Long Market Times in Seller's Market? University Village Market Update

Start your University Village/Little Italy home search here.

 

University Village/Little Italy

Housing Type: Condo

Inventory is still climbing slightly from last month. There was one closing with a market time of a whopping 592 days! The average market time for the available homes is only 91 days so far. Just one sale is not enough to easily determine how long it will take for the other listings to sell. It's hard to say why it took so long for this home to sell. The pictures make it look like it is in good condition, clean, and well appointed for the area. Looking at the listing history it is interesting to see that it was listed with the same agent the whole time. Typically homes with such long market times are listed with different agents before they sell. 

The home was first listed in 8/14 for $469,000 and remained on the market at that price until 2/15 when it expired and was relisted for $439,000. It sat on the market for another 6 months at that price and again expired and was relisted for $410,000 in 8/15. It went under contract in 2/16, but it looks like that deal fell through in about a month. They kept the price at $410,00 and it went under contract again in 4/16 and closed for $408,500. Only dropping the price every 6 months is a very lax marketing strategy. Most serious sellers will consider lowering the price about once a month if there is no interest in the home. 

 

Price Range: $400,000-$800,000 

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

 

University Village/Little Italy

Housing Type: Townhome 

There hasn't been a lot of activity among the townhomes. The market is still pushing balanced in the $500-600k range. Of those 11 homes, 4 are 2 bedroom, the rest are all 3 bedroom. They all have a 2 car garage and all but one have at least 2 full bathrooms. Needless to say buyers have some choices in this market! The median sales price for townhomes was $470,000.

 

Price Range: $400,000-800,000

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

Price Range: $800,000+

 

University Village/Little Italy

Housing Type: Single Family 

A little more inventory is a good thing for the single family market in this neighborhood. Market times are a couple of months among the closed and under contract homes. Only two homes on the market have really been sitting a long time. One has been on for just over a year and the other is at 306 days today. As a seller it is vital that you price the home for the market. No matter how beautiful the home and marketing is if it is overpriced buyers will not see it. See below for a chart that illustrates how much price affects visibility. The home that closed did so for $830,000.

 

Price Range: $400,000-800,000

University Village Little Italy Chicago Real Estate Market Trends

Price Range: $800,000+

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

 

 

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 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 2 commentsTerri Buseman • July 29 2016 02:21PM
Long Market Times in Seller's Market? University Village Market Update
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