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Housing Type: Condo
Most condos have continued to sell in a month or less, as we have been seeing. Two homes sold in the $700-800k range, one took 36 days to sell, but the other took 223 days. That home was first listed in February for $950,000 and sold for $725,000. We can't stress enough how important it is for sellers to price their home close to its actual value. It can be tempting to price high in a seller's market, when home values are increasing, but in the end buyers are the ones who determine fair value. That will happen either by the seller pricing close to fair value or through a bidding war, when a home sells for over list price. The median sales price for condos in this neighborhood was $525,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
Housing Type: Townhome
The townhomes that are still on the market are not selling as fast as we have seen in the past months. All of the ones that are available have been on the market for over 100 days. However, the one that is under contract in the $500-600k range only has a market time of 32 days. If you are planning to list a townhome be prepared for it to take some time, but buyers are out there. If you price it and market it well you may have a fast sale. The median sales price for townhomes was $725,000.
Price Range: $400,000-800,000
Housing Type: Single Family Home
Six of the homes for sale over $1m are new construction. The average market time for houses that are available is 208 days. These homes are listed between $900k-4.7m. Luxury homes always take a bit longer to sell than the lower priced homes. They just simply have a smaller pool of buyers. They can sell quickly, as with the other homes we have discussed it is vital that the seller price it fairly for the market to attract the most buyers. The median sales price for single family homes was $1,075,000.
Price Range: $800,000+
*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.
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