Chicago, IL, March 15, 2019 --(PR.com
)-- Residential property sales in Chicago’s North Center community were markedly inconsistent in February, as sales of attached homes boomed, while the single-family-home market was somewhat somnolent, according to an analysis by The Wilcox Company.
North Center saw large sales swings when February activity this year is compared to the same month in 2018. Attached homes, which include condominium apartments and townhouses, saw sales rise 56.3% to 25 units, while sales of single-family homes fell 57.1% to just six homes. Sales of two-to-four-unit properties were up 50% but that represented an increase of just one property, with three selling this year versus only two in February 2018.
Unlike the broader Chicago housing market, North Center saw strong price appreciation in February. The median sales price of single-family homes rose 14.1% to $1,150,000, while for attached units, the median price gained 10.4% to $425,000. Only multi-unit buildings bucked that trend, with the median declining -19.6% to $615,000.
The North Center area extends from Diversey Parkway north to Montrose Avenue and from Ravenswood Avenue west to the Chicago River, and it includes the neighborhoods of Roscoe Village and Northcenter/St. Ben’s.
“We’re seeing a strong demand for condos right now in North Center because they sell at price levels that are realistic for first-time buyers eager to get into this highly desirable community,” said Mary Jo Nathan, a broker associate with The Wilcox Company who did the analysis of North Center sales using data from MRED, the regional multiple listing service. Ms. Nathan has specialized in residential properties on Chicago’s North Side for nearly two decades.
“On the other hand, the slow pace of February sales in the single-family segment is a bit surprising though consistent with the slowing sales pace that emerged during the prior three months. With most single-family homes in North Center selling for close to or over $1 million, buyers tend to be cautious,” she said. “I think the market will benefit once the mayoral election is complete. That should give buyers a better sense of where things are headed.”
The average time a home sold in February spent on the market before finding a buyer increased by 31 days for attached homes but was still a fairly brisk 88 days. On the other hand, single-family homes averaged 175 days, or nearly six months, to sell, but that was still an improvement over the 195-day average a year earlier.
Single-family homes sold in February ranged from $845,000 for a vintage frame house in the 3800 block of Seeley Avenue to $1,700,000 for a newly built home near Oakley Avenue and Byron Street.
The range for attached sales ran from $249,000 for a two-bedroom unit on Roscoe Street to $675,000 for a four-bedroom, three-bath duplex unit on Belmont Avenue near Oakley.
In Chicago as a whole, February home sales fell 5.2%, with single-family sales off by 7% and attached sales dipping by 3.9%
The Wilcox Company, founded in 1967, provides a full range of real estate brokerage, appraisal and property management services. Its offices are at 2157 W. Irving Park Road, Chicago, in the heart of North Center. To learn more, visit our website at www.thewilcoxcompany.com.