Monday, March 23, 2015

Edison Park single family home unit sales up 40%, median price up 12%

We recently helped clients secure a single family home in the Edison Park neighborhood. Sales took a decent jump over the first quarter over the past few years.  Here's a look at over-all home sales in the far northwest Chicago community area.

Raised ranch homes in Edison Park (photo Eric Rojas, Broker, Kale Realty)
Edison Park Single Family Home Sales January 1st to March 20th, 2015 

21 single family home have closed thus far in Edison Park. The median price is about $315,000.  Unit sales are up about 40%.  The median price generally gets you a small raised ranch or a frame house in need of many updates. Over the same period last year 15 homes closed for a median price of about $280,000.

The lowest priced home to sell is 7755 W Columbia, Chicago IL 60631 for $220,000.  The foreclosed raised ranch may have had a "squatter" situation creating risk and downward pressure on the price of the home.  It still sold fast.

The highest sold homes by far this quarter is 6850 N Olcott, Chicago IL 60631 for $895,000. This was also the highest priced home sold in the first quarter (year to year) over the past 5 years. The custom built new construction home sits on a 50' double lot.

Edison Park unit sales and median price are trending up over the last 5 years.
2015:  21 homes closed for a median of $315,000
2014:  15 homes closed for a median of $280,000
2013:  11 homes closed for a median of $280,000
2012:   8 homes closed for a median of $275,000
2011:   7 homes closed for a median of $255,000
2010:   13 homes closed for a median of $250,000 (Unit sales numbers were boosted by first time home buyers tax credit in this price point)
2009:   7 homes closed with a median of $220,000

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