More Townhomes Available in Wicker Park: Neighborhood Update

Start your Wicker Park home search here.

 

Wicker Park

Housing Type: Condo

Just like we pointed out last month, these homes are selling fast! Look at the $400-500k range where 20 homes went under contract! There were only 8 available in our last report. The average market time for those under contract is 55 days, but if you look closely you will see that one of them has a market time of 436 days and one has a market time of 225 days. However, 19 of these homes have a market time of less than 46 days and 7 of them went under contract in less than 2 weeks! In the $500-600k range there were 3 closings with an average market time of only 5 days. Sellers who put time and effort up front to showcase their home and price it for the market will find a ton of buyer interest. As a buyer it is important to know just what you want and be ready to make a quick decision or you may find yourself in a bidding war. The median sales price for condos in Wicker Park was $407,500.  

 

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

Price Range: $800,000+ 

Wicker Park

Housing Type: Townhome

It looks like sellers are ready for the spring market in Wicker Park. There has been so few choices for buyers that homes have been selling about as quickly as they are listed. It's great that there are a few more listings than last month, but the sell so fast that the month's supply of inventory is still less than a month in many cases! The median sales price for townhomes was $590,000.  

 

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

 

Price Range: $800,000+

Wicker Park

Housing Type: Single Family

The $1m+ market is still rife with inventory, compared to the lower priced homes in Wicker Park. We are seeing this a lot. It is a seller's market just about everywhere, except in the luxury market. What is interesting is that the average market time for closed sales in this price range is only 60 days. One home sold in 1 day and another sold in only 5. They were both resale homes, not new construction. This shows that even when there is a lot of inventory homes can still sell fast. The seller needs to carefully market the home and price it for the market. The one that took 5 days to sell sold for asking price and the one that sold in one day sold for about 96% of asking price. See the chart below that illustrates how pricing your home has an affect on visibility. The median sales price for single family homes was $1,162,500.

 

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

Price Range: $800,000+

Start your Wicker Park 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 doesn't have houses) 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 • May 10 2017 05:20PM

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