Sellers Study the Market Carefully: Old Town Neighborhood Update

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

There has been a notable increase in listings and condos going under contract over the past month. A few of them are in a new development at 1317 N Larabee, but that complex only has 14 condos. Currently, among the condos listed for $400k+ the average market time is only 68 days and the market time for those that are under contract is 74 days. This number might even decrease as these homes close. Of the 23 that are under contract nearly half have a listing time of under 50 days. The median sales price for condos in Old Town was $325,000.

 

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

Last month we talked about how a boost in listings may not be enough to bring this inventory up to a balanced level. The $800-900k price range is a good example of that. Last month there were two homes for sale in that range. Now, there are 3 under contract and 2 for sale, meaning 3 have come to the market. One of the ones that is under contract has a market time of only 6 days and another has a market time of 9 days. Buyers are continuing to purchase the homes that are move-in ready and priced for the market. The median price for townhomes was $840,397.

 

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

Three homes have come to the market. While some houses have gone under contract in 5 months or less half of the listings have been on the market longer than that. One of the homes that is under contract has a market time of 860 days. It is in the $1-2m range, which is the same category two of the new listings are in. When this one closes the average market time for this range may skyrocket, however, the shortest market time for houses that are under contract is also in this range, at 51 days. Sellers just coming to the market will want to look carefully at the history of comparable sales to understand what their options are in positioning themselves for a quick sale. The median sales price for single family houses was $837,500.

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
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

Chicago City Estates Logo         

FB Icon          Twitter Icon         Linked In Icon

 

 

Comment balloon 0 commentsTerri Buseman • February 27 2017 07:19PM
Sellers Study the Market Carefully: Old Town Neighborhood Update
share
Start your Old Town home search here Old Town & Old Town Triangle Housing Type: Condo There has been a notable increase in listings and condos going under contract over the past month A few of them are in a new development at 1317 N… more
Sellers Will Love Spring in University Village: Neighborhood Update
share
Start your University Village/Little Italy home search here University Village/Little Italy Housing Type: Condo Only a few condos have come to the market since last month. Market times are still pretty low with an overall market time of 118 days… more
West Loop Condos Flying off the Market: Neighborhood Update
share
Start your West Loop home search here West Loop Housing Type: Condo There are 20 homes that have gone under contract or sold in less than 30 days, in the $400-500k price range. Last month it may have seemed like having 16 homes available in… more
Plenty of Buyers and Sellers for Gold Coast Condos:Neighborhood Update
share
Start your Gold Coast home search here Gold Coast Housing Type: Condo The Gold Coast condo market is remaining close to balanced. In most price ranges just about the same amount of homes came to the market as went under contract and sold in the… more
Sellers Getting off the Fence in Streeterville: Neighborhood Update
share
Start your Streeterville home search here Streeterville Housing Type: Condo Just a few more condos came to the market since last month than went under contract and/or sold. Which is great because these homes are selling fast! Look at the $700… more
9 Condos Under Contract Within 30 days: River West Neighborhood Update
share
Start your River West/Fulton River District home search here River West/Fulton River District Housing Type: Condo Nine of the eleven homes that are under contract in the $400-500k range were newly listed after our last report All the homes… more
Many Condos Selling in Under a Month: River North Neighborhood Update
share
Start your River North home search here River North Housing Type: Condo There have been quite a few new listings over the past month While there has been such little inventory these listings are a welcome sight and many sellers are seeing… more
Seller's Market Continues in New East Side: Neighborhood Update
share
Start your New East Side home search here New East Side Housing Type: Condo Some new listings have bumped up the month's supply of inventory a bit over last month This is good news for buyers because homes are still selling very fast. Short… more
Price Your South Loop Home To Sell: Neighborhood Update
share
Begin your South Loop home search here South Loop Housing Type: Condo More homes went under contract and sold than came to the market in nearly every price range since last month We need this pattern to continue so inventory levels can rise… more
Pricing for the Market is Vital in the Loop: Neighborhood Update
share
Begin your Chicago Loop home search here Loop Housing Type: Condo More homes have come to the market than have sold in the past month As a result the month's supply of inventory is creeping up. That's not to say that homes are not selling. In… more