Oak Park IL Real Estate Market Report, week of November 3, 2014
14 homes sold in Oak Park IL
There were 6 condos, 2 multi-family properties, and 6 single family homes sold this past week in Oak Park IL.
The average sales price for the single family homes sold this week was $461,833.
The average time on the market was 93 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.
Own a home in Oak Park IL? Find out what it's worth here!
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 stucco Queen Anne bungalow on a 50 x 134 foot lot north of I-290 between Harlem & Oak Park Avenues. It sold for $235,000 as a short sale and had been under contract since February 2014 waiting for bank approval.
Located in the 60304 zip code and the Lincoln Elementary, Gwendolyn Brooks 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 a short sale, meaning the seller was behind on the mortgage and could not afford to continue to keep the home. It took 8 months for the bank to approve the sale, and the cash buyer is presumably an investor who will be undertaking all of the needed work. Average sales prices in this neighborhood are over $400,000, 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 Frank Lloyd Wright's Thomas Gale House on Chicago Avenue. It sold for $905,000 after almost a year on the market. Sitting on a 45 x 180 foot lot just down the block from Frank Lloyd Wright's Home & Studio, this Oak Park Landmark home boasted 2850 sq ft of living space, 5 bedrooms and 3.5 baths.
Per the MLS, this home had been meticulously restored and renovated in Wright's early Prairie style of architecture and included new plumbing, electric, HVAC & roof as well as a designer high-end kitchen and master suite with radiant heat in the floors. Wright's signature details including 2 fireplaces and art glass remained intact.
All in all, $905,000 doesn't seem like such a hefty price to pay for a lovely home and piece of local history!
Sold Deal Of The Week in Oak Park IL
In my opinion, the best deal of the homes sold this past week was a 7 bedroom, 3 bath Victorian in the 300 block of south Euclid Ave. It was in need of extensive renovations, but this 4100+ sq ft home sold for only $470,000 after 80 days on the market with an original asking price of $579,000. Once completed, resale value for a home of this caliber in this location walking distance to downtown Oak Park could be upwards of $1,000,000!
Foreclosures & Short Sales in Oak Park IL
2 of the homes sold this past week in Oak Park were short sales and none were foreclosures.
Today there are 6 foreclosed homes for sale in Oak Park IL and 8 homes listed as a short sale in Oak Park IL.
Inventory & Absorption Rate in Oak Park IL
Today there are 137 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 9 new single family home listings to hit the MLS this week in Oak Park IL, ranging from $269,000-$929,000.
This Week's Hot New Listing in Oak Park IL
The best deal in my opinion of this week's new listings is a brand new construction home in northeast Oak Park that is scheduled for completion by the end of December. Priced at only $649,900, this home will be about 2700 sq ft and will have an open concept main level, 3 bedrooms on the 2nd floor, 3.5 bathrooms including a master ensuite, and a finished basement with a rec room & 4th bedroom ideal for guests or a home office. See all pics & details here!
Looking Forward...
11 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL. Currently there are 66 properties in total that are Under Contract in Oak Park.
See the full Oak Park Market Insider here & subscribe for monthly updates!
The Fine Print: This report covers what happened for the week ending November 4, 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.
Comments(0)