November home sales in Chicago's North Center neighborhood saw median sales prices rise while sales activity decreased.
Online PR News – 17-December-2019 – Chicago – November home sales in North Center reconfirmed the trends seen in recent months of strong gains in median sales price contrasted with falling sales activity. The November median sales price rose 24.7% to $1,378,000 for detached single-family homes, and for attached homes the median gained 16.8% compared to the same month last year, reaching $492,700.
Sales activity, however, was down -7.1% for single-family homes and -4.8% for attached homes, which are primarily condominium apartments and townhouses.
"The shortage of detached single-family inventory at less than $1 million and the fact that most new construction condos sell for more than $500,000 is pricing buyers out of the market. At the same time, those who can afford to buy can afford to pay a bit more thanks to low mortgage rates. Together those factors explain a lot about the trends we're seeing," observed Mary Jo Nathan, a broker associate with the Charese Team at Compass in Roscoe Village.
She has specialized in residential properties on Chicago's North Side for nearly two decades and did the analysis of North Center sales using data from MRED, the regional multiple listing service.
The North Center area extends from Diversey Parkway north to Montrose Avenue and from Ravenswood Avenue west to the Chicago River. It includes the neighborhoods of Roscoe Village and Northcenter/St. Ben's.
The attached market remains fast paced, with units sold in November finding a buyer in an average of 71 days, six days fewer than the prior November. For single-family homes, the average market time was nearly twice as long at 135 days, an increase of 15 days.
There were four multi-unit sales in November, one less that a year earlier, and the median sales price gained 9.8% to $713,750.
The top single-family sale for the month was $2.15 million for a six-bedroom new construction house near Waveland Avenue and Leavitt Street. The low-price leader in the same category was a rehabbed 1896 frame cottage with two bedrooms and one bath. It sold for $490,000 and is located near Wellington and Honore avenues.
Among attached properties sold in November, the top price paid was $710,000 for a new three-bedroom apartment at Grace Street and Lincoln Avenue. The low- price leader, sold for $202,000, was a vintage two-bedroom condo with a parking space near Campbell and Berteau avenues.
"The for-sale inventory going into the holidays is quite tight in North Center, which could be a plus for those who do need to sell now, especially if the property is moderately priced for this market," said Nathan. "Buyers, however, are going to have to be quick on their feet as choices are limited."