Oak Park IL Real Estate Market Report, week of December 15, 2014

Oak Park IL Real Estate Market Report, week of December 15, 2014

20 homes sold in Oak Park IL

There were 8 condos, 1 multi-family property, and 11 single family homes sold during the past week in Oak Park IL.

The average sales price for the single family homes sold this week was $418,000. The average time on the market was 88 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 2 bedroom, 1 bath brick ranch home on a 35 x 126 foot lot on the 800 block of south Gunderson Ave. It sold for $221,000 after 134 days on the market with an original asking price of $249,000 which was reduced to $239,000.

Located in the 60304 zip code and the Longfellow Elementary, Percy Julian Middle School, and Oak Park-River Forest High School districts per MLS info.

The pictures show that the home was dated on the interior and in need of updates. The listing indicated that it had hardwood floors, a newer roof, central air, and a high & dry basement. These buyers seem to have gotten a great deal for the price!

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past week in Oak Park was a 6 bedroom, 3.5 bath Frank Lloyd Wright home on the 1000 block of Superior St. The Wooley House, built in 1893, sits on a 42 x 183 foot lot and has been extensively renovated. The interior pics showed a spacious floorplan with tons of natural woodwork, art glass windows & doors, and custom fixtures throughout. Priced at $1,199,000, this house flew off the market for $1,124,500 in just 6 days.

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 3 bedroom, 2 bath American foursquare on the 1000 block of south Home Ave in Lincoln School District. It was nicely updated with natural woodwork and floors, art glass windows, white cabinet kitchen with granite & stainless, ceramic tile baths. It sold for $385,000 after 67 days on the market (original asking price of $424,900, reduced to $409,000).

Foreclosures & Short Sales in Oak Park IL

None of the single family homes sold this past week in Oak Park were foreclosures or short sales. 2 of the sold condos were short sales, and 1 was a foreclosure. The 2-flat that sold was a short sale.

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

Inventory & Absorption Rate in Oak Park IL

Today there are 104 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 10 new properties (6 condos, 1 multi-family property, and 3 single family homes) to hit the MLS this past 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 3-story townhouse on Schneider Ave, just north of Chicago Ave and east of Harlem. At almost 1800 sq ft, this 2 bedroom, 2.5 bath home has a very livable floor plan with an open concept main living floor, 2 bedroom suites on the 2nd level, and a finished lower level with family room and attached garage. The complex is cozy and serene, and this unit sits back away from the street. It’s offered for only $335,000, which is a good deal less than many of the other complexes in town. See all pics & details here!

Looking Forward...

6 condos, 1 multi-family property, and 5 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL... Not too bad for the holiday season! Currently there are 56 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 15, 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.