Old Town Neighborhood Update: Year in Review 2016-2017

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

We've had a handful of new listings, which as we explained last month, are much needed, but a few of them have already gone under contract! Looking at last month market times have been quite low, under 2 months for the lower priced homes and under 3 months for the higher priced homes. This isn't the fastest moving neighborhood in the city, but it is still quite settled in a seller's market. Traditionally the spring season brings more sellers. If that happens in Old Town this year we could see the market balance out in this neighborhood. The median sales price for condos in Old Town was $239,000 over the past month and $303,750 over the past year.

 

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

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


Old Town & Old Town Triangle

Housing Type: Townhome

Townhomes have been typically selling faster than condos in this neighborhood. There are fewer that can come available and this is keeping the inventory levels low. These homes have been deep in a seller's market all year. With the month's supply of inventory hovering at one month or less a springtime boost in listings is not likely to be enough to cause a great increase in inventory. Buyers in this neighborhood will want to be well versed in the market and ready to make a move when they go out to look or they risk losing their dream home to another buyer. The median price for townhomes over the past year was $799,950.

 

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

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

Old Town & Old Town Triangle

Housing Type: Single Family

The single family market is harder to gauge in this neighborhood. Over the past year there have been a total of 28 sales over $600k, but the market times for these home is inconsistent. For example, in the $2-3m range there were 11 sales with an average market time of 136. The market time of those homes, however, ranged from 12 days to 431 days! The age of the home wasn't a big factor in whether it sold quickly, in fact the oldest homes sold in 38 days or less and the brand new ones sold in 92 days or less. The one that took the longest to sell was a beautiful home with nice pictures and a good description. The price was lowered by $200,000 before it sold, but the owners only lowered the price once after the first year and not again until 6 months later. It went under contract only a month after lowering the price a second time. Price is possibly the most important component in selling a home. Think of any purchase you may make, if the price is too high you will find the item somewhere else. The same logic plays in the mind of most buyers when they are looking for a home. As a seller your best chance at seeing a short listing time is to price for the market. The median sales price of single family homes was $1,210,000 over the past month and $1,853,000 over the past year.

 

Price Range: $600,000-1m

Old Town Triangle Chicago Real Estate Market Trends 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
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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • January 26 2017 01:20AM

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