Fewer Homes on Market Means Faster Sales, Stiffer Competition, Realtor Says
BUCKTOWN — The real estate market is moving so fast that when a busy couple waited until the weekend to view homes, only one of the six they wanted to see was still available, a local Realtor said.
"There's not much out there that's available to purchase as inventory continues to drop. Interest rates are down and we're seeing days instead of months [on listings], so buyers need to move fast if they see something they like," Realtor Eva Bergant said.
Recent numbers back up Bergant's claim.
According to the latest citywide stats from the Chicago Association of Realtors, nearly 41 percent fewer homes were for sale at the end of January than the same time last year, and sales of homes were up 32 percent.
In Wicker Park and Bucktown, just 31 single-family homes and 72 attached properties were on the market as of Feb. 10 data posted on Bergant's blog, as compared to 55 homes and 148 attached properties at this same time last year.
Multi-unit buildings — often used as apartment rentals — are experiencing a shortage of inventory, too, with just nine on the market as of Feb. 10, compared to 27 at this same time last year.
According to Bergant's blog, 19 homes were sold in Wicker Park and Bucktown from Jan. 20 to Feb. 10. Just two of the properties were short sales and one was a foreclosure.
Of those sold, 16 were condos, two were single family homes and one was a building with two apartments.
Among the new construction highlights:
Five condos in a new nine-unit luxury residential and commercial/retail complex at 1864-70 N. Damen Ave. found new owners during the three-week period.
Two of the five condos sold less than 10 days after being listed by Sergio & Banks Realty, and some neighbors are heralding the development as a sign of progress for a sleepier stretch of Damen Avenue across from a fire station.
The new development features two-bedroom, two-bath condos in three different buildings.
A third-floor condo at 1864 N. Damen Ave. sold for $430,000 on Jan. 28, and second- and third-floor condos at 1866 N. Damen sold, too, with the second-floor unit going for $425,000 on Feb. 7 and the third-floor unit for $433,000 on Feb. 4.
Lastly, second- and third-floor condos at 1870 N. Damen Ave. found new owners. The second-floor unit sold for $425,000 on Jan. 23 and the third-floor unit sold for $439,900 on Jan. 25.
In other highlights:
A one-bedroom, one-bath loft-style condo with a garage parking space at 1927 N. Milwaukee Ave. (in the Baer Lofts) sold in a short sale for $180,000 on Feb. 2.
A three-bedroom, three-bath loft-style condo with a garage parking space at 1309 N. Ashland Ave. sold as a foreclosure for $267,750 on Jan. 23.
A three-bedroom, three-bath duplex with garage parking at 1852 W. Armitage Ave. sold for $365,000 on Jan. 28. The property was on the market for less than two months and sold at 101 percent of its list price.
A two-bedroom, two-bath condo with a parking space at 2119 W Evergreen Ave. sold for $326,500 on Jan. 25. The condo sold at 98 percent of its list price, just nine days after being listed.
A three-bedroom duplex condo with garage parking at 1734 W. Pierce Ave. sold for $445,500 on Jan. 25, 87 percent of its original list price. The home was on the market for more than nine months.
A three-bedroom single-family home with a basement bedroom at 1314 N. Oakley Blvd. in Wicker Park sold for $625,000 on Jan. 31. The home was on the market for less than five months and sold at 96 percent of its list price.
A four-bedroom single-family home at 2234 W. Lyndale St. sold for $880,000 on Jan. 28. The property was on the market for more than seven months and sold for 95 percent of its list price.