Chicago, IL, May 19, 2019 --(PR.com
)-- After a slow-paced first-quarter, the North Center housing market moved into a higher gear in April, as sales of single-family homes rebounded, according to an analysis by The Wilcox Company.
Sales of single-family houses were up 10.5% in April compared to the same month last year, with 21 homes changing hands. That compares to a -51% first-quarter decline in single-family sales, with only 28 homes selling during that three-month period. Moreover, the April single-family median price was up 18.2% to $1,300,000 from $1,100,000 a year earlier, and the average time that a detached home sold in April took to find a buyer was 82 days, down markedly from the 122 days required by homes sold in April 2018.
In contrast, the market of attached homes, which are primarily condominium apartments in North Center, saw sales ease somewhat after a busy first quarter. April attached sales fell -16.3% to 41 units, and the median sales price was down -13.9% to $422,000. However, the decline may be only temporary in nature because demand appears to remain strong, with the average market time for attached homes dipping to a brisk 44 days in April from 56 days a year earlier.
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 weren’t really surprised to see the uptick in single-family activity,” noted 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. “The level of first-quarter sales seemed like an anomaly, and the April results show that the market is returning to something like its normal pace. I’m optimistic that the rebound will continue through the rest of the second quarter.”
April single-family sales in North Center ranged in price from $450,000 for a five-room frame cottage on Belmont Avenue to $2,175,000 for a six-bedroom, 4.2-bath home on a 37.5-foot lot near Hamilton and Cornelia avenues. Only six of 21 homes sold in April cost less than $1 million. Attached sales started at $134,000 for a one-bedroom, one-bath unit in Roscoe Village and topped out at $715,000 for a 2,500 square-foot, duplex condo near Addison and Damen avenues.
There were six multi-unit sales in North Center during April, up from four a year earlier. Five were two-unit properties, while one had a small third unit, and they ranged in price from $400,000 to $600,000.
For the entire City of Chicago, April home sales fell -3.8%, with single-family sales off by -10.2% to 894, while attached sales were unchanged compared to April 2018 at 1,675 units.
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.