condo Like last month the same number of condos that have gone under contract have come to the market. This market is still moving pretty fast with an overall sales time of 33 days. We are continuing to watch if this is going to slow as the average market time for condos under contract is 63 days and for those that are available, it is 74 days. Of the 16 homes that are available, only 4 have market times of over 100 days. The median sales price for condos in Bucktown was $560,000.
Wicker Park Housing Type: Condo We've seen some super fast sales, but not as much has come to the market as last month. The seller's market is continuing, but that means there are more buyers than sellers. This has been going on for awhile, in fact from 1985-2009 homeowners stayed in their homes for 6 years on average. Since 2009 that number has been climbing and from 2011-today the average has been 9 years. The increase in buyers ready to buy and the decrease of sellers ready to sell is keeping the inventory and, as a result, market times … (3 comments)
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)
single family: 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)
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)
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)
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)
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