Tuesday, December 01, 2015

Buying Bucktown / Wicker Park condos 2016: Three bedrooms unit sales take big 48% jump

Division Street in warmer times (photo Eric Rojas, Broker, Kale Realty).
We were out with clients in Bucktown / Wicker Park before the Thanksgiving holiday.  The first time buyers have a lease coming up in early spring so it's "go time"!  Listings trickle out during this time of the year but there are a handful of good options to see any given week.  They need market education as well.  We watch the MLS, our non-mls member sites and work our networks for good properties for sale this time of year.

Bucktown / Wicker Park condo sales (attached units, town houses) from January 1st to November 30th, 2016 (West Augusta to West Armitage, North Ashland to North Western).

  • 31 one bedroom condos sold thus far in 2016 with a median price of $260,000.  37 units sold over the same period in 2014 for a median price of $237,000.  In 2013, 48 one bedroom units sold for a median of $220,000. One bedroom unit sales have declined over two years but the price has gone up.
  • 329 two bedrooms condos have sold with a median price of $395,000 thus far in 2016.  313 two beds condos sold over the same period in 2014 with a median of about $370,500.  In 2013, 289 two bedrooms condos sold over the same period for a median of $375,000. Two beds units are the most prevalent dwelling in the two desirable neighborhoods and are a good indicator of unit sales, construction and price activity for the market. 
  • 226 three bedrooms condos sold with a median price of $557,000.   In 2014, only 154 units sold over the same period with a median price of $520,000.  170 units sold in 2013 for a median price of $525,000.
  • 16 attached units with four bedrooms or more sold thus far in 2016.  The median price for these larger homes is about $675,000. 13 four plus bedrooms units sold in 2014 with a median price about $630,000.  14 four bedrooms units sold over the same period in 2013 with a median price of $678,000.

Bucktown/ Wicker Park sales area (generated on MREDLLC.com)

The three bedrooms attached units (condos and town houses) took the biggest jump with 48% more unit sales than the same period in 2014 and a 34%  jump over 2013 unit sales.  Median price was up over $30,000 year to year.  This reflects the strong desire for buyers to live in amenity filled neighborhoods close to downtown.  Sellers were also listing better quality homes now that prices have bounced way back. 

A three bedroom may be looked at as a longer term buy. In the hottest neighborhoods it seems like an endless supply of buyers for the large condo sellers that are moving on to the burbs, out of state or into a city house. The wheel in the sky keeps on turning!  All stats gathered from MREDLLC.com and interpreted by Eric Rojas, Broker, Kale Realty. All stats and comparisons close approximates.

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