Eric Rojas, Chicago Real Estate Broker

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Thursday, July 30, 2009

What's Up With Ravenswood Single Family Home Sales?

See 1710 W Winnemac in this Sunday's Ravenswood Area Open House Bicycle Tour!

There were fifteen Ravenswood single family homes closed for a median price of $645,000 in the second quarter of 2009. I derive my statistics from map searches of our local multiple listing service. Ravenswood as I understand it travels from West Montrose to West Foster Avenues and North Clark St. to North Western Ave. This is a core area that enjoys the retail, entertainment and transportation outlets people demand in an urban setting. It's an area that reflects why people live in the city anyway.

The Ravenswood neighborhood overlaps two of the 77 Chicago community areas of Lincoln Square and Uptown. If you took only official Lincoln Square numbers from the MLS, median price was only around $545,000 with nineteen homes sold and official Uptown standing alone was seven homes at $662,500 . But both community areas stretch way beyond the Ravenwood neighborhood boundaries and include locations less desirable than the subject area.

The lowest single family home price for the second quarter in Ravenswood was $350,000 for a brick rowhouse on West Foster Avenue just west of North Clark Street and the highest closing price was $900,000 just down the street from me on a resale single family home near North Winchester and West Winona.

Tell tale sign? There have been no one million dollar home sales in this core area for the first half of 2009. There were eight one million plus closings in 2008 for this same area. $645K looks like a bargain.

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