Monday, January 10, 2011

Spaces, Jan. 11, by Eva Bergant

Spaces by Eva Bergant
(Click on graph to enlarge)

"So, how is the housing market in Bucktown/Wicker Park?" is a question that Realtors are often asked. On average Bucktown and Wicker Park properties are maintaining their values. From examining summary data for 2009 and 2010, we can determine that the number of completed transactions is lower in 2010, and the average sold price for detached homes is down by 2.7% to $840,251; with an average sale price of 92.6% of the list price in 2010, and 90% in 2009. The average sold price for attached properties, condos and townhomes, is down only 1% to $391,721; and selling price is 95% of list price for both years.

What does this mean? It means that you may not be able to sell your place for the price you paid for it, but our neighborhood pricing does appear to be stabilizing. The homes which were sold last year shared a common characteristic: They were priced correctly. This trend will continue in 2011.

Buyers are aware of the value of the property they are viewing, and are not interested in homes that are priced above the market price. Today there are 91 detached homes on the market ranging in price from a $180,000 foreclosure to a $4,700,000 designer home, with a median price of $799,900. There are 237 attached homes listed with a median price of $399,000 and ranging from $142,500 to $949,900 in listing price. (See tables) If people keep buying at the rate of the last two years, all of these places could be sold in the coming year, but there will always be new properties coming on the market and these current market times are higher than the averages for the past year. Sellers need to price right or be prepared for a long wait and subsequent price reductions.

Statistics of currently available properties in Bucktown and Wicker Park:

If you’d like more details on pricing to sell or details on properties currently on the market just drop me a note at EvaB[AT symbol]atproperties[DOT}.com, or visit my blog.

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