Heads up, condo owners and buyers in Andersonville and Edgewater in Chicago, 60640. We’re in the strongest buying market that we have seen in 7 years. Properties priced anywhere near correctly is seeing offers within 10 days. This seems to be happening especially in low and mid rise condo buildings In Andersonville, a popular section of the Edgewater community area in Chicago 60640,
The spring market arrived early this year, right after January 1. We are beginning to see condos selling at higher prices, in fact, prices are up by about 5% over last year. This is a nice recovery over 2012, when Andersonville experienced a number of short sale and foreclosure sales that pulled prices down on non- distressed properties.
Buyers are moving out of the sidelines, after seeing their rents continue to rise, while mortgage interest rates remain at levels below 4%. The average number of days to sell a condo has declined from 98 days last year, to 45 days. So we have moved from a strong buyers market to a balanced market.
Note to sellers, if you are wondering what they are buying, it is mostly new construction or recently updated condos with great finishes and amenities like central air, private outdoor space, parking and in-unit laundry. Also if your building allows dogs that is a real plus, since many buyers need to be in dog-friendly buildings as they are being shut out of rentals that generally shy away from dogs.
Prices are inching up. Recent sales in Andersonville/Edgewater include a condo I just listed and sold at 1040 W. Catalpa. The condo attracted showings from 12 buyers that resulted in 2 offers and a contract within 14 day. In desirable south Andersonville, 2 blocks from the Metra station, west of the hot shopping/dining district on Clark Street, I just listed an 1100 sf condo with deck, parking and central air at 4916 N. Hermitage, that has 8 showings in one week.
Additionally 1431 Catalpa sold for $275,000 after 42 days on market. A more highly upgraded 3 bedroom, 2 bath condo at 1512 Olive that is 1600 sf went under contract in just 22 days with an asking price of $345,000. Visit Chicago-HouseHunter for more information.