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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • February 27 2017 07:19PM

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