2031 W. Shakespeare $784,500 Koenig & Strey Real Living
With so much written this year about the 'crazed' real estate market and how properties have been selling in a day, it's tough to understand exactly what is happening at the moment in Chicago real estate; specifically as it relates to Wicker Park and Bucktown area real estate.
It's easiest to look at the numbers to tell the story. And in a year over year comparison, here's where real estate sales are when you look at 3rd Quarter numbers for 2012 vs 2013.
1744 W. Crystal Street - $899,000 @properties
Single Family Home Sales
In the 3rd quarter of 2012 (July - September), the average sale price for a single family home was $637,000 and the average market time was 116 days. Within this 3 month period, 54 single family homes were sold.
For the same period for 2013, the average sale price for a single family home was $870,000 and the average market time was 75 days. Within this 3 month period, 84 single family homes were sold.
In comparing the 3rd quarter of 2012 vs 2013 for area single family homes, values have increased 32% while market time has been reduced to almost half. The number of single family homes sold has has also increased approximately 55%. New construction of single family homes is helping drive the increase in value as are fewer short sales and bank-owned properties. Own a single family home in the area? These rebounding values should come as great news.
So how have condominiums been faring?
1036 N. Hermitage- $604,000 @properties
In the 3rd quarter of 2012 (July - September), the average sale price for a condominium was $382,000 and the average market time was 75 days. Within this 3 month period, 231 condominiums were sold.
For the same period for 2013, the average sale price for a condominium sold was $406,000 and the average market time was 42 days. Within this 3 month period, 356 condominiums were sold in Wicker Park, Bucktown and the surrounding areas*.
In comparing the 3rd quarter of 2012 vs 2013 for condominium sales, values are up 6%. Thenumber of condominiums sold in the 3rd quarter of 2013 has been increased by 54% and market time has been reduced to half of what it was in 2012. Why no big increase in value for condos? Part of the reason for that may be that a number of new condo developments for condos sold so quickly this year, they were never even listed on the MLS. Values could be a little higher when you factor those sales in.
So the news is positive if you own a home in Wicker Park, Bucktown, Ukrainian Village, East Village and Noble Square; particularly if you own a single family home. We'll keep you posted on future trends and any new developments in real estate news.
Published via Real Estate Contributor and IL Broker Thyra DeCicco @properties. 1875 N. Damen Avenue. 312-498-6066. email@example.com
*The area used for this analysis included the area from 800 North to 2400 North and 1200 West to 2400 West. All data was provided via the MRED formerly the MLS November 21, 2013.