Tuesday, April 10, 2012

North Center single family home sales: 1st quarter units, median price down but expect busy year

We were in North Center again yesterday with a client viewing a house listed at over $1 million.  North Center single family homes were one of the hottest markets of 2011. With over 30 percent of houses offered at over $1 million, unit closing numbers up and prices strong compared to other North Side neighborhoods North Center transcended the market. There appeared to be one or two new construction homes in progress on every block! Let's see how sales went first quarter 2012.

Town Square farmer's market in North Center. Photo Eric Rojas, Real Estate Broker

21 single family homes closed in the North Center community area from January 1st, 2012 to March 30th, 2012. The median price of a house was about $525,000.  Most of the homes below $525,000 were in need of significant renovation, located on Western AVE or need to be torn down. 28 homes closed in the first quarter in 2011 with a median price at $725,000.

Under Contract:
At the time of this writing 47 homes are under contract in North Center with a median asking price of about $925,000 for those houses.  We should see a pretty good year in units sales and prices once it is all said and done for 2012

The Highs:
The highest priced closing was 2216 W Grace for $1,435,000 as a short sale.  This was the "controversial" conversion of a corner 6 unit building to an enormous single family home.  Listed at $2,115,000 the truly opulent house took a considerable lower offer but needed considerable finish work as well. 

The Lows:
The lowest priced house to sell was 2425 W Fletcher for $120,888 as a short sale.  This is a small frame "tear down" house on a 25' x 120' lot in a somewhat isolated little section just south of the Western, Clybourn, Belmont intersection.

8 of the 21 houses sold in the first quarter were listed as foreclosure or short sale in our MLS.

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