Oak Park IL Real Estate Market Report, week of November 24, 2014

Oak Park IL Real Estate Market Report, week of November 24, 2014

10 homes sold in Oak Park IL

There were 5 condos and 5 single family homes sold this past week in Oak Park IL.

The average sales price for the single family homes sold this week was $497,900.

The average time on the market was 153 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 stucco 2-story American Foursquare home on a 25 x 125 foot lot on the 900 block of south Taylor Ave. It sold for $200,000 as a short sale after 30 days on the market.

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, but the listing indicated that it was very well maintained, had beautiful hardwood floors throughout, a newer kitchen, finished basement, and a newer roof. Sure seems like these buyers scored 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 massive 8 bedroom, 3.5 bathroom stucco home on the 200 block of north Elmwood Ave. Full of original details including beamed ceilings and art glass windows, the listing indicated that the house is in need of updates, but what an opportunity to create a masterpiece home!

It had been listed originally for $900,000 back in May and was last on the market for $825,000. Ultimately it sold for $775,000 after 131 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 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 got a great deal at $664,500 after 96 days on the market.

Foreclosures & Short Sales in Oak Park IL

None of the single family homes sold this past week in Oak Park were foreclosures, and one was a short sale. 2 of the sold condos were foreclosures and 1 was a short sale.

Today there are 8 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 123 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 23 new properties (10 condos and 13 single family homes) 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 brick bungalow in the southeast part of town in the 1000 block of south Harvey Ave. It was built in 1924 and has 3 bedrooms and 1 bath. It’s not a fancy house by any means, but the room sizes seem generous and there’s room for improvements. Priced at $335,000, this house is full of potential! See all pics & details here!

Looking Forward...

5 condos, 1 multi-family, and 13 single family homes were reported as going Under Contract (contingent/pending) this past week in Oak Park IL. 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 November 24, 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.