Monday, November 07, 2011

Northcenter hot, hot hot: Single family home sales up 26% in 2011, median price up too

Northcenter, Chicago has seen both an increase in home sales and an increase in median prices for 2011.

The Northcenter Community Area has seen 150 houses sold and closed from January 1st to November 1st in 2011. This is up 26 percent  from 119 homes sold during the same period 2010.  The median price was about $790,000. Median is up $60,000 from $730,000 same period 2010.

Interesting facts:
Highs: The highest priced home closed thus far was 3905 N Oakley, a new construction luxury house on a 35' wide lot for $1,775,000. 42 homes (almost 30%) were over $1 million.
Lows: The lowest priced closing was a foreclosure at 4117 N Western for $161,700.  This home was a somewhat recent renovation and was sold through an auction company.

Distressed: Of 150 closed houses, 16 were either  foreclosures of short-sales (distressed properties), mostly in the lower 25% of sold home pricing.

The popularity of Audubon, Coonley and Bell Elementary Schools, abundant single family home stock, retail amenities and central city location contributed to the increased single family home demand in Northcenter.  In our analysis, Coonley School with it's recent grants and Regional Gifted Center designation has been the largest factor in increase of home prices.

All sales data gathered from and analysis by Eric Rojas, Real Estate Broker. All Photos Eric Rojas and Robert DePalma, Real Estate Brokers

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