Eric Rojas, Chicago Real Estate Broker

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Thursday, August 29, 2013

Back to School: House prices UP 12% in Coonley Elementary district (and little to buy)

In Chicago "neighborhood schools" are of great importance.  The schools and their neighborhoods differ greatly in performance and desirability... even when when two schools/ neighborhoods are in very close proximity.  Here's a look at home sales in 2013 in Chicago Public School's Coonley Elementary attendance boundaries.  Coonley school is a good performing school with a Regional Gifted program and strong community support.  It's located in the popular Northcenter Community Area.

Boundaries as noted by CPS
Single Family Home Sales in Connley for January 1st to August 28th, 2013

35 single family homes have closed in the Coonley school district boundaries so far this year. This is the identical  number of homes sold in the MLS same period in 2012.   The median price of a house is up about 12% at $720,000 this year.

Even though unit sales are the same as last year, demand is very high.  The low inventory and higher prices have leveled out sales. The great majority of the house sales in our experience have been in multiple offer situations.  Personally we have been in several multiple offers every single family home our clients have offered on in Coonley and Northcenter in general.. If more "market price" homes came on the market unit sales would be higher we have no doubt.

The higher median price is also reflective of more "finished" homes for sale this year.  The price for "tear-downs and gut renovation" properties has gone up a bit.

Photo Eric Rojas, Real Estate Broker

Under Contract, For Sale
9 single family homes are under contract at the time of this posting. The median asking price of these homes is over $850,000.  

The real story right now is only 6 homes are actively for sale in Coonley.  5 of those houses are priced at $1M and above.  The only house listed under $1M is at 4111 N Western Ave for $336,000 and needs tear down or extensive work. 

Luxury homes like the one pictured above are well represented in the Coonley attendance boundaries.  Photo Eric Rojas, Real Estate Broker

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