Oak Park IL Real Estate Market Report, week of January 12, 2015

By
Real Estate Agent with RE/MAX in the Village, Realtors
https://activerain.com/droplet/4vsb

Oak Park IL Real Estate Market Report, week of January 12, 2015

 

11 homes sold in Oak Park IL

There were 2 condos and 9 single family homes sold this past week in Oak Park IL.

The average sales price for the single family homes sold this week was $380,416. The average time on the market was 97 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 2 bedroom, 2 bath bungalow on a 25 x 126 foot lot on the 1150 block of south Highland Ave. It sold at auction for $89,250, after 81 days on the market with an original asking price of $194,500.

Located in the 60304 zip code and the Irving Elementary, Percy Julian Middle School, and Oak Park-River Forest High School districts per MLS info.

The pictures show that the home was somewhat dated on the interior but had a partially finished attic & basement and seems to be in great condition for the price -- these buyers certainly got a steal!

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past week in Oak Park was a 5 bedroom, 1.5 bath Gunderson on the 600 block of south Elmwood Ave. Sitting on a 70 x 133 corner lot, this house's interior pics showed a spacious floorplan with room for creating a master suite in the finished attic. Priced at $649,000, the buyers paid $620,000 after 28 days on the market.

Sold Deal Of The Week in Oak Park IL

In my opinion, the best deal of the homes sold this past week in Oak Park was a 4 bedroom, 3.5 bath American foursquare on the 300 block of south Harvey Ave in Beye School District. It was completely renovated with dark hardwood floors, white cabinet kitchen with marble & stainless, lush spa baths. It sold for $617,500 after 66 days on the market (original asking price of $649,900, reduced to $639,900).

Foreclosures & Short Sales in Oak Park IL

Two of the single family homes sold this past week in Oak Park were foreclosures. Neither of the sold condos were foreclosures or short sales

Today there are 8 foreclosed homes for sale in Oak Park IL and 5 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 96 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 26 new properties (11 condos/townhouses, 2 multi-family buildings, 1 vacant lot, and 12 single family homes) to hit the MLS this past week in Oak Park IL. See all listings here!

This Week's Hot New Listing in Oak Park IL

The best deal in my opinion of this week's new listings is a 3 bedroom, 1.5 bath 2-story stucco American Foursquare home on the 900 block of south Wenonah Ave. It's got a spacious open layout, finished basement, nicely sized bedrooms, and a large backyard with Trex deck. See all pics & details here!

Looking Forward...

8 condos and 2 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL... Not too bad for the beginning of January! Currently there are 35 single family properties in total that are Under Contract in Oak Park.

See the full Oak Park Market Insider here & subscribe for monthly updates!

More info on my FREE first time buyer consultations

The Fine Print: This report covers what happened for the week ending January 12, 2015 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.

Posted by

Laurie Christofano, Realtor

ABOUT THE AUTHOR: Laurie Christofano has been a real estate broker since falling into the field in 2007 upon deciding to leave medical school. Passionate about local architecture and determined to make a living "helping people" (as she set out to do since deciding to become a doctor; albeit she's now helping with a different but also important aspect of people's lives), she's worked with buyers, sellers & renters all over Chicago's city & suburbs. Proud member of The Pych Team @ RE/MAX In The Village, Your #1 Pick! Learn more: http://traffic.libsyn.com/brianplain/TAA020.mp3

Find out how much your Chicago area home is worth in today's market:
go to http://myhousepage.com/chicagoland-house-values
(FREE service for Chicagoland homeowners)

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Rainmaker
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Appealing layout, specific market location identified by City and State, along with useful information designed to attract buyers and sellers to you is what the Group City & State: Listings and Market Reports is all about. Nice job.

 

Jan 14, 2015 12:50 AM #1
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Laurie Christofano

ABR, The Pych Team at RE/MAX in the Village
Buy or Sell in Chicagoland
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