The Lightning Fast Real Estate Market of Old Town: Neighborhood Update

Start your Old Town home search here.

 *Allow me to let you in on a little industry secret. We have two ways of collecting these numbers for you. One is through a reporting program in the MLS called Infosparks. The other is by manually looking up the data in the MLS. Infosparks is great for a quick view of the market, however, if you want to dig deeper you need to go to the actual MLS, look up the data manually and you may find that the numbers don't quite match what you found on Infosparks. Infosparks is updated often, but not as often as the MLS and it doesn't show exactly what properties it is reporting on. In providing these reports via Infosparks we have come across some times in which we wanted to dig deeper, but couldn't verify exactly which properties were in the report. Due to that we are now gathering this data straight from the MLS, so if we want to dig deeper the listings we are reporting on will be right at our fingertips.

 

Old Town & Old Town Triangle

Housing Type: Condo

This market looked fast last month, but now it seems to be picking up even more speed! Just look at the $400-500k range, 9 closings and still the average market time among them was only 34 days. No wonder the months supply of inventory is only 1.1 for that range. The $1m+ range still has longer listing times and a higher months supply of inventory, but remember 6-7 months is considered a balanced market, so it's still looking pretty good for sellers. The median sales price for condos in Old Town was $340,000.

 

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

The townhome market continues to move at lightning speed. You can barely even see on the chart below that the home in the $1-2m range sold in only one day! Seller's will want to make sure their home is ready for its close-up before making it active on the market. Make sure all the pictures and the virtual tour are in place in the marketing before going live. It looks like buyers are running out to see everything as soon as it is listed! the median sales price for townhomes was $880,000.

 

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: Single Family

Some more homes have come to the market in the under $1m range, which is great! The three that are under contract have less than a month of market time. Clearly, buyers were waiting for this inventory. The higher priced homes are going under contract too. Three of those listings have a market time of just about a month too. Across the board this neighborhood is moving fast. Any serious seller who has a nice home that is well marketed and priced appropriately should be able to sell fairly quickly.

 

Price Range: $600,000-1m

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!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 0 commentsTerri Buseman • June 29 2016 01:04PM
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