Oak Park Real Estate Market Report, February 2015

Oak Park IL Real Estate Market Report, February 2015

30 homes sold in Oak Park IL

There were 12 condos, 2 multi-family buildings, and 15 single family homes sold this past month in Oak Park IL.

The average sales price for the single family homes sold this month was $405,033. The average time on the market was 93 days.

Because these statistics are only for one month 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 month 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 month in Oak Park was a 2 bedroom, 1 bath farmhouse on the 900 block of south Taylor Ave. It sold for $85,000 after 55 days on the market with an original asking price of $100,000.

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

The pictures show that the home was very dated on the interior and in need of major repairs and updates.

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold this past month in Oak Park was a 5 bedroom, 4.5 bath Victorian home in the 100 block of north Ridgeland Ave. Sitting on a 38 x 172 lot, this house’s interior pics showed a spacious floorplan with a gorgeous, upgraded open kitchen / family room. Priced at $1,244,000, the buyers paid $1,087,500 after 199 days on the market.

Sold Deal Of The Month in Oak Park IL

In my opinion, the best deal of the homes sold this past month in Oak Park was a 3 bedroom, 2 bath bungalow on the 800 block of north Taylor Ave. It was nicely updated and had a finished basement. It sold for $289,000 after 57 days on the market (original asking price of $319,900, reduced to $299,900).

Foreclosures & Short Sales in Oak Park IL

Two of the condos and one of the single family homes sold this past month in Oak Park were foreclosures. There were no short sales.

Today there are 5 foreclosed homes for sale in Oak Park IL and 4 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 110 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 only take 2.1 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 114 new properties (46 condos/townhouses, 4 multi-family buildings, 1 vacant lot, and 64 single family homes) to hit the MLS this past month in Oak Park IL. See all listings here!

This Month’s Hot New Listing in Oak Park IL

The best deal in my opinion of this week’s new listings is a 5 bedroom, 2 bath Queen Anne Bungalow home on the 1000 block of south Clinton Ave. It looks like it has massive potential with a price tag of only $359,000! See all details here!

Looking Forward...

89 properties: 37 condos, 2 multi-family properties, and 50 single family homes were reported as going Under Contract (contingent/pending) this past month in Oak Park IL... Not too bad for the beginning of January! Currently there are 82 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 month of February 2015 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.