So how is the housing market in Bucktown/Wicker Park? Below are the summary data for 2010 and 2009. 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 sold price is 95% of list price for both years.
98 Sold - Detached Single Statistics for 1/1/10 to 12/31/10 | ||||
High | Low | Average | Median | |
List Price | $2,500,000 | $189,900 | $907,223 | $849,450 |
Sold Price | $2,150,000 | $200,000 | $840,251 | $797,500 |
Listing Market Time | 806 | 1 | 92 | 54 |
Market Time | 1007 | 1 | 170 | 114 |
113 Sold - Detached Single Statistics for 1/1/09 to 12/31/09 | ||||
High | Low | Average | Median | |
List Price | $3,999,000 | $218,900 | $955,332 | $800,000 |
Sold Price | $3,685,587 | $220,000 | $863,351 | $770,000 |
Listing Market Time | 368 | 1 | 90 | 65 |
Market Time | 928 | 1 | 180 | 134 |
300 Sold - Attached Single Statistics for 1/1/10 to 12/31/10 | ||||
High | Low | Average | Median | |
List Price | $899,900 | $84,900 | $410,237 | $398,500 |
Sold Price | $855,000 | $78,000 | $391,721 | $378,000 |
Listing Market Time | 590 | 1 | 78 | 49 |
Market Time | 766 | 1 | 123 | 80 |
342 Sold - Attached Single Statistics for 1/1/09 to 12/31/09 | ||||
High | Low | Average | Median | |
List Price | $1,499,900 | $22,900 | $414,297 | $389,450 |
Sold Price | $1,300,000 | $16,000 | $396,708 | $380,000 |
Listing Market Time | 459 | 1 | 85 | 64 |
Market Time | 624 | 1 | 126 | 91 |
What does that mean? Bucktown and Wicker Park on the average are maintaining values. I’m not saying that you are able to sell for the price you paid for your place, but our neighborhood pricing does appear to be stabilizing. Last year homes that sold were the ones that were priced correctly. This is very true 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 table below) 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:
237 Active - Attached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $949,900 | $142,500 | $414,748 | $389,000 |
Listing Market Time | 623 | 2 | 140 | 113 |
Market Time | 1165 | 2 | 208 | 165 |
91 Active - Detached Single Statistics | ||||
High | Low | Average | Median | |
List Price | $4,700,000 | $180,000 | $1,142,868 | $799,900 |
Listing Market Time | 908 | 5 | 164 | 132 |
Market Time | 1157 | 8 | 262 | 197 |
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@atproperties.com
*** Information sourced from MREDLLC; 1/1/2009 – 12/31/2010 and current as of 1/10/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
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