BRONZEVILLE Real Estate Market Stats
Now let’s take a look at the popular Bronzeville neighborhood.
Bronzeville is located on the mid South Side of Chicago.
The area has a rich history, and is currently experiencing a revitalization.
Over the years, a number of famous African Americans have come out of Bronzeville.
The term Bronzeville, which came about several decades ago, probably referred
to the skin tone of the majority of its residents. Rehab projects have played a
huge role in the current revitalization of this culturally rich neighborhood.
This report will give you a good idea of what to expect if you’re thinking about
buying or selling in Bronzeville. The Bronzeville boundaries are loosely defined.
But for the purpose of this report, I am focusing on the following boundaries:
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Bronzeville
North Boundary: 2900 South
South Boundary: 4500 South
East Boundary: 800 East (Cottage Grove)
West Boundary: 0 (State)
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The following results are based on Real Estate activity for Jan 2008 — Jun 2008.
This data is taken from the Multiple Listing Service.
Executive Summary
1) Single Family Homes:
The average asking price = 532K
There are currently 55 Single Family Homes on the market.
The average market time is 7 months.
Here’s the breakdown on average asking prices:
a) 2 or less bedrooms = 189K
b) 3 bedrooms = 506K
c) 4 bedrooms = 573K
d) 5+ bedrooms = 540K
Now let’s take a look at what sold:
The average selling price = 402K
11 Single Family Homes sold in the last 6 months.
The average market time was 10 months.
On average, sellers got 94% of their asking price.
52% of the listings expired (were not sold).
At the current rate of Single Family Home sales,
Bronzeville has a 27 month supply of inventory.
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2) Condos
The average asking price = 224K
There are currently 241 condos on the market.
The average market time is 6 months.
Here’s the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 179K
b) 3 bedrooms = 263K
c) 4 bedrooms = 352K
d) 5+ bedrooms = 325K
Now let’s take a look at what sold:
The average selling price = 227K
52 condos sold in the last 6 months.
The average market time was 5 months.
On average, sellers got 96% of their asking price.
Also, 52% of the listings expired (were not sold).
At the current rate of condo sales,
Bronzeville has a 28 month supply of inventory.
Here’s the breakdown on average selling prices for condos:
a) 2 or less bedrooms = 181K
b) 3 bedrooms = 273K
c) 4 bedrooms = 275K
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IN SUMMARY:
Bronzeville real estate is still selling, albeit at a relatively slow pace.
There is an oversupply of real estate on the market in Bronzeville.
This means that it is a very strong buyers’ market.
It is interesting to note that the current average asking price,
for condos, is about 1.5% lower than the average selling price for
condos in the last 6 months. This is a great sign!
It signals that Real Estate is becoming more affordable for Bronzeville buyers.
It also indicates that prices are trending downward for condos. Single Family
Homes are a different story. There seems to be a huge disparity between
asking prices and selling prices. One might conclude that sellers of single family
homes are unknowingly pricing themselves out of the market. However, as their
market time climbs, I suspect we will start to see substantial pricing corrections.
If you are thinking about selling in this market, you will need to price
your home or condo aggressively. You will need to jump in front of the trend
and be willing to give buyers a good deal. Also, properties in the best
condition, at the best price, will still sell.
If you expect to sell your home or condo, you will probably need to be in the top 25%
in condition, and the bottom 25% in pricing. If you are not ready to price at a
discount, you should consider staying put for a few more years. If that is not an
option, I would suggest renting your condo. The Bronzeville Rental market is very strong.
I can help you find qualified tenants. But, we’ll talk about that later.
For more information on Chicago area real estate stats, please contact me.
Until the next time…
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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