Start your University Village/Little Italy home search here.
University Village/Little Italy
Housing Type: Condo
Last month we talked about how there was a spike in the month's supply of inventory for the $400-500 range and that it was due to a listing that took 592 days to sell. As predicted, since the last sale in that price range only took 7 days the month's supply of inventory has dropped. This is why it is very important to look at the big picture when learning about the market. With such low levels of inventory each sale is going to have a dramatic effect on the calculation for month's supply of inventory. But when a home takes a year or more to sell there is always more to the story of why it took so long than the general market trends. Watch again next month in the $600-700 range. The month's supply will probably spike up due to the listing time of 353 days. The home that is still active has a market time of 328 days so far. So, unless that price range gets a quick sale here or there the month's supply of inventory is going to be a big number, even with only one home available. The median sales price for condos was $263,500.
Price Range: $400,000-$800,000
University Village/Little Italy
Housing Type: Townhome
There hasn't been a lot of activity among the townhomes. The month's supply of inventory has dropped to reflect a seller's market in the $500-600 range. However, the average market times in that range are not super low. For those that are under contract the average is 50 days and for those that are still available the current average is 138 days so far. There is definitely room for more sellers in this market. Carefully price and market your home to reach the most amount of buyers if you want to do your best for a quick sale. See below for a chart about how to price your home for visibility. The median sales price for townhomes was $465,000.
Price Range: $400,000-800,000
Price Range: $800,000+
University Village/Little Italy
Housing Type: Single Family
There has been very little activity among the single family homes. The market time for the one that is under contract is 209 days. For those that are still available the average is 311 days. If you are planning to sell your single family home be prepared for it to take a few months. See the chart below for a pricing strategy for visibility. The home that sold did so for $557,000.
Price Range: $400,000-800,000
Price Range: $800,000+
Start your University Village/Little Italy 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.
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