BUCKTOWN — The real estate market continues to move quickly as inventory shrinks to double-digits, based on the latest sales data for the Bucktown and Wicker Park neighborhoods.
According to Realtor Eva Bergant's blog, 144 homes were sold in a seven-week period from June 9 to July 28.
The surge in sales has made a significant dent in available homes, with Bucktown and Wicker Park's inventory down by almost 25 percent from the same time last year. Currently there are 39 single-family homes on the market, 94 condos and 15 multi-unit apartment buildings.
Of the homes sold in the recent period, 100 were condos or townhomes, 35 were detached single-family homes, and nine were multi-unit apartment buildings.
Almost two-thirds of the homes had been on the market for less than 30 days and one-third sold at 100 percent of asking price or higher.
The most striking sale was a two-flat apartment building at 1930 N. Oakley Ave. in Bucktown, which sold for $470,310 on July 3.
The property entered the market through a court-ordered estate sale and sold at 171 percent of its list price.
Built in 1887, Bergant described the vintage building as "seriously under-priced."
The glitch didn't go unnoticed by eager buyers and their agents during the 23 days it was on the market.
Slattery's client, a young couple with one child, wanted an older building that they could renovate into a single-family home.
"They loved the location, the block, the general bones of the building. They had offers on a couple of other places that didn't work out and were very happy to get this," Slattery said.
Slattey said "buyer frustration and fatigue because of lack of inventory" is driving the market's "feeding frenzy."
"There's a pent-up demand coming out of the [real estate] bubble and coupled with low [interest] rates it's the perfect storm for seeing multiple offers," Slattery said.
While the majority of homes are selling fast, on the opposite end of the spectrum, a few homes waited a long time to find buyers.
It took 655 days for a three-bedroom, three-bathroom single-family home at 1637 W. Pierce Ave in Wicker Park to sell for $900,000, at 70 percent of its list price.
In Bucktown, a two-bedroom, one-bathroom single family home at 2031 W Webster St. sat on the market for 1,285 days before selling for $250,000 on July 22 at 100 percent of its list price.
Other sale highlights:
A three-bedroom, two-bathroom condo at 1900 W. Armitage Ave. sold for $539,000 on June 12. Part of developer Halcyon's "Armitage Collection," the home had been on the market for one day and sold at 100 percent of its list price.
Elsewhere in the "Armitage Collection," a three-bedroom, three-bathroom penthouse unit condo at 1900 W. Armitage Ave. sold for $733,900 on June 28. The home had been on the market for one day and sold at 99 percent of its list price.
A two-bedroom, two-bath single-family home at 1723 W. Wabansia St. in Bucktown sold for $725,000 on July 22. The powder blue home with a bright red door had been on the market for two days and sold at 116 percent of its list price.
A multi-unit apartment building at 1634 N. Wood St in Wicker Park sold for $726,500 on June 28. The building had been on the market for seven days and sold at 104 percent of its list price.
A two-bedroom two-bathroom single-family home at 1825 W. Wabansia St. in Bucktown across from Club Lucky restaurant sold for $1,450,000 on July 2. The home had been on the market for one day and sold at 91 percent of its list price.
A five-bedroom, three-bathroom single-family home at 1914 W. Dickens Ave. in Bucktown sold as a foreclosure for $925,000 on June 27. The home had been on the market for 137 days and sold at 103 percent of its list price.
A three-bedroom, two-bathroom single-family home at 2312 W. Belden Ave. in Bucktown sold for $525,000 on June 28. The home had been on the market for one day and sold at 100 percent of its list price.