Oak Park IL Real Estate Market Report, week of December 1, 2014

Oak Park IL Real Estate Market Report, week of December 1, 2014

9 homes sold in Oak Park IL

There were 3 condos and 6 single family homes sold this past week in Oak Park IL.

The average sales price for the single family homes sold this week was $399,000. The average time on the market was 86 days.

Because these statistics are only for one week and for all of Oak Park, it may not tell you what is possible for a specific home. These are just the general market statistics of what happened in the last week in Oak Park IL real estate.

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Least expensive home reported sold in Oak Park IL

The least expensive home reported sold this past week in Oak Park was a 3 bedroom, 2 bath 2-story American Foursquare home on a 25 x 150 foot lot on the 1150 block of south Wisconsin Ave. It sold for $178,000 as a foreclosure after 83 days on the market with an original asking price of $254,000.

Located in the 60304 zip code and the Lincoln Elementary, Gwendolyn Brooks Middle School, and Oak Park-River Forest High School districts per MLS info.

It was sold as-is, and the interior pictures show some sort of water damage. These cash buyers seem to have gotten a great deal for much less than the average selling price for the neighborhood!

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past week in Oak Park was a 4 bedroom, 2 bath brick Victorian on the 200 block of south Elmwood Ave. This professionally landscaped lot really stands out as it’s 36 x 174 feet and contains a pergola and a pond. The house itself is updated with a phenomenal quarter-sawn oak kitchen, main floor family room with vaulted ceiling, new plumbing, roof, and upgraded electric service. Priced originally at $729,000 and then $699,000, the buyers paid $664,500 after 96 days on the market.

Sold Deal Of The Week in Oak Park IL

In my opinion, the best deal of the homes sold this past week in Oak Park was a renovated 3 bedroom, 1.5 bath side-entrance home on the 1100 block of south Scoville Ave. It has a new roof, electric service, copper plumbing, heat & central air, kitchen, baths, light fixtures and decor. Its location is about a block south of the Rehm park & pool and just a couple of blocks from the Oak Park Ave. blue line CTA station as well as the shops and dining along Roosevelt Rd. It sold for $395,000 after 79 days on the market (original asking price of $429,000, reduced to $409,000).

Foreclosures & Short Sales in Oak Park IL

One of the single family homes sold this past week in Oak Park was a foreclosure, and none were short sales. 2 of the sold condos were short sales.

Today there are 6 foreclosed homes for sale in Oak Park IL and 5 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 117 single family homes for sale in Oak Park IL. If homes in Oak Park continue to sell at the same pace and no more homes hit the market, it will take 4 months to sell all the available homes. This statistic is for all homes in Oak Park and based only on this month’s activity. Most people consider a housing market healthy if there is a less than 6 months’ supply of inventory, so we’re in what is considered a Seller’s Market.

New Listings in Oak Park IL

There were 22 new properties (10 condos, 10 single family homes, and 2 2-flats) to hit the MLS this week in Oak Park IL. See all listings here!

This Week’s Hot New Listing in Oak Park IL

The best deal in my opinion of this week’s new listings is a recently updated 3 bedroom, 1.5 bath 2-story farmhouse with a big open front porch in the 500 block of south Harvey Ave. It’s got a great eat-in kitchen with stainless appliances & granite counters, newer Carrera marble baths, finished basement, and a lovely yard with a deck perfect for entertaining. And the best part... It’s priced at only $384,500! See all pics & details here!

Looking Forward...

4 condos, 1 multi-family, and 10 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL... Not too bad for Thanksgiving week! Currently there are 64 single family properties in total that are Under Contract in Oak Park.

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The Fine Print: This report covers what happened for the week ending December 1, 2014 based on info from the MRED LLC multiple listing service (MLS). As always, there may have been more closings that may not have been reported to MRED as of today’s posting as well as other closings that took place outside of the MLS. All data has been compiled from the MRED MLS by Laurie Christofano, Realtor with The Pych Team @ RE/MAX In The Village.