Oak Park IL Real Estate Market Report, week of November 10, 2014

Oak Park IL Real Estate Market Report, week of November 10, 2014

9 homes sold in Oak Park IL

There were 2 condos and 7 single family homes sold this past week in Oak Park IL. The average sales price for the single family homes sold this week was $280,714. The average time on the market was 77 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.

Own a home in Oak Park IL? Find out what it’s worth here!

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, 1 bath stucco bungalow on a 31 x 126 foot lot south of I-290 on Ridgeland Avenue. It sold for $130,000 as an estate sale and had been on the market for 74 days, originally listed for $199,000.

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

It was sold as-is in need of repairs and updates and was an estate sale. The cash buyer is presumably an investor who will be undertaking all of the needed work. Once the upgrades are completed, this house could fetch $300,000+, so this seems to be a great deal.

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past week in Oak Park was a 5 bedroom, 1.5 bathroom Victorian built in 1899 sitting on a huge 48 x 149 foot lot south of the expressway in the Lincoln school district. It has a double living room / parlor, formal dining room, first floor family room, kitchen with stainless appliances, central air, 3 car garage & 2 fireplaces.

It had been listed originally for $544,900 back in April and was last on the market for $499,900. Updated throughout, these buyers got a great deal for $457,500, and the sellers even contributed $10,000 to their closing expenses!

Sold Deal Of The Week in Oak Park IL

In my opinion, the best deal of the homes sold this past week was a 3 bedroom, 2 bath American Foursquare on the 800 block of S. Wesley Ave. It sold for $435,000 in 30 days on the market and was completely updated including a new white cabinet kitchen. This location is ideal for commuters and going-out types as it’s close to the Oak Park Ave blue line CTA station and the bustling South Oak Park Ave dining and shopping district that includes Kinderhook Tap, Margaritas, Sen Sushi, Avenue Ale House, Divine Consign & more.

Foreclosures & Short Sales in Oak Park IL

None of the homes sold this past week in Oak Park were short sales or foreclosures.

Today there are 7 foreclosed homes for sale in Oak Park IL and 8 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 134 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 14 new single family home listings to hit the MLS this week in Oak Park IL, ranging from $212,500-$1,425,000.

This Week’s Hot New Listing in Oak Park IL

The best deal in my opinion of this week’s new listings is a tie between 2 homes, one in the Harrison Arts District and the other in northeast Oak Park’s Hatch school district. They’re both priced just under $500,000.

The Harrison Arts District home is a complete rehab / renovation of a 1925 stucco side-entrance 2-story, 3 bedroom, 2.5 bath house that’s sure to impress. It’s got a gorgeous white cabinet kitchen with stainless appliances, refinished hardwoods, master suite, finished basement, and all new mechanicals, roof, gutters etc. See all pics & details here!

The Hatch School District home is brand new construction and features 3100 finished square feet, 4 bedrooms, 2.5 baths, open floor plan, finished basement, with all the amenities today’s buyers expect. See all pics & details here!

Looking Forward...

5 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL. Currently there are 61 properties in total that are Under Contract in Oak Park.

See the full Oak Park Market Insider here & subscribe for monthly updates!

The Fine Print: This report covers what happened for the week ending November 10, 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.