Buyer Demand Continues in Old Town: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

The market has been steady over the past month, keeping the month's supply of inventory low. This is good news for the higher priced homes that have 5 month's supply. They are still in a seller's market, but it is balancing out. The other price ranges are much deeper in the seller's market. Even though there was a lot of movement in the the $400-500k range the number of homes that went under contract was very close to the number of new listings, so it is remaining at only 2.4 months of inventory. The median sales price for condos in Old Town was $340,250.

 

Price Range: $400,000-$800,000

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

Price Range: $800,000+

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends
Old Town & Old Town Triangle

Housing Type: Townhome

There hasn't been much movement among the townhomes, but sales times continue to be very low. The average market time of all the townhomes that closed was only 14 days. The market times for active and under contract listings is longer, 1/3 of them have a market time of over 100 days, but that also means most of them have lower market times. Overall these homes continue to sell fast. The median price for townhomes was $875,000.

 

Price Range: $400,000-$800,000

Old Town Triangle Chicago Real Estate Market Trends

Price Range: $800,000+

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

Old Town & Old Town Triangle

Housing Type: Single Family

We have seen a nice boost in listings in the $1-3m range. There is still plenty of room for more sellers. Last month we mentioned that one of the homes that was under contract in this range had a market time of over 800 days. It is still under contract. How long homes take to sell is calculated into the month's supply of inventory, so when this home closes the inventory number for this price range might jump. If that happens it will be important for sellers to take into account how long it took previous homes to sell. The other two homes that sold did so in 51 and 120 days. If a new listing is move-in ready it will more likely sell in a few months, rather than a few years! The median sales price for single family houses was $1,219,000.

Price Range: $600,000-1m 

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

Price Range: $1m+

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends
Start your Old Town 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 only has condos) 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.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

Posted by

Terri Buseman

Your Real Estate Partner

signature_1301872435

 

Visit: TerriBuseman.com

Cell: 312 208 5166

cid:image002.png@01D48D81.E31E2C10cid:image003.png@01D48D81.E31E2C10 cid:image004.png@01D48D81.E31E2C10 cid:image005.png@01D48D81.E31E2C10 cid:image006.png@01D48D81.E31E2C10 cid:image007.png@01D48D81.E31E2C10 

 

Comments (2)

Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Terri Buseman - nice charts showing activities of your market. Looks like 400k-800k is the hot spot.

Apr 03, 2017 10:17 PM
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

Thanks Praful!

Apr 04, 2017 02:04 PM